The serious economic effects caused by COVID-19 are a key concern for Atlantic Indigenous businesses and communities because of pre-existing risks, vulnerabilities and challenges.
In this Briefing Note, APEC examines community economic and financial risks, Indigenous business risks, community and individual socio-economic vulnerabilities, and community health risks.
Atlantic Indigenous businesses and communities are not immune from the economic dislocation sweeping across the region and nation due to COVID-19. The federal government has announced specific Indigenous funding as part of a broader package of support measures to respond to the economic crisis. However, given the pre-existing vulnerabilities facing Indigenous communities and businesses, the current support may be inadequate.
Webinar on APC 2019 Report: Highlighting Successful Atlantic Indigenous Businesses
Indigenous businesses in Atlantic Canada are making a sizeable contribution to the regional economy and are expanding rapidly, but financial obstacles remain a significant barrier to their future growth.
Infographic for APC 2019 Report: Highlighting Successful Atlantic Indigenous Businesses
The purpose of the study was to highlight Atlantic Indigenous business success stories and how these can inform and assist further growth.
This study shows that Atlantic Indigenous business revenues were valued at $1.6 billion in 2016. Indigenous firms are growing rapidly, creating jobs and income for both Indigenous and non-Indigenous workers. APEC’s report highlights factors that could further their growth.
Research conducted by the Canadian Council for Aboriginal Business shows that Indigenous small business owners across Canada are growing in numbers and experiencing wide-spread success in terms of profitability and growth and in ways that go beyond the bottom-line. Nationally, the number of Indigenous business owners and entrepreneurs is growing at five times the rate of self-employed Canadians overall.
