4. Socioeconomic status. The education levels of Indigenous people are lower than the Canadian average with a small percentage having university degrees. Other factors include:
- High incarceration rates. Indigenous people account for more than 30% of Canada’s federal prison population. Of all women incarcerated federally, 50% are Indigenous.
- Lower wealth. On average, Indigenous entrepreneurs have fewer financial resources and a smaller base of assets for collateral than non-Indigenous entrepreneurs. This makes it that much harder for Indigenous entrepreneurs to access the capital needed to grow and sustain their business.
EDC’s goal is to be a trusted partner
Part of Evans’ job at EDC is to help develop and support a strategy for serving the Indigenous market.
“It starts with building trust and relationships between Indigenous communities, Canadian businesses, financial institutions, and government,” he says. “It’s a process that takes time and patience to become a trusted partner given the harms of the past. Reconciliation will only be possible when we achieve vibrant Indigenous economies, economic self-sufficiency, and socioeconomic equality.”
Reconciliation is good business
To become that trusted partner, EDC has undertaken a number of initiatives to strengthen our relationship with the Indigenous business community.
“EDC has been taking a nation-to-nation approach and reaching out to Indigenous companies to let them know we’re here to support them as a partner in their company’s success,” says Evans. “We’re also reaching out to other partners such as financial institutions to better understand the needs and challenges of this business community.”
As a Crown corporation, EDC has an active role to play in supporting Reconciliation. Developing innovative financial solutions and flexibility in its work with Indigenous communities, partners and businesses underpins EDC’s commitment to reconciliation.
