b'Additional challenges arise whenhits a bump, wed rather get a callLittle explains that the family Indigenous entrepreneurs areto help than have to collect on asuccession of Indigenous busi-considering a start-up business.loan. Its more relationship buildingnesses is a positive indicator of Its a challenge at the best of timeswith the client. entrepreneurial success and is looking to finance start-ups, saysbecoming more commonplace. The Little. Theyre hard to financeLittle has been with NEDC for 25value of intergenerational knowl-because there isnt a track recordyearslong enough to see a newedge plays a big part in the future for the business. An establishedgeneration of Indigenous busi- of Indigenous business, and will business has financial statements,nesspeople enter the spotlight.hopefully lead to even more growth and you can see whats happenedBusinesses have establisheddown the line.in the past and project it forward.and grown, he says. They are in Start-ups are brand new. Indigenous children are really the next generation when adultcarrying their own, Little smiles. When asked for tips on financingchildren of clients come in and, inThey grew up watching parents success for new Indigenous busi- most cases, have even more busi- working their businesses, and are nesses, Little places emphasis onness savvy than their parents.following in their footsteps.the importance of the planning phase. The most important thing is having a sound business. The busi-ness has to make sense, he says. There has to be a degree of viability to the business, and thats key. According to Little, this is especially important for small operations. With small businesses, there really isnt a lot of collateral that is avail-able, he says. So if the business doesnt work out for some reason, there isnt a lot left that can pay down, or pay out, the loan.When it comes to addressing chal-lenges such as business planning, Little says there is plenty of support available to help. Organizations like NEDC provide financing, but they also go beyond that, he explains. They can provide business support, and there are many Indigenous supports across the country that assist businesses with different workshops on all aspects of busi-nessmarketing, planning, book-keepingreally any area. There are more tools coming online now, he adds. Business plan workbooks make it easier to complete a business plan, espe-cially when youre not familiar with them or havent done it in the past. Little also notes there are many resources available for Indigenous women, specifically, who face additional challenges in business andfinancing.Beyond business planning activi-ties, Little says NEDC also provides support to Indigenous businesses in other areas, such as the provision of after care. Whether its mentor programs, or just guidance and assistance, he says, if a business FORWARD MAGAZINE | VOLUME 1 2022 17'