b'ECONOMIC DEVELOPMENTA Step Towards Economic Reconciliation BY ASHLEY ALBERTCOO welcomes $25-million investmentfor economic development initiativesF irst Nations across the province have been advocatingworks on joint priorities with the goal of strengthening economic for economic reconciliation and to be full participantsdevelopment opportunities for First Nations in Ontario with in Ontario and Canadas social, cultural and economicsurrounding economies, industries and business partners. landscape for decades to generate wealth and establishOne significant achievement of the Prosperity Table was self-sufficiency. Often focusing on local opportunities such assecuring $25 million in funding over the next three yearsretail stores, gas stations and other on-reserve companies, Firstfrom the Government of Ontario for economicNations have begun to expand into other industries, and they aredevelopment initiatives. now a key driver of growth, job creation and prosperity and playThe announcement of this investment was welcomed by a vital role in strengthening the economy of Ontario and CanadaOntario Regional Chief Hare. This investment will stimulate as a whole. post-pandemic recovery and build prosperous First Nations In 2019, the Chiefs of Ontario (COO) were mandated by acommunities. It is also an opportunity to create long-term solu-resolution from the Chiefs-in-Assembly to advance economictions, rooted in mutual respect and collaboration, to ensure First development for First Nations across Ontario. This includesNations are successful on a local, regional, national and global working with the federal and provincial governments to increaselevel, he said. It is through a strategic, First Nations-led mech-funding for economic development initiatives. Through thisanism called the First Nations Economic Growth and Prosperity resolution, the COO re-established the Economic DevelopmentTable, a joint table with the Government of Ontario, which Department and the First Nations Economic Growth andenabled us to secure this investment and move forward on our Prosperity Table (Prosperity Table), a partnership between theshared priority of achieving economic growth for all Ontarians. COO and the Government of Ontario. The Prosperity Table isAccording to the Government of Ontario, the funding will guided by the Chiefs Committee on Economic Development,help Indigenous businesses and communities recover post-composed of Chiefs from across Ontario, to promote collabora- pandemic, help modernize business processes, help remove tion and economic cooperation between First Nations leadershipbarriers to apprenticeship and provide training opportunities. in Ontario and the Government of Ontario. The Prosperity TableThe proposed allocation will be used to fund the following:$10 million to increase access to low-interest loans andHelping Indigenous businessesgrants for Indigenous businesses and entrepreneurs;access procurement$2.5 million for capital to support digitization opportunities. Learn more atand e-commerce;Canada.ca/PAC or $800,000 to map and better understand issues withinby calling 1-800-668-5378 Ontarios Indigenous supply chain and facilitate solutions Nous aidons les entreprisesto increase opportunities for Indigenous businessesautochtonesprofiter desin Ontario;$7.7 million to support economic development training possibilits en approvisionnement. Pour en savoir davantage: Canada.ca/SAC ou enopportunities in First Nations communities; andcomposant le 1-800-668-5378 $4 million to reduce financial barriers for Indigenous apprentices.Creating a New Legacy, a report published by the COO in 2022, states that sufficient access to capital is frequently cited as a challenge for small and medium-sized First Nations enterprises 34l I ssue2 2022/23C hIefs ofo ntarIoA dvocAte magazIne'