Province transfers control of Métis economic development fund to MMF

The province is transferring control of an economic development fund to the Manitoba Métis Federation (MMF).

According to the federation, an agreement has been signed, giving the federation greater autonomy over the fund’s direction.

The capital corporation provides commercial loans and grants to Métis entrepreneurs, as well as business plan support, business advisory services and other entrepreneurship initiatives.

“We’ve been able to help several companies get that little head start, get them over the hump, to get their ideas into reality, and that’s basically what we want to continue to do with it,” explained Will Goodon, MMF’s minister of housing and property management.

Under the new agreement, the fund will be dissolved and its assets transferred to the Louis Riel Capital Corporation.

Manitoba Trade Minister Jeff Wharton said the transfer makes sense operationally.

"They’re boots on the ground. They’re at the front lines,” he said.

“Similar to what we do with our municipalities throughout Manitoba, where government supplies an operating basket and they go ahead and make those investments where they feel their community needs them most - it’s the same deal here.”

Founded in 2011, the fund has invested nearly $11.3 million into Red River Métis business and created more than 1,200 jobs.

The province initially provided $10 million over six years to capitalize the fund.

"These entrepreneurs who have sometimes no place else to go, they can come to us and we can provide, not only the financial support, but the wraparound support for marketing, for financing all kinds of other things,” Goodon said.