Everyone benefits when Aboriginal enterprise succeeds.

• Author: Madahbee, Dawn
• Position: ABORIGINAL BUSINESS

Waubetek is a First Nation-owned, not-for-profit entity that serves First Nations and Aboriginal businesses in northeastern Ontario. Waubetek's core activity is to provide business financing to on- and off-reserve enterprises. We also provide regional economic support by developing wide-scale economic initiatives to facilitate access to broader economic opportunities. Waubetek is overseen by an experienced board of directors and professional staff who are focused on supporting Aboriginal business development and First Nation economic development throughout northeastern Ontario.

Last fall, Waubetek celebrated 25 years of investing in the "Aboriginal business spirit." In our early days, we were full of hope and determination, but the capacity of the First Nations communities, our people and the certainty of how long we could sustain the idea of Waubetek was unclear. The deep potential quickly became apparent along with the ready and very capable take-up of even modest assistance. Since inception, we have invested $65 million in more than 3,000 Aboriginal business initiatives. The business people we work with are committed to making their businesses successful, such that 94 per cent of those businesses are still operating!

It is also important to note that many of these are new businesses developed within underserviced areas. They supply needed jobs and services by purchasing the majority of their supplies, equipment and inventory from the businesses in the surrounding area, hiring Aboriginal and non-Aboriginal staff, bringing in needed goods and services, and thereby benefiting the regional economy.

Waubetek, through the support of FedNor, recently announced the launch of an Aboriginal Mining Strategy for North-East Ontario. Although we are located in one of Canada's largest mining hubs, the First Nations have benefitted very little from this sector. There exist legal requirements to work with First Nations in major developments, as Aboriginal title and treaty rights have been validated with respect to lands and resources in Canada. First Nations, Aboriginal businesses, and the mining industry itself have all called for improved means of communication and engagement on a business level which takes Aboriginal rights and interests into account. In this document, there are specific strategies outlined for the First Nations as well as Aboriginal businesses, organizations, and our labour force on having meaningful involvement. There are specific...