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Ontario is expanding the Aboriginal Loan Guarantee Program to encourage First Nation and Métis participation in the province's clean energy economy.
To date, the program has received applications totalling $250 million for projects that are expected to bring over 600 megawatts of clean, renewable energy online, which is enough to power 45,000 homes and create up to 2,800 new jobs. The expansion will make an additional $150 million available under the loan program.
“The Métis Nation of Ontario is pleased the Government of Ontario is enhancing the Aboriginal Loan Guarantee Program,” stated Métis Nation of Ontario President Gary Lipinski, “We believe the increase to this program, combined with the Métis Voyageur Development Fund and our ongoing economic development work with Ontario through our Framework Agreement, will assist Métis individuals, entrepreneurs and communities in being able to meaningfully participate in Ontario’s resource sector, including, energy related projects.”
The Aboriginal Loan Guarantee Program provides loan guarantees of up to 75 per cent of an Aboriginal community's investment in an eligible project, helping to reduce barriers and make borrowing money to buy equity in eligible projects more affordable for First Nation and Métis communities. Ownership will help provide a community with guaranteed and sustainable long term sources of revenue.
Growing the clean energy sector is an important part of the McGuinty government's plan to modernize Ontario's electricity infrastructure, while ensuring we have the electricity we need to power our homes, schools, hospitals and the economy.
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