History – Quick Facts
A time to celebrate –
SOCCA is founded on February 13, 1992. Its headquarters open officially on November 26, 1992.
Management with results –
During SOCCA’s second year of operation, applications for loans increase by 32%.
A year marked by partnership –
SOCCA contributes concretely to the long-term development of a network of Aboriginal Capital Corporations and plays a key role in the creation of the National Aboriginal Capital Corporation Association, better known as NACCA.
Supporting young entrepreneurs a top priority -
SOCCA’s stellar progress leads to the organization’s management of two phases of the Aboriginal Youth Business program. Indigenous and Northern Affairs Canada entrusts SOCCA with the financial analysis of some files that it receives.
Diversification of activities and services offered -
Following Industry Canada’s selection of SOCCA during a national competition, SOCCA is given new responsibilities under the Canada Community Investment Program. SOCCA joins six other partners, the Mouvement Desjardins, Fonds de solidarité FTQ, Hydro-Québec, Native Benefits Plan (NBP), Gagné Letarte Avocats, PriceWaterhouseCoopers and Industry Canada, in setting up “Mission Capital”, a five-year program to promote contact between Aboriginal businesses and venture capital corporations.
Celebrating young entrepreneurs –
Young entrepreneurs have a special place in SOCCA’s activities. The Young Aboriginal Entrepreneurs program, now in its third year of existence, holds 33 business initiation seminars in which more than 560 youths participate. Some 21 youths funded by SOCCA now operate a business.
Still moving forward 10 years later –
SOCCA is entrusted with managing Aboriginal Business Canada programs. At the close of “Mission Capital”, SOCCA initiates the establishment of the very first Aboriginal venture capital corporation in Canada. With support from the federal government (INAC and ABC) and the provincial government (SAA), SOCCA invests as a sponsor, along with the Corporation de développement économique montagnaise (CDEM), the Native Benefits Plan (NBP), Mouvement Desjardins and Fonds de solidarité FTQ, to create the First Nations Venture Capital of Quebec limited partnership with funding of $6 million.
SOCCA again innovates, creating ABSCAN -
The year marks a turning point in SOCCA’s history with the establishment of the Aboriginal Savings Corporation of Canada (ABSCAN). Its mission is to contribute to the economic and social wellbeing of Aboriginal communities and their members by offering Natives savings products adapted to their needs and financial support in the form of guaranteed loans in the housing, institutional and commercial sectors.
SOCCA revitalizes its image –
SOCCA uses its 15th anniversary to introduce its new logo. The meaningful logo features a bear, an animal the First Nations of Quebec respect and a symbol of strength, courage and protection.
SOCCA ranks first –
At the request of Indigenous and Northern Affairs Canada, NACCA proceeds with an analysis of all the AFIs across Canada, and SOCCA ranks first for two consecutive years. SOCCA moves to new buildings and partially finances the construction costs.
20 years serving First Nations –
With 10 years of experience in analyzing and recommending files, SOCCA, is now empowered to authorize requests for non-refundable funding submitted to the organization under the terms of INAC’s Aboriginal Business Development Program (ABDP) up to a maximum of $99,999 for private projects and $250,000 for projects initiated by band councils.
SOCCA stands apart across Canada –
For two consecutive years, SOCCA ranks first among the 54 AFIs across Canada as the Aboriginal financial institution having granted the greatest total amount of new loans to businesses.
Leonard Odjick, Jean Vincent, Lucy Pelletier
SOCCA celebrates 25 years of existence –
More than 710 commercial loans have been granted to SOCCA clients over the years, representing an investment of more than $65 million. SOCCA’s clientele is made up of seven First Nations of Quebec encompassing some 30 communities inhabited by Abenaki, Algonquin, Cree, Huron-Wendat, Malecite, and Micmac First Nations members, as well as Métis members of the Native Alliance of Quebec.
From its headquarters in Wendake, SOCCA serves a sizeable Aboriginal customer base across the territory of Quebec.
