Prime Minister Justin Trudeau announced on Thursday that the federal government is committing a further $133 million to help Indigenous businesses suffering from the economic impacts of the COVID-19 pandemic.

Trudeau stated during his daily address that the federal government has heard from First Nations, Inuit and Metis business owners, who told him the last few months have been extremely difficult.

According to the Prime Minister, $117 million of the total amount is being allocated to help small and community-owned Indigenous businesses.

Additionally, the remaining $16 million will go towards supporting Indigenous businesses in the tourism sector, which in turn is expected to support thousands of jobs across the Canada.

These funds are on top of the $306 million in federal emergency aid, which was previously announced in April for small and medium-sized Indigenous businesses.

The money will be provided in the form of short-term, interest-free loans and contributions through Aboriginal financial institutions.

Many of these institutions are able to aid in financing and business support services to First Nations, Inuit, and Metis businesses.