OTTAWA: A new report indicates that the obstacles preventing First Nations communities in Canada from accessing business loans are being removed. These communities are creating a new turning point in the financial sector by establishing their own financial institutions.
Examples of this new development include ‘Cedar Leaf Capital,’ which was launched last October, and ‘First Nations Financial Markets,’ which began operating this month. These institutions are all majority-owned by Indigenous peoples. Their objectives include generating profit for their communities, ensuring financial equity, and increasing the economic capacity of the Indigenous community.
Experts believe that the emergence of these new institutions will help First Nations people to participate in major projects and secure loans at lower interest rates.
