First Nations Bank, BDC earmark $100-million for business acquisitions

First Nations Bank, BDC earmark $100-million for business acquisitions

First Nations Bank of Canada CEO Bill Lomax in 2023. Lomax said the $100-million in financing announced Thursday for Indigenous communities is designed for smaller business opportunities.

First Nations Bank of Canada and Business Development Bank of Canada said on Thursday they are making $100-million in financing available for Indigenous communities and economic development agencies seeking to acquire businesses.

Under the program, the two financial institutions aim to provide loans in the range of $5-million. Saskatoon-based FNBC will provide the loans, and BDC, a Crown corporation, will guarantee up to 85 per cent of the debt, they said.

The initiative represents the latest in a series of ways Indigenous commun