Indigenous communities are set to get access to more capital to buy businesses as the First Nations Bank of Canada and the Business Development Bank of Canada launch a new initiative.
The two say the $100 million program will make it easier for Indigenous communities and economic development agencies to support Indigenous businesses, and buy more of them.
Bill Lomax, chief executive of the FNBC, says the demographic shift that is expected to lead to a wave of business owners retiring in the years ahead provides an opportunity for wealth creation in Indigenous communities.
Isabelle Hudon, chief executive of BDC, says the collaboration will help lead to economic reconciliation and accelerate the rise of the next generation of Indigenous business leaders.
The two say the initiative is expected to see an average deal size of $5 million and will make business acquisitions faster.
BDC says the initiative is part of its wider efforts to boost entrepreneurs through funding partnerships, including a $100 million investment platform going live later this year to support Indigenous-led businesses.
This report by The Canadian Press was first published June 5, 2025.
