Start projects right and start them with First Nations

Canadian Council for Aboriginal Business calls for Corporate Canada to build strong ties with First Nations before planning any projects on traditional lands.

Tabatha Bull, president and CEO of the Canadian Council of Aboriginal Business.

Indigenous businesses and start-ups need better access to financing to cultivate “ground-up” economic opportunities for First Nations communities, says the Canadian Council for Aboriginal Business (CCAB).

“We know from research that access to financing is one of the biggest barriers for Indigenous businesses,” said Tabatha Bull, president and CEO of CCAB.

“Only a third of Indigenous businesses have a relationship with our traditional financial institutions so access to financing and capital are definitely big barriers,” she told IPSS Media.

Bull said barriers to access post-secondary education must also be removed to improve the financial literacy of First Nations youth who see themselves as business leaders.

Bull also called for corporate Canada to build strong ties with First Nations before planning any projects on traditional lands.

“We need to build projects together versus a corporation having a project set, budgeted and ready and then going to a community asking if they want to approve it or if there is an opportunity for them to be involved,” she said.

“Start projects right and start them with First Nations,” said Bull, whose organization partnered with the 2022 Indigenous Partnerships Success Showcase (IPSS), held in Vancouver in May and is returning in June, 2023.

The Indigenous Partnerships Success Showcase responds to the growing demand for practical guidance in how First Nations, Métis and Inuit communities and their enterprise partners can work together, in common purpose, for shared success.

“I think it is incredible for us to be able to showcase and celebrate these partnerships and to be able to have those honest conversations with corporate Canada and communities working together,” she said.

“There is a real ripple effect that happens from these partnerships, and we need to be able to talk about them more.”

In an earlier interview with IPSS Media, Dale Swampy, president of the National Coalition of Chiefs, said Indigenous-led corporations should have a 50% stake in all new natural-resource development projects to form resilient partnerships that will bring an economic reality towards Canada’s reconciliation with First Nations.

“This will pull our next generation out of poverty and showcase what our people can do to change the global image of Canada’s natural-resource sector,” he said.

“Canadians must recognize the rights that First Nations have to the land and that First Nations communities must be full participants in the development of our abundant natural resources.”

A recent study by the University of Waterloo is calling on Ottawa to rebuild trust between Indigenous peoples and Westernized society, via financial literacy programs.

The study found that various financial issues stem from the fact that many First Nation reserves are isolated (physically and culturally) from Westernized Canadian society. A large portion of these issues links back to the distrust and segregation between the two communities.

“In decreasing this segregation, those living on reserves may feel more inclined to be involved in the economic marketplace, increasing Indigenous financial literacy, access to the financial marketplace, and overall monetary wellness,” the report said.

It found that a key reason why some Indigenous people do not get loans from mainstream financial institutions is from fear of getting rejected as many have poor credit histories. “Indigenous people also do not feel welcomed in banks and feel looked down upon for having low income, the authors said.

“The proposed program would allow community ambassadors to educate Indigenous peoples of all ages on financial matters ranging from simple banking and budgeting, student aid opportunities, to mortgaging and investment pathways.

“These ambassadors can hold community forums and classes, partner with local schools to speak with students about educational opportunities and hold one-on-one meetings with community individuals looking for financial guidance,” said the report.

Find out more about the Indigenous Partnership Success Showcase, coming June 1 and 2, 2023, in person in Vancouver and online at www.Indigenoussucess.ca/tickets.