Millbrook First Nation taps aboriginal lenders for $12M hotel – CBC
May 15, 2015
Nova Scotia band expects to save up to $150K a year in interest
The Millbrook First Nation in central Nova Scotia is joining other reserves across Canada to finance a multi-million dollar hotel project at its Truro Power Centre.
To do it, they’ve bypassed traditional banks and saved a bundle in interest.
“It’s in excess of $100,000 to $150,000 a year on average that we will save,” says Millbrook Chief Bob Gloade.
Millbrook has turned to aboriginal financial institutions based in British Columbia that now allow bands to use their own revenue — including gaming and fishing — as collateral for debt.
