Why First Nations bank IBC is reaching out to the oilpatch: ‘A logical place to start’ – Financial Post
March 27, 2015
CALGARY • It takes money to make money, but for Canada’s aboriginal entrepreneurs, it also takes unique financing.
With loans from Canada’s big banks out of reach for many aboriginals living on reserves, the Calgary-based, Alberta First Nations-owned Indian Business Corp. (IBC) is appealing to oil and gas companies to help it grow so it can lend more money to aboriginal businesses.
“So much of the oil and gas is near First Nations lands, or on First Nations lands, it seemed like a logical place to start,” Rob Rollingson, IBC’s general manager, said in an interview.
Capital contributed by energy companies — which would be paid back — would go a long way to earn the “social licence” they need to build and expand natural resource projects, while preparing aboriginals to seize business opportunities, Mr. Rollingson said.
