SIEF provides commercial and agricultural lending for First Nation individuals and communities wanting to start a business, acquire a business or expand an existing business in Saskatchewan.
Supporting First Nation business development
Quite often, First Nation entrepreneurs cannot access financing through larger financial institutions (chartered banks). When First Nation entrepreneurs cannot access financing, business development can be slowed or stopped.
Indigenous people and communities’ access to commercial loans and other forms of commercial financing by may be impaired by factors such as:
- lower income and savings,
- limited business experience,
- lower educational levels,
- inadequate collateral,
- smaller consumer markets,
- rural and remote locations,
- security restrictions (Section 89 of the Indian Act) and
- higher debt to equity ratios.
SIEF was established to resolve this situation and encourage the economic development of Saskatchewan’s First Nations.
Providing loans for First Nation businesses
SIEF has financing available for First Nation individuals, communities, tribal councils, and legal entities associated with First Nations groups.
A developmental loan is a business loan that is provided to First Nation entrepreneurs or business entities owned and controlled by First Nation people or communities that face difficulty in obtaining business financing from a mainstream commercial financial institution.
Developmental loans do not include residential or passive mortgage loans, personal loans or personal lines of credit of any nature, or loans and financing of any kind that will not be used directly for the purpose of business development.
Financing is available to First Nation individuals, communities, tribal councils, and legal entities associated with First Nations groups.
Learn more about the commercial and agricultural loans offered by SIEF to First Nation entrepreneurs and businesses as well as the eligibility criteria.