Canada’s Top Indigenous Bank Raises Funds as Loan Demand Grows

First Nations Bank of Canada kicked off an equity increase of as much as C$50 million ($36 million), seeking to offer more loans to Indigenous firms as they accelerate business development across the country.

In the first stage, the Saskatoon, Saskatchewan-based lender raised C$9 million from five Indigenous groups from five provinces and territories: Whitefish Lake First Nation #128, Uujo Developments, Doig River First Nation, Athabasca Basin Development and Daanaa Jili Trust — an existing shareholder expanding its position.