b'BUSINESS DEVELOPMENTBRIDGING THE FUNDING GAPBy Oscar BakerI n d i g e n o u s p r o c u r e m e n t p r o v e s a n i m p o r t a n t t o o l f o r b a l a n c i n g I n d i g e n o u s c o m m u n i t i e so p e r a t i n g b u d g e t sF ort McKay First Nation is aFortMcKayislocated60kilometrescontractingIndigenouscompanies. thriving community in largenorth of Fort McMurray and now hasUsinganIndigenousserviceprovider part because of great leader- 13 businesses in total, many of whichmaybreakfromthestatusquo,but ship. But equally important toservice the oil sands sector. A portionRandellcontendstherearenumerous its success is a commitmentoftheirrevenuecoverstheopera- added benefits. In particular, using local by local industry to contract out itstional costs of the community, such aslabour is a much more sustainable solu-band-owned businesses. For the Denefunding the school and building newtion for the mining sector. and Cree community, this dedicationroads and other infrastructure. The to Indigenous procurement has beenmoneyalsogoestowardpayingtheForanIndigenouscommunity,the a critical tool in bridging the gaps in itssalaries of Band employees.benefitofadditionalcashflowcould operating budget.helpitovercomeexistingchallenges Thedevelopmentofcommunity-ledtiedtosecuringfinancialloans, Federalandprovincialfundingonlybusinesses has created more opportu- strengthenitsparticipationinthe accounts for roughly 10 per cent of thenities for Fort McKay residents and ledlocaleconomy,andbalanceoutthe annual operating budget, which leavestomoreIndigenousengagementinfundinggap.Givinganopportunity nearlya90-per-centannualfundingCanadas economy overallsomethingtoanAboriginalbusinessishuge, gap, explains Stuart Randell, director ofRandellfeelsisvitaltothecountryssays Randell. investment for Fort McKay First Nation. economic stability. When a portion of the population isnt participating in theCiveo,aworkforcehousingspecialist To meet that shortfall, the Fort McKayeconomy then it makes the economyand Gold PAR company, has partnered leadership began developing its ownweaker, he says. with Fort McKay First Nation on several businesses.Gettingcommunitiestoventures.Italsoregularlyparticipates buildtheircompanies,thengettingRandell views Indigenous procurementin community events, meets with local industry and government to hire thoseas a way to fix that gap. The problem,Elders,andattendspow-wowsand companies,solvesthoseoperationalhowever, is in getting industry leadershockey tournaments. This active involve-cost problems, Randell notes.andgovernmentstocommittomentissomethingthecommunitys FORT MCKAY FIRST NATION Fort McKay First Nation Director, Fort McKay First Nation Band Hall Fort McKay First Nation Chief Mel GrandjambStrategic Portfolio Investments, Stuart Randell38A CCAB PUBLICATION2021'