b'IGFtutions in areas ranging from housingIt would be really tough to get a con- THE FIRST FUND OFto business development to infrastruc- ventional lender to engage, PatrickITS KINDFROM A TRUSTEDture financing. Among his many othersays. In the case of NEDC, I was ableINDIGENOUS NETWORKroles, he is now the chair of the to take the loan officer down to theFounded in the 1980s and 90s, IFIs First Nations Market Housing Fund,farm and spend a day walking throughwere the original social investors. The developed to broaden the each step of the production processIGF offers new capital delivered by range of housing options within Firstand business model. an established, reputable Indigenous Nations communities. Projects like the HFN Groups newlending infrastructure. With over three Kim Baird is an accomplished Indige- oyster farm ventureand the Atli Chipdecades of experience and loan loss nous leader with a long list of commu- project feature on page 25are idealrates of under five per cent, the IFI nity economic development successescandidates for the capital and relatednetwork has long pursued its goal to during her six terms as Chief of Tsaw- program supports that IFIs can nowcatalyze Indigenous business develop-wassen First Nation in British Colum- offer Indigenous business ownersment, making a difference in commu-bia. Kim has also provided advice asthrough loans drawing on the IGF. nities from coast to coast to coast. a consultant operating in the Lower Mainland and sits on several boards, including the Canada Infrastructure Banks Board of Directors. Confirmed for a three-year term, the Investment Committee is responsi-ble for the ultimate decision to make capital available to an IFI, as well as for approving the terms of the agree-ment. Strict parameters for conflicts of interest are in place to ensure their impartial decision making.THE IGF IN ACTION: FINANCING AN OYSTER-SEEDING VENTURE IN COASTAL BRITISH COLUMBIAThe Investment Committee has begun making its decisions already, providing five IFIs with over $44 million to issue loans. The IGFs first investment of $10 million was made by the Nuu-chah-nulth Economic Development Corporation (NEDC), located on Van-couver Island. Additional capital from the IGF allowed this IFI to provide fi-nancing to its smaller business clients, while also serving First Nations clients with much larger capital needs.One of the NEDCs clients is the HFN Group of Businesses, the businessNative Fishing Association is the arm of the Huu-ay-aht First Nations.financial services arm of the Native HFN required capital to support an oyster-seeding venture, which the FirstBrotherhood of BC (est. 1931)Nations undertook as a joint project with a local expert in the area. NEDC offered a large line of credit to helpNFA offers BCs Indigenous fishermen and fine-tune and scale up the productionfisherwomen business support through loans, process for the new business, which aims to produce high-quality seafoodgrants, licence/quota leases, conferences & as efficiently as possible.other fishing-related business supports.Whether for tourism and hospitality, retail, forestry, construction or a gravel project, the HFN Groups CEO, Patrick Schmidt, says that NEDC is their lend-er of choice. Like all IFIs, NEDC has604-913-2997www.shoal.caa mandate for developmental lending specifically to Indigenous businesses.Issue #2, 2023INDIGENOUS PROSPERITY 15'