Entrepreneurship can be an ambitious endeavour for anyone. But for Indigenous entrepreneurs, there are very real systemic barriers that can get in the way of success.  

Inequities in the financial system can hinder access to capital or new markets, which can block some of the opportunities that are now opening up thanks to Canada’s increasing Indigenous economic strength.  

With Indigenous people contributing substantially to the Canadian economy, and a youth population that is the fastest growing in Canada, one thing is clear: our Indigenous economy is surging. And business leaders are taking notice. 

It’s time, now more than ever, to do business differently. And Vancity is taking a leading role in introducing financial tools designed specifically for Indigenous people and entrepreneurs.  

How we’re doing Indigenous financing differently.

One of the most significant hurdles for Indigenous entrepreneurs is securing funding, which is often attributed to limited credit history or lack of collateral. Putting together a business plan can be frustrating, entering the market for the first time is intimidating, and accessing financing through big financial institutions or investors is tricky at best.  

Indigenous entrepreneurs can also encounter challenges in balancing cultural values around long-term sustainability and local community benefits with mainstream business approaches to wealth and the economy. This can lead to miscommunication and missed opportunities for both Indigenous entrepreneurs and non-Indigenous businesses and investors. 

With Indigenous people contributing substantially to the Canadian economy, and a youth population that is the fastest growing in Canada, one thing is clear: our Indigenous economy is surging. And business leaders are taking notice. 

At Vancity, we’ve made Reconciliation one of our values, and we’re backing it up with a strategy that’s delivering meaningful and culturally informed support to our Indigenous communities.  

Michelle Laviolette, Director of Indigenous Banking at Vancity, who brings some Ojibway ancestry to her role, has been instrumental in the implementation of our Indigenous Banking Strategy. “Vancity’s Executive Committee signed on with the Canadian Council for Indigenous Business’ Progressive Aboriginal Relations (PAR) program, and this commitment spurred a lot of other actions,” she says.  

Laviolette has been instrumental in building the Indigenous Banking Strategy, and keeping the momentum going forward on projects and initiatives that support Indigenous people and entrepreneurs. “We started with community consultation, and through that process, we identified three recurring needs,” Laviolette says. “The first is financial health, which includes good financial advice and access to financial services without barriers. The second is access to housing that is climate ready, energy efficient, sustainable, and able to withstand adverse weather such as heat domes. And third, support for Indigenous entrepreneurs.”  

These areas have come to define our commitment to Reconciliation and our goal to create equitable access to financial services and capital for Indigenous people and businesses.  

Empowering Indigenous entrepreneurs.

While there are numerous programs available to Indigenous entrepreneurs to access finances and support business growth, being a smaller financial institution gives Vancity the edge to be creative in our approach to complementing what’s out there. 

“Vancity has micro lending, small business lending, and we can provide capital to members with these programs to help them get started on their business,” Laviolette says. “One of the pieces of feedback we consistently get is that new entrepreneurs are not only looking for financial support in terms of loans and seed capital, but they’re looking for information on how to run their business as well,” Laviolette says. Vancity has provided business plan coaching through our shared success program and is looking to more ways to support Indigenous entrepreneurs through partnerships.   

One example of our lending program in action can be found on West Broadway in Vancouver – at Salmon n’ Bannock Bistro. Vancity worked with co-founders Remi Caudron and Inez Cook, a Nuxalk Nation member and Sixties Scoop survivor, who were looking for financial support to expand their business. Vancity provided the loan, supported the restaurant owners with business guidance when it was needed, and hired them as caterers for corporate events. 

We’re also doing everything we can to be responsive to the local needs of our members by tapping into our ability to offer small (but impactful) programs that go beyond financial assistance. For example, we offer Wealth Mindset financial workshops. These workshops are designed to build skills and confidence by first connecting people’s concept of money and value to their histories, culture, and experience.  The workshops then go on to cover topics such as basic budgeting and managing credit.  These services help Indigenous people and entrepreneurs harness their economic power.  

Entrepreneurship in the spotlight.

Another way Vancity empowers Indigenous entrepreneurs is through sponsorship of Bears’ Lair, a reality business competition inspired by Dragon’s Den and Shark Tank. The second season of Bears’ Lair is now airing on Aboriginal Peoples Television Network (APTN), and features Vancity on the judging panel.   

“Vancity’s participation in this series is a very important step for us as we continue our efforts to support Indigenous entrepreneurs and businesses in their path to healing, sustainability and financial success,” Laviolette said. 

Whether it’s an aspiring Indigenous entrepreneur making an appearance on Bears’ Lair, or quietly cooking up a new business idea in the kitchen, we’re committed to empowering Indigenous people in the business world.  

“One of the pieces of feedback we consistently get is that new entrepreneurs are not only looking for financial support in terms of loans and seed capital, but they’re looking for information on how to run their business as well.” Michelle Laviolette, Director of Indigenous Banking at Vancity

Now, more than ever, is the time for aspiring Indigenous entrepreneurs to reach out for support, explore resources, and become a financial force for change in today’s Indigenous economy. “This is the time to be an Indigenous entrepreneur,” says Laviolette. 

After all, Indigenous businesses are already having a hugely positive impact on our communities through job creation, preservation of cultural heritage, and by promoting economic independence. And that’s something we’re thrilled to invest in. 

Looking for additional support for Indigenous entrepreneurs? Check out these resources and programs: 

• All Nations Trust Company: Financing options available to enterprises that are up to 51% Indigenous owned 

• British Columbia’s Indigenous Small Business Resources: A list of small business startup and growth support services tailored to Indigenous entrepreneurs and small business owners’ needs 

• Business Development of Canada: Financing for Indigenous entrepreneurs for up to $350,000  

• Futurpreneur: This non-profit organization provides financing, mentoring and support tools to aspiring business owners aged 18-39.  

• Indigenous Women’s Entrepreneur Program: Offered by the National Aboriginal Capital Corporation Association 

Learn more about Vancity’s supports for Indigenous entrepreneurs, and how you can help support Indigenous businesses in BC.