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By Thomas Seal<\/strong><\/p>\n (Bloomberg)<\/em> \u2014 First Nations Bank of Canada kicked off an equity increase of as much as $50 million, seeking to offer more loans to Indigenous firms as they accelerate business development across the country.<\/p>\n In the first stage, the Saskatoon, Saskatchewan-based lender raised $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 \u2014 an existing shareholder expanding its position.<\/p>\n Chief Executive Officer Bill Lomax is targeting an expansion that would let the bank lend between $250 million and $400 million more than today, he said in an interview. Bloomberg first reported the fundraising plan<\/a> last year.<\/p>\n \u201cWe\u2019re seeing a lot of demand,\u201d he said. \u201cWe anticipate doing a lot of lending over the next year or two.\u201d<\/p>\n First Nations Bank is seeking expansion as Prime Minister Mark Carney pushes for \u201cnation-building projects<\/a>.\u201d He won election in April after promising to consolidate and strengthen Canada\u2019s economy to face down President Donald Trump\u2019s tariffs on US imports.<\/p>\n Following a political, legal and cultural reckoning over the last two decades, First Nations now play a central role in consenting to and partnering on major projects in natural resources, infrastructure and real estate. That includes the Haisla Nation as majority shareholder in the $4 billion Cedar LNG plant being built in British Columbia.<\/p>\n One of Carney\u2019s first acts as premier was to double a pot for federal loan guarantees to Indigenous groups to $10 billion. That could unlock more activity for First Nations Bank.<\/p>\n While large projects will require loans from big banks, Indigenous communities and vendors will also supply and support services such as housing<\/a>, catering or trucking.<\/p>\n \u201cIf a First Nation\u2019s doing them, our bank is highly likely to be potentially a financer,\u201d Lomax said. \u201cWe\u2019re delivering to Indigenous communities things that we think other banks aren\u2019t providing enough of: water systems, health centers, community hubs, land acquisition, business housing.\u201d<\/p>\n Under Lomax, who took over in 2023 after eight years at Goldman Sachs Group Inc., the bank has also partnered to deliver more credit via the Canada Infrastructure Bank<\/a> and, in June, the Business Development Bank of Canada<\/a> in two separate $100 million deals.<\/p>\n Visited 284 times, 8 visit(s) today<\/p>\n banks bloomberg Editor’s pick First Nations First Nations Bank of Canada indigenous Thomas Seal<\/p>\n Last modified: August 12, 2025<\/p>\n<\/p><\/div>\n