Indigenous entrepreneurs are well-positioned to help build, supply and service the 15 nation-building projects expected to drive more than $125 billion in investment and support over 60,000 jobs across Canada. New research from the Indigenous Prosperity Foundation (IPF) identifies the capital, navigation and trusted relationships that can help translate this national investment into Indigenous business growth and lasting community prosperity.
IPF’s new Financial Literacy and Access to Capital report examines both what Indigenous entrepreneurs need to make confident financial decisions and how financial systems can become more accessible, responsive and culturally aligned. Of the full sample of 102 Indigenous entrepreneurs and business owners surveyed, 88 per cent reported using personal savings as a source of capital, 53 per cent reported using grants, and 36 per cent reported accessing bank loans. Seventy-four per cent selected guidance with loan or grant applications as a support that would make a difference.
The research combines a survey of Indigenous entrepreneurs and business owners across Canada, a literature review, interviews with 15 entrepreneurs and ecosystem participants, and a scan of existing programs and capital supports. It highlights the ambition, adaptability and community purpose of Indigenous entrepreneurs, while identifying practical opportunities to make capital pathways clearer, strengthen trusted advice and connect financial products to the realities of business growth.
The federal government has doubled the Indigenous Loan Guarantee Program to $10 billion to support Indigenous ownership in major projects. IPF argues that efforts to expand Indigenous participation should also equip Indigenous entrepreneurs and small businesses to pursue opportunities to build, supply and service those projects.
Working capital, contract financing, timely financing decisions and trusted guidance can help Indigenous businesses pursue the procurement and growth opportunities generated by major project investment. Strengthening these pathways would help advance economic reconciliation while expanding the pool of capable businesses contributing to Canada’s growth.
Key findings among survey respondents
- Entrepreneurs are investing in their own success. Eighty-eight per cent reported using personal savings, while 31 per cent borrowed from family or friends, demonstrating a significant personal commitment to building their businesses.
- Navigation can unlock greater access. Seventy-four per cent selected guidance with loan or grant applications as a support that would make a difference.
- Indigenous-focused supports could reach more entrepreneurs. Forty-one per cent of the 101 respondents who answered this question were not aware of Indigenous-focused financial institutions or programs.
- Trusted advice is highly valued. One-to-one coaching or mentorship received the highest average usefulness rating of the support formats assessed: 4.06 out of 5 among 72 respondents.
- Collateral barriers vary by business stage. Among respondents who answered the capital-barriers question, 60 per cent of early-stage entrepreneurs identified lack of collateral as a barrier, compared with 31 per cent of those operating or scaling their businesses.
- Entrepreneurs are creating value beyond revenue. Eighty-six per cent connected business success with inspiring other Indigenous entrepreneurs, 74 per cent with creating jobs, 71 per cent with supporting community causes, and 67 per cent with building cultural pride and visibility.
“Canada is preparing to invest at a scale we have not seen in generations, and Indigenous entrepreneurs are ready to help deliver that growth,” said Michelle Okere, Executive Director of the Indigenous Prosperity Foundation. “They are already building businesses, creating jobs and strengthening communities. With clearer capital pathways and trusted support, they can play an even greater role in the projects and supply chains shaping Canada’s future.”
“From nation-building projects to community infrastructure, driving opportunities for Indigenous entrepreneurs is critical to our economic growth,” said Brittanee Laverdure, Director, Truth and Reconciliation Office, RBC Origins, RBC. “By supporting the Indigenous Prosperity Foundation’s research, RBC is enabling a future where Indigenous prosperity is foundational to Canada’s long-term prosperity.”
Moving the research into action
With RBC as Knowledge Mobilization Partner, IPF is bringing the findings into conversation with entrepreneurs, financial institutions, Indigenous Financial Institutions, funders, business support organizations and policymakers.
IPF presented the research findings and their implications at its September report launch webinar. The conversation continues with a free virtual fireside chat during Small Business Week:
Small Business Week fireside chat: Tuesday, October 20th at 12:00 PM ET. Michelle Okere will host Indigenous entrepreneur Mila MacCuish, founder of Irritated., and Brittanee Laverdure, Director, Truth and Reconciliation Office, RBC Origins for a discussion about financing an Indigenous-owned business and practical ways to make capital more accessible.
Download the full report: Financial Literacy - Indigenous Prosperity Foundation
Register for the fireside chat: Financial Literacy & Access to Capital Report Fireside Chat
About the research
The survey included 102 valid responses from Indigenous entrepreneurs and business owners across Canada. Question totals vary and some questions allowed multiple selections. The survey was not a probability sample, and the findings reflect respondents’ experiences rather than estimates for all Indigenous entrepreneurs. The comparison of collateral barriers by business stage is exploratory and does not establish causation. The literature review, stakeholder interviews and ecosystem scan provide complementary evidence and context.
About the Indigenous Prosperity Foundation
The Indigenous Prosperity Foundation is a national charitable organization founded by the National Aboriginal Capital Corporations Association. IPF works with Indigenous Financial Institutions and partners across Canada to support Indigenous women, youth and early-stage entrepreneurs with funding, education, mentorship and access to resources to start and grow thriving businesses. Learn more at www.indigenousfoundation.ca.