First Peoples Economic Growth Fund: A Case Study of a Successful Aboriginal Financial Institution
DOI:
https://doi.org/10.54056/MSVM3359Keywords:
Boards of directors, Business, Business And Economics, Case studies, Casinos, Colonial government, Commercial banks, Communication, Community organizations, Economic development, Economic growth, Ethnic Interests, Financial institutions, Governance, Growth funds, Indigenous peoples, Native North Americans, Negotiations, Trade, Venture capital, Indigenous businesses, Indigenous Finance, Indigenous businesses in Canada, Indigenous economic development, Indigenous economic leadership, Indigenous economyAbstract
Start-Up Challenges Having identified lack of access to capital as a primary challenge, the AMC and the Province formed a group "to work on development of some sort of organization that would address that need" (Cramer, personal communication, November 6, 2020) and ultimately selected the AFI framework as the appropriate vehicle for change. Mr. Cramer described the makeup of the board as "a business board and not a political board, so it's made up of people with different business skills and when you bring them all together it's a very strong business and economic development board" (personal communication, November 6, 2020). The success of this method is compounded by the fact that the board is volunteer-based, which "for a board of directors of a financial organization [is] extremely rare, and also an extremely positive and strong part of our governance structure" (Cramer, personal communication, November 6, 2020). In what ways do AFIs engage with these challenges? * What are the benefits/limitations of attracting capital from each of the following: * Municipal/Provincial/Federal Colonial governments. * Indigenous Communities/Tribal Councils/Multi-community organizations. * Private Financial Institutions/Commercial Banks/Venture Capital * Are there examples of AFIs in Manitoba or Canada pursuing policies different from those of the First Peoples Economic Growth Fund (FPEGF)?
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