Developmental Lender Eliminates Barriers for First Nations Clients
CALGARY, Alberta, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Indian Business Corporation (IBC), a Calgary-based Aboriginal Finance Institution, released its Report on Social and Economic Outcomes* arising from loans made to First Nation entrepreneurs. “If you are an Aboriginal person in Canada, you typically face increased barriers to prosperity,” says Rob Rollingson, IBC’s general manager. “Our new report shows what happens when we break down those barriers.”
IBC surveyed for social and economic changes that occur when a customer gets a small business loan. The report builds on evidence linking social finance to improved health and well-being for socially excluded people. “We looked at our loan customers’ experience gaining access to capital and the social conditions in which they live and work,” says Jack Royal, IBC chairman.
- Since 1987 IBC has loaned over $100 Million to new and existing First Nation businesses
- 50% of IBC clients surveyed were denied credit at mainstream lending institutions
- 70.6% reported an increase in household income since getting an IBC loan
- 51.7% reported an improvement in their mental health since becoming an IBC customer
- 90% noted positive changes for their family and children
- 66% feel IBC has made a positive impact in their community
Lou Ann Solway, a third-generation rancher on Siksika Nation, financed her cow/calf operation with IBC. “They’re a good partner for a business like mine,” says Solway. “We both take responsibility for the success of the operation. Now I’m helping my sisters and my good friend explore their own entrepreneurial opportunities. As women, we are not made to only do certain things.”
IBC is pleased to share the sustained and expanding social impact of their work through this new report. Their loan management team is focused on helping IBC customers succeed, not only by paying off their loans and surviving the startup phase, but increasingly as going concerns with their own employees, expanding their own social and economic impact.
With limited capital (~$17M), IBC frequently has to turn down qualified applicants. “We hope this new report will be a call to action for impact investors who share our goal of bringing First Nations’ entrepreneurs more significantly into the economy,” says Rollingson. “Over 75% of our customers live on reserve and nearly 40% are women. We are experts at making and retiring loans with people who face multiple barriers to mainstream finance.”
Contact:
Rob Rollingson, General Manager
Direct (403) 291-5151/Cell (403) 850-8458
Email rob@indianbc.ca
Visit www.indianbc.ca
Link to Report: http://www.indianbc.ca/news.php