Canada’s Top Indigenous Bank Raises Funds as Loan Demand Grows
Saskatoon, SK – August 13, 2025 – First Nations Bank of Canada (FNBC), the country’s leading Indigenous-owned financial institution, has launched a significant equity raise of up to C$50 million ($36 million) to meet growing demand for loans from Indigenous businesses, governments, and communities. The bank announced on August 5, 2025, the successful closure of an initial C$9 million investment from five Indigenous groups across Canada, marking a strong start to its ambitious expansion plans.
The investors include Whitefish Lake First Nation #128 (Alberta), Úújǫ Developments (British Columbia), Doig River First Nation (British Columbia), Dáanaa Jíli Trust (Yukon), and Athabasca Basin Development (Saskatchewan). These partners, described by FNBC President and CEO Bill Lomax as “not just investors, but partners in building an Indigenous-led financial institution,” reflect a shared commitment to economic reconciliation and Indigenous financial empowerment.
The funds will support FNBC’s goal to expand its loan book by C$250 million to C$400 million, driven by increasing demand for commercial and infrastructure loans. Lomax, who assumed leadership in 2023 after a tenure at Goldman Sachs, highlighted the bank’s strategic partnerships, including a $100 million loan program with the Canada Infrastructure Bank (CIB) launched in 2024 and a $100 million initiative with the Business Development Bank of Canada (BDC) announced in June 2025. These programs focus on Indigenous land development and business acquisitions, respectively, aiming to foster economic growth and self-reliance.
“This equity raise is a strong endorsement of our strategy and the trust Indigenous communities place in FNBC,” Lomax said. “We’re seeing unprecedented demand for financing as Indigenous Nations take on major projects in natural resources, infrastructure, and real estate.” The bank’s efforts align with broader federal initiatives, including Prime Minister Mark Carney’s doubling of federal loan guarantees for Indigenous groups to $10 billion, which is expected to unlock further opportunities for FNBC.
The viral momentum of FNBC’s announcement was evident on social media, with posts on X from accounts like @Indigenous_ICE and @RussDiabo amplifying the news, emphasizing its significance for Indigenous economic independence. Founded in 1996 and 88% Indigenous-owned, FNBC provides a full range of services, including personal and business banking, mortgages, and trust services through its subsidiary, FNB Trust. The bank aims to raise the remaining equity by the end of 2026 to further solidify its role as a cornerstone of Indigenous-led finance in Canada.
As Indigenous communities increasingly lead major projects, such as the Haisla Nation’s $4 billion Cedar LNG plant, FNBC’s expanded capacity positions it to support critical services like housing, water systems, and community hubs. With a focus on culturally informed financial solutions, FNBC is paving the way for long-term wealth creation and economic sovereignty.
Sources: Bloomberg, FNBC, Canadian Mortgage Trends, BDC, CBC, Newswire