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CANADIAN INDUSTRY ONLINE - OCTOBER 2013
and the FPEGF staff plays an impor-
tant role. CEO Ian Cramer recently
spoke with CIO to discuss the success
of the Fund and what it means to Man-
itoba in the long run.
THE NEED
There are many areas in Canada
where communities are just not able to
sustain themselves through industry—
this is often the case in rural Manitoba.
“
Manitoba needed a broader strategy
for First Nations,” Cramer explains.
“
When you consider issues like isola-
tion, about one third of our First Na-
tions population resides in an area
where there are no roads: these are
northern and eastern Manitoba com-
munities that are very depressed eco-
nomically.”
The Fund is therefore critical to
supporting these areas of the province,
something the provincial government
was happy to do. “What’s different
about the Fund is that here we have a
province willing to step up and sup-
port the First Nations directly through
a development fund,” Cramer notes.
“
The Assembly of Manitoba Chiefs
was aggressive with their negotiations
with the province, but at the same
time, was also dealing with a very
willing participant in the Manitoba
government. The government clearly
recognized that there was a
huge need to develop more eco-
nomic activity and support First
Nations business, therefore, im-
proving overall the standard of living
in this province for those communi-
ties.” This approach between the AMC
and the province was very unique
in Canada, as usually, “everything is
pushed onto the federal government
when it comes to First Nations,’ Cra-
mer adds.
2013
is the fifth year that the Fund
has been in operation, and it contin-
ues to show its strength in Manitoba.
“
We are unique in Canada: we are not
a grant program and not a bank. The
Fund is here to promote economic
growth in the First Nations commu-
nity—and we are also not an
Aboriginal fund, we’re a First
Nations fund,” Cramer com-
ments. “Manitoba’s other major
Aboriginal group is the Métis, who
are supported by similar funds but we
only service First Nations. Our target
groups are First Nation entrepreneurs,
and First Nation-owned businesses in
Manitoba,” he adds.
THE RESULTS
The biggest results come from
FPEGF loan programs and resource
and energy investments. Of the funds
provided, 23 percent are entrepreneur
loans, 22 percent are community eco-
nomic expansion loans, 34 percent are
joint venture loans, and 21 percent are
energy and resource loans.
The Fund has approved 77 invest-
ments totalling $16.4 million. “It really
FIRST PEOPLES ECONOMIC GROWTH FUND
