Unlocking the potential of the Indigenous economy.

Fostering economic reconciliation.

About IGF

The Indigenous Growth Fund is an open-ended investment fund, structured as a limited partnership. With CAD $153M currently committed by accredited investors, the IGF enables Indigenous Financial Institutions to expand their lending to Indigenous entrepreneurs and their small to medium-sized businesses across Canada.

How We Invest

The IGF doesn’t provide loans directly to individual businesses. Instead, it invests in Indigenous Financial Institutions (IFIs), expanding their existing loan portfolios or enabling them to start new ones. IFIs then make loans to Indigenous businesses.

Deployment of IGF Capital to IFIs and Businesses Since Inception ($M)

Number of IGF Funded Business Loans Outstanding in IFI Portfolios

The IGF invests in Indigenous Financial Institutions or “IFIs.” IFIs are autonomous, Indigenous-controlled, community-based financial organizations. IFIs provide developmental lending, business financing and support services to First Nations, Métis, and Inuit businesses in all provinces and territories. There are over 50 IFIs in Canada, from coast to coast to coast.

To date, the IGF has made 8 investments.

Our Annual Reports

Meet the Team

  • Frank Richter

    Managing Director

    Frank leads the team that turned the IGF from concept to reality, leveraging over 10 years of experience in finance and both public and the nonprofit sectors. He collaborated with BDC and the Government of Canada to structure the IGF and holds bachelor’s and master’s degrees in business, finance, and economic policy.

  • Sarah MacNeil

    Senior Manager, Strategic Partnerships & Investor Relations

    Sarah leads strategic partnerships, investor relations, governance, and communications for the IGF -- the second fund she has worked to stand-up. She previously worked with the Community Forward Fund Assistance Corp, the first non-profit securities registered Fund Manager in Canada, where she spent 7 years. Sarah holds a Bachelor of Arts in English Literature from Carleton University. She is non-Indigenous.

  • Erin Stehelin

    Manager, Credit Risk and IFI Lending Capacity

    With over 20 years in commercial and development banking in the North, Erin has expertise in managing commercial accounts, credit adjudication, and loan authorizations, including with Indigenous clients. At the IGF, he developed lending policies and managed the underwriting of the first IFI applications. Erin is a CPA, CMA, and is completing his Certified Aboriginal Financial Manager designation with AFOA Canada.

  • Jim Flett

    Credit Risk Manager

    A member of the St Albert-Sturgeon Métis local, Jim has over a decade of banking and commercial credit experience, including time with BDC and BMO. He serves on the board of Aksis and volunteers for his Métis local. He previously chaired his Nation's IFI board.

  • Lisa Low

    Senior Accountant

    Lisa oversees financial operations and reporting for the IGF. With over 20 years of experience in finance and administration, she has managed various fund structures and sizes. Previously, she was the CFO of an investment fund manager, guiding it from inception to nearly $1 billion in assets. Lisa is a Chartered Professional Accountant and holds a Master of Accounting degree.

Soon after the IGF was launched, the Fund’s Investment Committee was formed to approve loan capital for IFIs. The Committee, consisting of four members, includes Frank Richter, the IGF’s Managing Director, and three esteemed leaders from the Indigenous business community, all champions of Indigenous entrepreneurship.

Appointed for a three-year term, the Committee is tasked with the final decision on portfolio investments to IFIs and approving agreement terms. Strict conflict-of-interest guidelines ensure impartial decision-making.

From Atikameksheng Anishnawbek in Ontario, Helen is a certified professional accountant with significant experience in developing tools to support Indigenous entrepreneurs.

Helen Bobiwash

Kim is an accomplished Indigenous leader with a long list of economic development successes during her six terms as Chief of her Nation, Tsawwassen First Nation, in British Columbia. Kim sits on several boards, including the board of the Canada Infrastructure Bank.

Kim Baird

Michael is is a Mohawk of Kahnawake in Quebec. For over 35 years, Michael has specialized in acquiring capital and developing institutions in areas ranging from housing to business development to infrastructure financing. Among his many other roles, he is now the chair of the First Nation Market Housing Fund, developed to broaden the range of housing options within First Nation communities.

Michael Rice

  • Loan capital from the IGF will flow through the network of Indigenous Financial Institutions to businesses, which accept new loan inquiries on an ongoing basis from Indigenous businesses that come to them for financing to start or expand their businesses.

    As such, Indigenous businesses cannot access the IGF directly. However, an increasing number of IFIs will be able to provide more and larger loans to Indigenous enterprises drawing on capital from the IGF. A list of main offices of Indigenous Financial Institutions across the country can be found here.

  • The IGF is structured to accept investments from accredited Investors, like:

    • Public and Private Foundations

    • Indigenous Trusts

    • Corporate Canada

    • Other Institutional investors

    Indigenous Growth Fund Inc., is a wholly-owned subsidiary of the National Capital Corporations Association (NACCA, the membership organization for Indigenous Financial Institutions) and has a separate Board of Directors. The Indigenous Growth Fund Inc. is the General Partner of Indigenous Growth Fund LP. NACCA’s units in the IGF LP are held through an entity called the Indigenous Growth Fund Distributions LP.

    The Fund is evergreen (open ended) and raises capital from accredited Canadian investors as needed.

  • The fund can accept investment from accredited Canadian investors.

    Active fundraising is currently paused, but the fund is expected to commence fundraising for a 3rd close, later in 2025 early 2026. If you are an accredited investor interested in learning more, please contact Sarah MacNeil.