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Unlocking the potential of the Indigenous economy.

Fostering economic reconciliation.

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 makes portfolio investments to Indigenous Financial Institutions (IFIs) rather than lending directly to individual businesses. By investing in IFIs, the IGF helps expand their existing loan portfolios or launch new ones. These IFIs then offer loans to Indigenous businesses.

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

Cumulative IGF Funded Loans to Businesses Since Inception

Our Annual Reports

Launching April 30

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.

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.

  • 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.

Meet the Board of Directors

  • Jean Vincent, Chair, MSC, FCPA, FCA, CAFM

    Jean is Wendat and a member of the Wendake First Nation. He is Chair of the IGF Board and Chair of both the Native Commercial Credit Corporation (SOCCA) in Quebec and the Aboriginal Savings Corporation of Canada (ABSCAN). A long‑time champion of Indigenous economic development and access to capital, Jean played a pivotal role in establishing the IGF, helping shape its vision, governance, and partnership model. He also served as Chair and Board Director with NACCA as the organization became the first Indigenous Fund Manager in Canada Canada’s first IGF fund manager. Jean sits on the boards of the First Nations Market Housing Fund and the First Nations Financial Management Board, and previously served as Vice Grand Chief of the Huron‑Wendat Nation from 2008 to 2018. Earlier in his career, he worked with the National Bank of Canada and Indigenous and Northern Affairs Canada, and he received the Meritorious Service Cross from the Governor General of Canada for his contributions to First Nations.

  • Scott Patles-Richardson, Director

    Scott is a member of Pabineau First Nation and an Indigenous business leader with more than 25 years of experience advancing economic development and Nation‑building. A seasoned negotiator, he has led major settlements, complex transactions, and strategic partnerships across finance, energy, and private equity. He is the founder of a private equity initiative focused on providing growth capital to Indigenous‑owned businesses and has founded and scaled ventures including Nations Translation Group and Indigenous Financial Solutions. A serial entrepreneur and investor, Scott has driven strong revenue growth while creating long‑term economic opportunities for Indigenous communities. He serves on several boards and advisory bodies, including the Canada Energy Regulator and PwC Canada, and brings deep expertise in governance, capital formation, and transaction structuring to the IGF Board.

  • Bill Murray, Director, MBA, CFA

    Bill is a Mohawk of Kanehsatà:ke, and a bilingual senior leader with a distinguished record of building and guiding high‑performing international teams across private equity, M&A, and corporate finance. He is a strategic investor and partner with deep experience driving growth in financial services, agrifood, manufacturing, and healthcare.

    As a member of the IGF board, Bill contributes extensive expertise in capital raising, financial forecasting, transaction structuring, due diligence, and stakeholder reporting. He currently serves as Director, Indigenous Markets – Institutional Asset Management at CIBC.

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.

    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.

  • Yes, the IGF is open for investment. The fund can accept investment from accredited Canadian investors like:

    • Indigenous Trusts and Economic Development Corporations

    • Public and Private Foundations

    • Corporate Canada

    • Other Institutional investors

    If you are an accredited investor interested in learning more, please contact Sarah MacNeil.