Our History

Historically, First Nations in Manitoba faced monumental challenges in obtaining financing, which hindered their ability to participate fully in the economic landscape. Systemic barriers, including historical discrimination, constraining provisions of the Indian Act, and a lack of collateral due to shared land ownership, impeded their access to traditional banking and commercial lending services. Furthermore, the economic marginalization of First Nations communities frequently resulted in limited financial literacy and fewer opportunities to build credit histories.

Many financial institutions were unfamiliar with First Nations' unique legal and cultural contexts, leading to biased risk assessments and higher borrowing costs.

These challenges collectively hindered First Nations entrepreneurs and communities in Manitoba from achieving economic self-sufficiency and prosperity. The need for an intermediary to fill this socioeconomic gap was evident, which prompted the AMC and the Province of Manitoba to engage in discussions and deliberation on a potential solution, and the intuitive idea was born.

On November 2, 2006, the Assembly of Manitoba Chiefs (AMC) and the Province of Manitoba a Memorandum of Understanding (MOU) to establish a “First Nations Gaming Economic Development Fund.” This agreement highlighted the mutual commitment of Manitoba and the AMC to create a continuous Economic Development Fund, which contributions from provincial gaming revenues would finance.

One year later the Economic Development Fund was established on October 3, 2007, as a not-for-profit corporation without share capital incorporated under The Corporations Act (Manitoba) under the name “First Peoples Economic Growth Fund Inc.” (FPEGF). The sole members being the Province of Manitoba as represented by the Minister of Aboriginal and Northern Affairs and the Assembly of Manitoba Chiefs as represented by the Assembly of Manitoba Chiefs Secretariat Inc.

The fund would be tasked with addressing the significant barriers and inequities faced by Manitoba First Nations and their Members who aspire to enter the business world. The loan fund would primarily function to combat the challenges faced when attempting to start, expand, or acquire a business. Programming was developed specifically to ensure that First Nations and their entrepreneurs would experience an edge over their competition through the support programs established, which of 75% is non-repayable, the loans provide interest-free financing, and partially forgivable financing for community-based business projects.

On September 23, 2008, FPEGF celebrated as they held a Grand Opening, which saw a huge success with representation from the First Nations and Manitoba Government. It was recognized that FPEGF was designed to champion First Nation economic development and service a community that has historically been underserviced. FPEGF still strives to cultivate genuine relationships and foster partnerships to ensure that First Nations will receive a significant advantage when taking great risks in their entrepreneurial endeavors.

FPEGF would not have the same impact as it does today without the continued support from its founding Members, the Assembly of Manitoba Chiefs, and the Provincial Government of Manitoba. To date, FPEGF has approved over $64 million in loan funding, resulting in a total impact of more than $200 million on the Manitoba economy through strategic partnerships with various organizations.