CALGARY, ALBERTA--(Marketwired - May 26, 2014) - Today, AltaGas Ltd. Chairman and CEO, David Cornhill was on hand to present a $500,000 cheque to the Indian Business Corporation (IBC), an Aboriginal Financial Institution, during an announcement at the Chinook Lodge Aboriginal Resource Centre on the campus of SAIT Polytechnic. This ground-breaking agreement allows an Aboriginal Financial Institution to partner with an organization outside of government to create a pool of capital to help finance First Nations entrepreneurs to start and grow businesses.
"AltaGas is always seeking new opportunities to create sustainable social value," said David Cornhill, Chairman and CEO of AltaGas. "I know firsthand how important it was to have financial support when we started AltaGas 20 years ago and we wanted to be able to do the same for others, but specifically for First Nations entrepreneurs. Through this agreement with IBC, AltaGas is able to support the creation and growth of sources of revenue for First Nations."
Through the AltaGas First Nations Development Fund, AltaGas has agreed to an interest-free $500,000 loan to IBC that will be paid in instalments over the next five years. IBC typically receives funding from Aboriginal Business Canada so this funding agreement will boost IBC's capacity to finance viable First Nations entrepreneurs in Alberta as demand for IBC's lending services outstrips its capital.
"AltaGas' investment in Indian Business Corporation means more First Nations entrepreneurs will get financing to start or grow their businesses," said Rob Rollingson, General Manager of IBC. "We know this kind of investment helps companies deepen their community relationships while increasing individual self-sufficiency and will create positive social outcomes. This contribution demonstrates that AltaGas is a leader and social innovator in advancing opportunities for First Nations entrepreneurs."
AltaGas is an energy infrastructure business with a focus on natural gas, power and regulated utilities. The Corporation creates value by acquiring, growing and optimizing its energy infrastructure, including a focus on clean energy sources. For more information visit: www.altagas.ca.
About Indian Business Corporation
Established in 1987, the Indian Business Corporation provides financing for First Nations peoples in Western Canada. We believe access to capital for First Nations peoples provides opportunities for success and development. For more information visit: www.indianbc.ca.