The First Nations Finance Authority (FNFA) is a non-profit organization operating under the authority of the First Nations Fiscal Management Act, 2005. Ernie Daniels, CEO of FNFA accepted the 2018 Governor General’s Innovation Award for the organization’s achievements.
FNFA developed financial techniques to calculate the borrowing abilities of First Nations communities. Historically, First Nations were only able to borrow at a retail rate from banks, but the FNFA focused on basing the borrowing abilities on activities that generated revenue. This empowered the communities to develop long-term plans and better manage their own economic development. FNFA provides First Nations governments with investment options and access to long-term loans with preferable interest rates.
FNFA loan requests support projects in infrastructure, social and economic development, land purchases, independent power projects, community housing and rolling stock/heavy equipment.
For more information on the First Nations Finance Authority, please see the introductory video presented during the 2018 Governor General’s Innovation Awards ceremony.