Aaron Joe, an entrepreneur on British Columbia’s Sunshine Coast for 25 years, has recently shifted his focus to create a positive impact in the forestry industry. As the CEO of Salish Soils, a company based in the Sechelt First Nation, Joe takes waste materials from the B.C. region and repurposes them into soils and compost for farmers and landscapers. His mission is to “reclaim our territory” and make a meaningful change in his community.
Over the past 14 years, Joe and his business partners have grown Salish Soils from a small team of four to a thriving company with 36 employees. Starting with limited funding, they faced challenges in finding investors who shared their vision of sustainability and economic reconciliation. These challenges are not unique to Joe and his partners; Indigenous entrepreneurs across Canada have faced historic barriers in accessing capital, particularly those living on reserves.
Many of these barriers can be traced back to the Indian Act, a piece of legislation enacted in 1876 that established reserves and aimed at assimilating Indigenous peoples. One of the key challenges faced by Indigenous entrepreneurs is the lack of collateral to secure financing. Since individuals living on reserves do not own their property, they are unable to leverage it for loans or other forms of financing. This lack of access to capital has hindered the growth of Indigenous startups and communities.
Paul Lacerte, the founder of Raven Indigenous Capital Partners, recognizes the need to improve access to capital for Indigenous businesses. He believes that Indigenous entrepreneurs are ready to contribute to the economy but require patient and flexible funding that aligns with their cultural values. By investing in businesses like Salish Soils, Raven aims to empower Indigenous founders and create a regenerative relationship with the earth.
The positive impact of funding Indigenous entrepreneurs extends beyond the Sunshine Coast. Sharleen Gale, the chief councillor of the Fort Nelson First Nation and chair of the First Nations Major Projects Coalition, highlights how economic opportunity and access to financing play a crucial role in environmental stewardship. By securing a stake in major projects and negotiating fair financing terms, Indigenous communities can ensure that their values are upheld and future generations are considered.
Shannin Metatawabin, CEO of the National Aboriginal Capital Corporations Association, emphasizes the importance of bringing Indigenous stakeholders to the table in projects that affect their territories. He advocates for fair and square partnerships, where Indigenous communities have a say and access to reasonable financing. Government support is also crucial in achieving economic reconciliation, through programs like the Aboriginal Entrepreneurship Program. However, sustained funding for operational support and the creation of a national Indigenous loan guarantee program are needed to further promote Indigenous economic prosperity.
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