For Canada’s Major Projects to Be Successful, Indigenous-Owned Businesses Need More Access to Capital, Says RBC CEO

Why It Matters

Improving Indigenous access to capital removes a key bottleneck in Canada’s nation‑building agenda, ensuring that large‑scale projects deliver economic benefits to the communities on whose land they sit. The move also positions banks like RBC as pivotal partners in a $1.8 trillion‑plus decade‑long investment wave across critical sectors.

Key Takeaways

• Indigenous businesses receive only 8% institutional loan usage.
• Federal loan guarantee program grew to $10 B CAD (~$7.4 B USD).
• RBC creates Indigenous advisory unit within capital markets.
• Only $1.8 B CAD (~$1.3 B USD) guaranteed across 26 deals.
• Major Projects Office targets 15 projects in mining and energy.

Pulse Analysis

Canada’s government has earmarked trillions of dollars for infrastructure, mining and energy projects that sit on or adjacent to First Nations territories. The Major Projects Office, launched in August, is fast‑tracking 15 flagship initiatives, but the success of these ventures hinges on meaningful Indigenous participation. Historically, Indigenous firms have faced steep financing gaps, with just eight percent turning to institutional lenders and approval rates lagging behind mainstream businesses. This financing shortfall threatens both project timelines and the promised socioeconomic uplift for Indigenous communities.

RBC’s new Indigenous advisory practice seeks to bridge that gap by embedding specialized expertise within its capital markets division. The bank will offer tailored advisory services, capacity‑building programs, and a series of finance leadership circles designed to enhance financial governance among First Nations. The initiative dovetails with the federal Indigenous Loan Guarantee Program, which was expanded from $5 billion CAD (approximately $3.7 billion USD) to $10 billion CAD (about $7.4 billion USD) in 2025. Yet, only $1.8 billion CAD (roughly $1.3 billion USD) has been guaranteed across 26 deals, underscoring persistent structural barriers.

The competitive landscape is heating up, as peers like BMO Capital Markets and Scotiabank roll out their own Indigenous capital‑markets groups. By positioning itself at the forefront of Indigenous finance, RBC not only taps into a growing market but also aligns with broader ESG and reconciliation goals that investors increasingly demand. If banks can effectively lower financing friction, Canada stands to unlock the full economic potential of its major projects, delivering both national growth and lasting benefits to Indigenous peoples.