B.C. Opens First Nations Equity Financing Program

On June 16, 2026, the Province of British Columbia announced the launch of the First Nations Equity Financing Program. The program is intended to help First Nations obtain commercial financing to acquire equity interests in revenue-generating projects located within their territories, while reducing common barriers to capital access, such as limited credit history, insufficient collateral, and high borrowing costs.

With a total program cap of $1 billion, the program provides eligible applicants with loan guarantees (a financial backstop that enables applicants to secure commercial financing), not direct loans or grants, to support new investments and significant expansions of existing projects. Guarantees may cover up to 20% of total project capital costs, with guaranteed amounts ranging from $5 million to $400 million. The Province has identified two project categories: projects with capital costs between $25 million and $125 million, and projects with capital costs above $125 million.

Eligible applicants include B.C.-based Indigenous governing bodies, First Nations development corporations with formal government support, and other incorporated entities owned and controlled by an Indigenous governing body with formal government support. Eligible projects must be located within the applicant’s territory, involve new construction or significant expansion, demonstrate commercial viability, and be structured separately from existing assets.

This is a significant development for Indigenous economic participation in British Columbia as the program may make it easier for First Nations to take equity positions in major projects by improving access to capital, reducing borrowing costs, and lowering lender risk. It also reflects a broader shift across Canada toward using government-backed loan guarantees as a tool to support Indigenous ownership, participation in project governance, and long-term economic benefits from major developments.

Overall, the program may create meaningful new opportunities for First Nations, development corporations, and project proponents seeking to structure Indigenous equity participation in B.C. projects. More broadly, it signals that Indigenous participation in major projects is increasingly being framed not only through consultation and benefit-sharing, but also through ownership, governance participation, and long-term revenue generation.

—

This blog post is for information purposes only and is not a substitute for legal advice. Readers are cautioned to not rely on or take any action based on the information provided. If you have any questions, please reach out to Lorne Richardson and the macushlaw team for a complimentary consultation. You can book a consult through our booking system, via email to [email protected], or call 604-900-7611.