The Saskatchewan Indian Equity Foundation Inc. (SIEF) was established in 1986, and it amalgamated with the Saskatchewan Indian Loan Company (SILCO) in 2002.
During the amalgamation, SIEF acquired investment portfolios from SILCO and the Federation of Saskatchewan Indian Nations (FSIN).
These investments provide additional income to support SIEF’s operations and are also reinvested in SIEF’s loan portfolio, all for the benefit of First Nations people of Saskatchewan.
Growing the First Nation Entrepreneurial and Business Spirit
Established in 1986, Saskatchewan Indian Equity Foundation Inc. (SIEF) offers commercial and agriculture lending and business consulting services to First Nations businesses in Saskatchewan.
Saskatchewan Indian Equity Foundation is governed by a board of directors that consists of seven members. The directorship is made up in the following manner; two members appointed by the FSIN; two members representing the business sector; two members representing the agriculture sector; and one member representing the financial services sector.
SIEF has always been committed to developing a strong economic base among First Nations in Saskatchewan and continues to assist in the creation of jobs and to foster economic growth for First Nations people.
SIEF has staff that are well qualified and business minded individuals that are dedicated to providing exceptional business lending and consulting service for their clients.
SIEF continually visits communities to ensure clients have the resources needed to sustain efficient operations.
In the early 1980’s, the need to establish a lending corporation was identified by the 74 First Nations of Saskatchewan. These 74 First Nations now make up the membership of SIEF.
At the time, The First Nations, Federal and Provincial Governments and the business community realized that a key component needed to generate economic development and jobs in the First Nation community was access to capital.
Traditional business financing was not readily available for many First Nation people nor was it available to many First Nation Bands. SIEF came from concept to reality in 1986 to fill this business financing need and to serve a niche market of First Nation entrepreneurs.
SIEF was the first Aboriginal Financial Institution (AFI) of the 59 AFI’s currently across Canada. It is also by far the largest in terms of the number of loans provided.
SIEF has lent out more than $62 million to First Nation Entrepreneurs creating more than 3,200 businesses and generating approximately 7,000 jobs over 25 years of operations.
In 2003, SIEF underwent significant restructuring. There was a need to balance expenditures, streamline operations and expand the corporation’s ability to compete in the lending and investment market.
As a result, the Saskatchewan Indian Loan Company (SILCO) and Inpro West Investment Corporation (INPRO) were then amalgamated into SIEF.
The overall goal of the amalgamation was to increase operational efficiency, formalize investments strategies, increase membership control, and improve communications and marketing and to improve access to current and new capital markets.
2011 marked the 25th anniversary of the founding of Saskatchewan Indian Equity Foundation. SIEF is part of the future for the First Nations of Saskatchewan.