For Canada’s major projects to be successful, Indigenous-owned businesses need more access to capital, says RBC CEO
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Dave McKay, chief executive of Royal Bank of Canada, takes part in a fireside chat on Oct. 8, 2025. Photo by Brent Calver/Postmedia filesArticle contentCanada’s biggest bank is expanding access to capital for Indigenous-owned businesses as Canada moves to fast-track key nation-building projects to support economic growth.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentMost of Ottawa’s major projects are located on or next to land owned by First Nations, so “it’s critical that Indigenous partnerships are at the heart of this process,” Royal Bank of Canada chief executive Dave McKay said at an event on Thursday.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.We apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Play VideoArticle contentArticle contentOnly eight per cent of Indigenous businesses use institutional loans — or loans taken from large financial organizations — as their primary financing source, with loan-approval rates running “far lower” compared to non-Indigenous businesses, he said.Article contentPosthasteBreaking business news, incisive views, must-reads and market signals. Weekdays by 9 a.m.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Posthaste will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article content“The reality is that banks are still learning how to operate in this space,” he said. “But we believe they can play a meaningful role in improving Indigenous equity participation in major projects.”Article contentOttawa in August launched its Major Projects Office (MPO), which is focused on accelerating projects the government said will help transform Canada’s economy. So far, 15 projects have been put into the MPO, many of which are related to the mining and energy sectors.Article contentOne of the MPO’s priorities is to build Indigenous capacity by ensuring that the major projects contribute to long-term economic growth for their communities.Article contentRBC’s Indigenous adviser and finance practice will be within its capital markets business and will offer “specialized expertise and capabilities” to First Nations, McKay said, including expanded access to capital, advisory services and other capacity-building initiatives.Article contentOne of the initiative’s first steps will be to launch a series of finance leadership circles across Canada.Article content“This will be run in collaboration with Indigenous partners and designed to support Indigenous nations in building financial management and governance expertise, sharing best practices and unlocking new pathways to capital,” McKay said.Article content• Email: nkarim@postmedia.com Article contentTrending GM announces $691 million investment in Ontario plant to secure its future for now Autos What is surveillance pricing and is it coming to a grocery store near you? Retail & Marketing Canada selected as host country for new global defence bank Finance Canada's GDP rises 0.2% as manufacturing sector regains momentum Economy Subscriber only. How a collapsing rental market is costing some homeowners more than they bargained for Subscriber only Real Estate Share this article in your social network Get the latest from Naimul Karim straight to your inbox Sign Up CommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. GM announces $691 million investment in Ontario plant to secure its future for now Autos What is surveillance pricing and is it coming to a grocery store near you? Retail & Marketing Canada selected as host country for new global defence bank Finance Canada's GDP rises 0.2% as manufacturing sector regains momentum Economy Subscriber only. How a collapsing rental market is costing some homeowners more than they bargained for Subscriber only Real Estate