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SASKATOON - The Saskatchewan Indian Equity Foundation (SIEF) was explained to delegates attending the general assembly held in this city.
In his address to the Indian leaders, SIEF director Noel Starblanket said that some of the top corporate banking, Indian business - and legal minds in North America were chosen to put together proposals for funding Indian ventures in this province.
Looking at some Indian models in Canada and the United States included Indian organizations, United Indian Development Association in California, Indian Development Group in Manitoba, Nahaimo Community Advisory Services in British Columbia and Alberta Equity Foundation, and many more.
"Many Indian people do not have the equity to start any venture and this is where SIEF will step in," said Starblanket.
"We will provide that 20 percent, so that you can go to a bank and say here is my equity, here is what I am prepared to put into the business," he continued.
"We are trying to set up the organization like you will receive the money and you will have to pay it back at some time, but we won't have that strict regulation like the bank or other money lending institutions. We will also make it available to registered Indian businesses in this province," added Starblanket.
Earlier Saskatchewan Indian Agricultural Program calling for variable projects before receiving any funding came under attack by the delegates.
"The one thing we ask is that it will have to be variable, in other words, you will have to prove it to us before we lend you the money that you are going to make a go of it," said Starblanket.
Signing of agreement which was to have taken place during the conference had been set back by the Federal government due to structure of the board of directors.
Control will be by the board of directors of the Saskatchewan Economic Resource Council and for that reason, the federal government is saying "NO", we can't do that, it isn't an acceptable way of doing it, concluded Starblanket.