SIEF: A successful history in the making

"Dreams to Reality by Creating Business Success Growing Businesses, Places and Nations"

Entering its twentieth year providing financial services to First Nations of Saskatchewan, the Saskatchewan Indian Equity Foundation is a demonstration of what time, patience and determination can accomplish.

SIEF WAS INCORPORATED IN 1982 as a nonprofit corporation by Saskatchewan’s First Nations to fulfill a need for equity financing for First Nation entrepreneurs. SIEF was created at a time when conventional bank financing was not available to many viable businesses. In 1986, SIEF entered a joint partnership with the federal and provincial governments and became one of the first Aboriginal Financial Institutions (AFI) of its kind in Canada, offering small business loans to First Nation entrepreneurs and businesses.

Statistically speaking, SIEF has a successful history, lending more than $60 million over the past 20 years. Estimates indicate that SIEF has created more than 3,000 small businesses, and generated more than 7,500 jobs. It is behind the numbers where you will see success . . . in the people and the businesses that SIEF helped to build, such as the Prince Albert Grand Council, Meadow Lake Forestry Developments, numerous First Nation convenience stores and gas bars, First Nation school divisions, water treatment plants, farming operations and many others.

CEO CORNER: As summer slips away, a whole new season begins in Ottawa

BY DAN BRANT, CEO, NACCA

I CAN’T BELIEVE that summer has gone by so quickly. It seems that just yesterday, we were complaining about the snow; no heat; no, maybe snow. Whatever, the summer seems a blur. Actually, this seems to be a metaphor for the activities happening around Ottawa. After the rounds of federal round tables on a range of issues held last November, the Ottawa mandarins and minions have been exceptionally busy readying themselves for another major initiative. This event is the First Ministers meeting with Aboriginal leaders to discuss health, environment and housing scheduled to take place in Ottawa near the end of November 2005.

Specialist on Scene (SOS): Q&A

QUESTION: Our organization is facing increased demand from stakeholders to demonstrate greater accountability. Will you please discuss accountability and its relevance to Aboriginal Financial Institutions?

RESPONSE: Stakeholders have been placing an ever-increasing emphasis on performance and results (i.e. what are the effects of your activities and who is benefiting?). Public funders in particular are demanding more and more that nonprofits demonstrate accountability for funds received.

Accountability is usually demonstrated to Stakeholders at the end of a year through various forms of reports and communications...

THE OPERATIONS FILE: September 30th Mid-Year AFI Review

SEPTEMBER 30TH marks the mid-point in the fiscal year for the vast majority of AFIs. Generally, AFI Management, Board Committees and full Boards use this point in the year to review operations and compare results achieved to those projected at the beginning of the year. Adjustments in operations and budgets are often implemented at the mid point of the year in an effort to get "back on track."

The Smaller Region (SR) and Larger Region (LR) AFI examples reflected may be of assistance to AFIs that carry out this practice. Please note an inadequate number of fiscal 2005 audited AFI financial statements have been sent in to date to produce meaningful fiscal 2005 AFI statistics in the samples.