Latest news with #IndigenousLandDevelopmentProgram
Hamilton Spectator
4 days ago
- Business
- Hamilton Spectator
Lil'wat development in Whistler secures funding through First Nations Bank of Canada
On July 28, the First Nations Bank of Canada (FNBC) announced it will provide financing for Lil'wat's Tseqwtsúqum̓ development in Whistler's Function Junction, marking the single largest investment made to date under its Indigenous Land Development Program. FNBC did not disclose the precise figure going towards the Nation's development. The funding package, delivered in partnership with the Canada Infrastructure Bank (CIB), will support Lil'wat Business Group's (LBG) mixed-use, Indigenous-led, 5.3-acre development, which promises new commercial space and workforce housing at the entrance to Whistler's industrial core. 'We are proud to support the Lil'wat Business Group and the Tseqwtsúqum̓ project, which will not only contribute to the economic resilience of the Lil'wat Nation but also create a lasting impact on the broader Whistler community,' said FNBC president and CEO Bill Lomax in a July 28 press release. Tseqwtsúqum̓—pronounced 'Chek-choo-koom'—sits between Highway 99, the railway tracks and Alpha Lake Road. The name means 'lake surrounded by fertile marshlands' in Ucwalmícwts, the traditional language of the Líl̓wat Nation. The lands, located on Lil'wat's traditional territory, are owned by the Nation through the Legacy Land Agreement of the 2010 Olympic and Paralympic Winter Games. Tseqwtsúqum̓ was awarded a conditional development permit by the Resort Municipality of Whistler in October 2017. The development will be fully owned by the Nation and will feature three buildings with long-term housing options, a fuelling station and the potential for a major grocery outlet, according to LBG's project page . The project has grown in scale since it was originally proposed in 2017. The original plan pitched 18 units of workforce housing. Subsequent development permits and amendments saw the number of units rise to 48 and 72. The zoning process is ongoing. LBG announced in its July newsletter it was 'actively working through the rezoning phase to create more flexible and attractive leasing opportunities for the planned three-building commercial residential development and gas station.' LBG's development was originally slated for occupancy in spring 2019, before being delayed more than a year to Fall 2020. During the September 2024 Pemberton Chamber of Commerce Lunch and Learn, LBG CEO Rosemary Stager indicated site work would begin in spring 2025 . 'This project is a major milestone for the Lil'wat Nation, reflecting our growth and our capacity to lead meaningful economic development on our traditional territory,' said Stager. 'Tseqwtsúqum̓ is the largest project to date for LBG and exemplifies our commitment to building a strong, self-sustaining future that honours our cultural values.' FNBC was founded in 1996 to serve the Indigenous marketplace. It is 88-per-cent Indigenous owned and controlled. The Indigenous Land Development Program, administered by FNBC in partnership with CIB, provides below-market rate loans to help Indigenous communities in an effort to remove longstanding financial barriers Indigenous Nations face when building on their land. CIB agreed last year to put $100 million into the program. The FNBC announced the first five deals under the Indigenous Land Development Project in February 2025, with a combined value of $140 million. 'This is more than a financial transaction. It's a step toward reconciliation, opportunity, and self-determination,' said Stager. The CIB also framed the agreement as a model for future partnerships. 'In addition to supplying housing to a region with high demand, Lil'wat Nation businesses and community members across generations will also benefit from the project through long-term employment and cultural revitalization opportunities,' said CIB CEO Ehren Cory. LBG, based in Mount Currie, oversees the Nation's for-profit ventures and has stated Tseqwtsúqum̓ will generate revenues and employment for Nation members and non-Indigenous residents throughout its lifespan. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
Vancouver Sun
5 days ago
- Business
- Vancouver Sun
First Nations Bank reaches funding deal for Whistler development
WHISTLER — First Nations Bank of Canada says it has reached a deal to help fund a new Indigenous-led development in Whistler. The money is going to Lil'wat Business Group to help it build Tseqwtsuqum, a housing and commercial space planned for the Function Junction neighbourhood of the mountain town. Funding is coming through the Indigenous Land Development Program that First Nations Bank is running in partnership with the Canada Infrastructure Bank. The federal agency agreed last year to put up to $100 million to support the program, which provides below-market rate loans to help Indigenous communities realize their development goals. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. First Nations Bank did not disclose financial terms of the Lil'wat Business Group deal, but says it is its largest yet under its Indigenous Land Development Program. The bank said in February as it announced the first deals through the program that it had $140 million in projects initially approved, with Canada Infrastructure Bank covering $30 million of the funding.
Winnipeg Free Press
5 days ago
- Business
- Winnipeg Free Press
First Nations Bank reaches funding deal for Whistler development
WHISTLER – First Nations Bank of Canada says it has reached a deal to help fund a new Indigenous-led development in Whistler, B.C. The money is going to Lil'wat Business Group to help it build Tseqwtsúqum, a housing and commercial space planned for the Function Junction neighbourhood of the mountain town. Funding is coming through the Indigenous Land Development Program that First Nations Bank is running in partnership with the Canada Infrastructure Bank. The federal agency agreed last year to put up to $100 million to support the program, which provides below-market rate loans to help Indigenous communities realize their development goals. First Nations Bank did not disclose financial terms of the Lil'wat Business Group deal, but says it is its largest yet under its Indigenous Land Development Program. Monday Mornings The latest local business news and a lookahead to the coming week. The bank said in February as it announced the first deals through the program that it had $140 million in projects initially approved, with Canada Infrastructure Bank covering $30 million of the funding. This report by The Canadian Press was first published July 28, 2025.
Hamilton Spectator
5 days ago
- Business
- Hamilton Spectator
First Nations Bank reaches funding deal for Whistler development
WHISTLER - First Nations Bank of Canada says it has reached a deal to help fund a new Indigenous-led development in Whistler, B.C. The money is going to Lil'wat Business Group to help it build Tseqwtsúqum, a housing and commercial space planned for the Function Junction neighbourhood of the mountain town. Funding is coming through the Indigenous Land Development Program that First Nations Bank is running in partnership with the Canada Infrastructure Bank. The federal agency agreed last year to put up to $100 million to support the program, which provides below-market rate loans to help Indigenous communities realize their development goals. First Nations Bank did not disclose financial terms of the Lil'wat Business Group deal, but says it is its largest yet under its Indigenous Land Development Program. The bank said in February as it announced the first deals through the program that it had $140 million in projects initially approved, with Canada Infrastructure Bank covering $30 million of the funding. This report by The Canadian Press was first published July 28, 2025.
Cision Canada
5 days ago
- Business
- Cision Canada
First Nations Bank of Canada Announces Largest Financing Package under Canada Infrastructure Bank's partnership supports Tseqwtsúqum development in B.C.
Lil'wat Business Group receiving funding for Tseqwtsúqum, a major new Indigenous-led development in Whistler, British Columbia WHISTLER, BC, July 28, 2025 /CNW/ - First Nations Bank of Canada (FNBC) is proud to announce its largest deal yet under its Indigenous Land Development Program partnership with the Canada Infrastructure Bank (CIB). Through the program, FNBC is providing financing to the Líl'wat Business Group (LBG) for Tseqwtsúqum (pronounced Chek-choo-koom), a major new Indigenous-led development in Function Junction, Whistler. This project represents a transformative investment in Indigenous economic development and sovereignty. Tseqwtsúqum will be a vibrant, permanent village contributing to Whistler's newest neighbourhood, offering new commercial space and critically needed workforce housing. The first phase of development aims to directly address local infrastructure demands while driving economic growth and employment opportunities for both Indigenous and non-Indigenous residents. "We are proud to support the Lil'wat Business Group and the Tseqwtsúqum project, which will not only contribute to the economic resilience of the Lil'wat Nation but also create a lasting impact on the broader Whistler community," said Bill Lomax, President and CEO of First Nations Bank of Canada. "This kind of Indigenous-led development is exactly what economic reconciliation looks like, empowering Nations to lead, build, and thrive on their own terms." The Indigenous Land Development Loan Program, administered by FNBC, is designed to help remove long-standing financial barriers that have historically limited Indigenous communities' land development aspirations. By providing comprehensive financing for both enabling infrastructure and buildings, the FNBC and CIB partnership enables Indigenous communities to access capital at lower costs and with greater certainty. "This project is a major milestone for the Líl'wat Nation, reflecting our growth and our capacity to lead meaningful economic development on our traditional territory," said Rosemary Stager, CEO of Líl'wat Business Group. "Tseqwtsúqum is the largest project to date for LBG and exemplifies our commitment to building a strong, self-sustaining future that honours our cultural values." "This is more than a financial transaction. It's a step toward reconciliation, opportunity, and self determination," noted Stager. "We're honoured to work with the First Nations Bank of Canada on this landmark first investment." "We are proud to see another Indigenous-led housing project moving forward through our agreement with FNBC. In addition to supplying housing to a region with high demand, Líl'wat Nation businesses and community members across generations will also benefit from the project through long-term employment and cultural revitalization opportunities," said Ehren Cory, CEO, Canada Infrastructure Bank. For more information about the project, visit: About the First Nations Bank of Canada: Founded in 1996, First Nations Bank of Canada (FNBC) is a Canadian chartered bank focused on providing financial services to the Indigenous marketplace in Canada. FNBC is 88% Indigenous owned and controlled. The Bank offers Indigenous and non-Indigenous people, corporations and governments a full range of personal and business banking services including loans, mortgages, investments (registered and non-registered), transaction accounts and cash management as well as trust services through its wholly owned subsidiary, FNB Trust. About Lil'wat Business Group: Located in Mount Currie, in the heart of Líl'wat Nation, approximately 35 km north of Whistler, the Líl'wat Business Group (LBG) consists of limited partnerships in the retail, forestry, and construction sectors. Additionally, LBG operates both capital asset and management services divisions. The organization's mandate is to create and grow a sustainable economy for Líl'wat Nation by forging business opportunities that respect cultural values, generate jobs, and reestablish Lil'wat7úl presence on the Nation's Territory including Pemberton and Whistler. For more information, visit About Canada Infrastructure Bank: The Canada Infrastructure Bank is an impact investor developing the next generation of infrastructure Canadians need. Our areas of focus are clean power, green infrastructure, public transit, trade and transportation, broadband and Indigenous infrastructure.
