First Nations Financial Management Board (FMB) congratulates the community of Membertou from Nova Scotia for taking the necessary steps to become certified with FMB – and proving they are financially stable.
Membertou has now been approved to become a borrowing member of the First Nations Financial Authority (FNFA).
As a borrowing member of FNFA, Membertou can anticipate their debt service costs will be cut by an estimated $140,000 monthly.
“Certification by First Nations Financial Management Board validated our financial management practices and stewardship,’’ explained Chief Terry Paul. “This responds to the interests of many stakeholders and allowed us access to FNFA financing.”
More importantly, this proactive community is now able to take great strides in their own economic development projects to build a stronger economy on their traditional territory.
“Membertou is the first of what will be many First Nations that will benefit from this initiative,’’ said FMB Executive Chair Harold Calla.
“They are a shining example of how strong leadership, financial management, and vision can support First Nations as they pursue their goals. We are excited for the community and look forward to their continued success.”
It is wonderful to see that First Nations are taking advantage of the opportunities that come with getting certified, he added.
One of the benefits of certification for First Nation commun ...
Tags: FMB, FNFA, membertou, Vancouver