LONG PLAIN FIRST NATION RECEIVES FINANCIAL PERFORMANCE CERTIFICATION AND CAN NOW ACCESS CAPITAL MARKET FINANCING
Long Plain First Nation located 125 km’s West of the City of Winnipeg has been awarded a Financial Performance Certificate from the First Nations Financial Management Board, an independent statutory institution. The certification makes Long Plain First Nation among one of the best managed First Nations governments in Canada.
The First Nations Financial Management Board, based in Vancouver, reviewed the band’s financial performance over a five-year period ending March 31, 2017 and approved the Long Plain First Nation’s Financial Administration Law.
This recognition is a way for First Nations to demonstrate their financial management expertise and credibility to their own members, other governments, investors and lenders. It also will allow Long Plain First Nation to access capital market financing through the First Nations Finance Authority.
Chief Dennis Meeches commended the First Nation’s Council and Staff for their diligence and commitment to meeting the national standards.
“This achievement is the culmination of the efforts of many dedicated individuals,” explains Chief Meeches. “We believe that we owe it to our members to operate with transparency and accountability to ensure that their trust in us has been well placed. We are looking forward to creating new revenue streams and job creation for our First Nation”
Certifications are based on international finance and governance standards and adapted to meet the needs of First Nations. The Financial Performance Certificate is an independent stamp of approval of a First Nation’s good finance health.
“The First Nations Fiscal Management Act supports First Nations’ economic development and fiscal relations. It makes better decision-making possible” – Harold Calla, Executive Chair, FMB
Long Plain First Nation plans to embark on the construction of a hotel, truck stop and office building on its urban reserves located in the cities of Portage la Prairie and Winnipeg. This goal is now feasible with access to long-term, below bank prime rate financing from the First Nations Finance Authority.
“The First Nations Finance Authority looks forward to working with Long Plain First Nation to help them build their own future on their own terms.” Ernie Daniels, President and CEO, First Nations Finance Authority.
Media Inquiries Contact:
Chief Dennis Meeches
Long Plain First Nation
Tel: (204) 871-7676
WHAT IS THE FINANCIAL PERFORMANCE CERTIFICATE?
The Financial Performance Certificate is an independent stamp of approval of a First Nation’s good finance health. An FP Certificate also allows you to apply to the First Nations Finance Authority (FNFA) for a loan at low cost.
First Nations that have borrowed from the FNFA before, or that want to borrow several times, should also consider Financial Management System (FMS) Certification.
Who can get certified?
Financial Performance Certification is open to all First Nations that:
- have developed a Financial Administration Law (FAL).
- intend to borrow money through the FNFA.
Why get certified?
The FP Certificate says that your First Nation meets certain standards of financial performance. Getting certified lets you:
- get an independent review of the your First Nation’s finances.
- see where you might need to improve the way your First Nation manages its finances to help you achieve Financial Management System Certification.
- show to community members, lenders, business partners, and others that your First Nation is in good finance health.
- improve your access to money because Financial Performance Certification is needed to be eligible to access a loan from the FNFA.