Toronto, March 17, 2025 – Canada Development Investment Corporation (CDEV) is pleased to announce that Michael Bonshor has been appointed as Board Chair of Canada Indigenous Loan Guarantee Corporation (CILGC).
CILGC is a wholly owned subsidiary of CDEV, mandated to deliver the inaugural federal Indigenous Loan Guarantee Program, providing $5 billion for Indigenous loan guarantees to unlock access to the capital needed for Indigenous groups to make major economic investments.
CILGC was launched in December 2024 and is open for business, supporting Indigenous groups in benefiting from the economic opportunities of natural resource development. The appointment of Mr. Bonshor as Board Chair is a milestone underscoring the continued progress around establishing the board to provide governance for the program and also importantly advancing to operationalize the program. We will continue to recruit the leadership team and board members, and the new Board Chair will assist with the process.
Mr. Bonshor (Gixkandzi) is an experienced leader and member of the Dzawada’enuxw First Nation of Kingcome Inlet, BC. He has 20 years of experience working with First Nations, specializing in Indigenous business development and investment. He is currently the President and CEO of Visions Financial Services and the Managing Director of First Nations Business Development Association. Mr. Bonshor is a highly respected business leader with extensive leadership, Board and Chair experience and holds several roles in organizations including British Columbia Institute of Technology (Chair), the National Indigenous Economic Development Board (Director and Chair, Economic Progress Report Committee), and the Dzawada’enuxw Development Corporation (Chair). He holds a CPA, CMA from the Chartered Professional Accountants of BC.
“Michael Bonshor has dedicated his career to supporting First Nations in business and strengthening the economic capacity of Indigenous entrepreneurs and communities. I look forward to working with him as the inaugural Chair of this important subsidiary and am confident in the leadership and contribution to the advancement of this critical program that he brings,” said Elizabeth Wademan, CEO of CDEV.
“I am honoured to join the Canada Indigenous Loan Guarantee Corporation (CILGC) as its first Board Chair. Through this new role, I am committed to fostering a path to prosperity that respects the unique needs and priorities of the Indigenous Peoples and create opportunities that will build prosperity and benefit generations to come,” said Michael Bonshor, Board Chair of CILGC.
Quick Facts
- Due to the Indian Act and the legacy of colonialism, there are significant challenges in securing capital and leveraging assets. These financial barriers limit Indigenous participation in projects that could generate long term economic benefits for Indigenous Peoples.
- The number of major natural resource and energy projects with potential for Indigenous equity participation is anticipated to grow significantly, with the First Nations Major Projects Coalition’s research expecting this potential to reach $525 billion in capital investment over the next ten years.
- Through government-backed loan guarantees, ILGP reduces financial risks for lenders and Indigenous investors, promoting increased Indigenous ownership in viable, revenue-generating projects.
- CILGC is currently considering proposals with the expectation of issuing its first loan guarantee in 2025.
- As the parent company of CILGC, CDEV is responsible for making appointments to the Board of Directors of CILGC. CDEV led a rigorous and competitive national search process to recruit the Board Chair and Board members with the help of an Indigenous-owned executive recruitment firm.
- This appointment is effective as of March 10, 2025.
To learn more about the Indigenous Loan Guarantee Program: www.cilgc-cgpac.ca
Contact
Thomas Chanzy
Vice President and Head, Communications and Public Affairs
Canada Development Investment Corporation
416 966 2926
thomas.chanzy@cdev.gc.ca