On Tuesday, Backwoods Energy Services announced it will work alongside the Canada Mortgage and Housing Corporation to provide financial support to its Indigenous employees looking to purchase their first home.
According to the company, its Home Ownership Program for Indigenous Employees offers online training, support enrolling in an RRSP program and significant down payment contributions to a maximum of $20,000 per participant.
“Indigenous people often face unique barriers when it comes to purchasing a home,” said Paul Poscente, President and CEO, Backwoods. “For many people, their home is their largest asset, and it’s our belief that by helping our employees attain home ownership we can impact their lives for the better.”
Backwoods says the Home Ownership Program is a huge step towards achieving its mission to drive economic opportunities by empowering Indigenous people and communities.
The program will ease access to the assets and credit facilities needed when on the path to home ownership as well as guide prospective first-time home buyers through the purchase process and provide information needed to make an informed decision.
Backwoods Energy partnered with the CMHC, First Nations Bank of Canada, and Capital Region Housing to provide one-on-one support for participants throughout the program and to develop a comprehensive list of courses, reading materials, tools and financial calculators.
“This program is certain to help make home ownership more accessible and we are pleased to contribute our expertise to Backwoods and lend our support,” said Nicole Church, Senior Manager, Indigenous and Northern Housing Solutions Alberta, Northwest Territories, Nunavut and Yukon, CMHC.
Through the program, Backwoods will match its Indigenous employees’ RRSP savings to a maximum of $10,000 per employee and offer an additional $2,000 per year of employment to a maximum of $10,000. The company has a preferred partnership with the First Nations Bank of Canada to assist Backwoods employees in selecting an RRSP program.
“First Nations Bank of Canada remains focused on meeting the financial needs and services required of Indigenous communities to enhance the lives of their members,” said Leigh Solomon, VP Retail Banking, First Nations Bank of Canada. “With this project being consistent with that, we are proud to play a role in making this happen.”
Backwoods Energy Services (Backwoods), one of the largest Indigenous-owned business in Canada.