HomeLoansNo land? No loan. Why it can be hard to borrow money...

No land? No loan. Why it can be hard to borrow money from a bank if you live on reserve

LouAnn Solway’s love of ranching runs deep. She grew up on Siksika First Nation, about 100 kilometres east of Calgary, and learned how to care for cattle from her father and grandfather.

“I was always supposed to be around cattle, feeding them, watering them and fixin’ fences and, you know, making sure all the babies were born,” she said in an interview with CBC Radio’s Cost of Living.

Solway learned not only about cows, but also horses — used in herding and managing the cattle — and how to be frugal when it comes to animal care. “It was a lot of being creative and self-sustaining.”

Solway started off with about 10 head of cattle, inherited from her dad. When she wanted to expand her business, she approached several banks, looking for a loan of between $150,000 and $200,000 — and they all turned her down.

“They all came up with the same thing … you know, ‘Sorry,'” Solway…

Read more at www.cbc.ca

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