Four decades after its founding, Ulnooweg reflects on its journey from a grassroots lender to a national leader in innovation, education and community prosperity.
When Ulnooweg began in 1985, it was a small grassroots initiative—a few determined leaders working to open economic doors to First Nations communities across Atlantic Canada. Four decades later, Ulnoweg has emerged as a national model for indigenous-led development, combining economic growth, education and cultural renewal into a single, coherent vision.
Canadian Business Journal recently spoke with Christopher Gugu, Chief Operating Officer of Ulnooweg Development Group and a proud member of the We'koqma'q First Nation. Googoo reflects on a journey defined by persistence, partnership and determination that has transformed the way Indigenous communities build, lead and sustain their own future. “We don’t just lend—we build an ecosystem that trains employees, supports entrepreneurs, and supports community well-being,” says Gugu.
From grassroots to growth
Ulnooweg's early mission was simple but ambitious: to create opportunities for Indigenous entrepreneurs where there were few. In the 1980s and 1990s, this meant providing access to business loans and financial support that mainstream institutions rarely provided. However, over time, Ulnoweg's role expanded beyond lending.
A major milestone was the creation of the Indigenous Education Center in 2013, an initiative that began with financial literacy programs and then expanded to include science, technology, engineering and mathematics (STEM) education. “Financial literacy is the foundation,” explains Gugu, “but the mission of STEM is to prepare our youth to lead the economy of tomorrow.”
By 2018, Ulnoweg had established a special foundation to strengthen its charitable and cultural activities. The following year, a landmark five-year, $15-million youth empowerment partnership helped scale programs across Atlantic Canada, providing nearly $9 million for community initiatives and education over that period.
Passing through barriers
The story of Ulnoweg is a story of vision in the face of structural problems. From limited access to capital to systemic gaps in philanthropy, the organization has had to navigate and eliminate many of the barriers that Indigenous businesses still face today.
“Leadership in this industry means being focused on the goal,” says Gugu. “We constantly face systemic and cultural barriers—from access to capital to trust in the financial sector—and overcoming them requires persistence and relationship building.”
This commitment is now driving Ulnooweg's efforts to increase access to Indigenous capital through mechanisms such as the Indigenous Growth Fund. It also underpins the organization's ongoing work to formalize STEM education, including an accredited curriculum that counts as half credit in public schools.
“Education, culture and capital must move together,” says Gugu. “This is how we create real opportunity.”
Fisheries and the future
The fisheries sector remains a vital pillar of Indigenous economic development, and Ulnoweg has played an important role in helping communities participate and lead. The Marshall decision has accelerated the process of Indigenous ownership of fisheries, and Ulnooweg's support – from strategic procurement to business development – has helped communities become active partners rather than just participants in the industry.
At the same time, the organization's educational programs prepare youth for careers in marine exploration, ocean science and technology. Through camps and partnerships with academic and research institutions, students study underwater robotics, marine ecosystems and climate science, combining indigenous knowledge with scientific innovation.
Capital, Collaboration and Community Impact
As Canada's financial institutions begin to adapt to the economic realities of First Nations, Ulnoweg continues to push the boundaries. Although banks are increasingly open to collaboration, structural constraints remain that limit flexibility and access.
“That’s why we’re building Indigenous-controlled capital,” Gugu explains. “Private investment, trusted partnerships and demonstrated potential are key to changing the perception of risk.”
Ulnooweg's ecosystem, which includes a development team, an educational center and a foundation, allows the organization to make an impact on several fronts. Together they launch new initiatives, promote entrepreneurship and support new indigenous institutions.
A recent example illustrates this holistic model: Ulnooweg helped a regional maritime operator acquire a vessel to support Coast Guard operations, providing financing, connections for personnel training, and infrastructure upgrades, including at the St. John Dock. “Such comprehensive support helps grow businesses, strengthen skills and create long-term jobs,” says Gugu.
STEM and land based education
The onset of the pandemic tested Ulnoweg's adaptability, but it also accelerated innovation. The Science and Innovation program received renewed federal support, enabling the delivery of more than 600 laptops to remote communities and the transition to flexible distance learning models.
In 2021, Ulnoweg took another bold step by purchasing Windhorse Farm, a 200-acre property that serves as an above-ground training and treatment center. There, elders and teachers work side by side to teach young people both cultural traditions and STEM subjects such as forest ecology, climate science and water systems. The result is a program in which traditional knowledge and modern science reinforce each other.
The next wave of growth
Looking to the future, Ulnoweg is focused on emerging sectors that promise long-term, community-led growth. Clean energy and resource development are highlighted as key areas. Through the Major Resources and Energy Development Fund, Ulnooweg supports Indigenous participation in wind and solar energy projects, helping communities create generational wealth and strengthen their voices in national energy discussions.
“Governments can’t fill all the gaps,” says Gugu. “Indigenous controlled capital is essential for sustainable growth.”
The organization also sees new opportunities in games, creative industries and digital entrepreneurship – areas that align with Indigenous storytelling, innovation and self-determination.
Overcoming bias, building trust
Despite progress, systemic bias continues to challenge Indigenous organizations. “There is still an assumption that Indigenous businesses will fail in unfamiliar sectors,” says Gugu. “This way of thinking affects both philanthropy and finance. The only cure is proof – success after success.”
Ulnoweg's track record speaks volumes. Consistent work, long-term partnerships and a commitment to transparent governance have helped change the landscape of Indigenous-led businesses.
Vision for the next decade
As Ulnooweg approaches its 50th anniversary, its ambitions are greater than ever. The organization is developing plans to create Indigenous capital funds of $50 million to $100 million to support multimillion-dollar community projects, major industry investments and sustainable local development.
“The pipeline is already here,” says Gugu. “We just need to create financial instruments that allow communities to own their future.”
Legacy of sustainability and renewal
From a single idea in 1985 to a network of thriving programs across Atlantic Canada, Ulnoweg's legacy is one of sustainability—proof that through trust, innovation and cultural integrity, Indigenous organizations can redefine what sustainable growth looks like.
“Ulnuweg has always been about empowerment,” Gugu reflects. “Not just through lending, but through education, culture and leadership. That's what keeps a community thriving.”
Key initiatives: overview
• Center for Indigenous Education – from financial literacy to STEM; accredited half-credit study program
• Ulnooweg Foundation (founded 2018) – charitable partnerships and cultural programs.
• $15 million, 5-year Youth Empowerment Partnership – expanding programs across Atlantic Canada.
• Windhorse Farm (2021) – 200-acre educational and healing center.
• Indigenous Growth Fund and Basic Resources and Energy Development Fund – capital for large-scale community projects.
• Canadian Business Journal is proud to celebrate 40 years of leadership, innovation and empowerment for the Ulnoweg First Nation – a story of partnership, perseverance and the enduring power of a community vision.
CBJ is proud to celebrate 40 years of leadership, innovation and empowerment for the Ulnoweg First Nation – a history of partnership, perseverance and the enduring power of a community vision. Christopher Googoo's interview was conducted by CBJ's Matthew Tapley.
