An aboriginal financial institution in Manitoba is looking to start a chartered bank to serve Canada's indigenous economy.

Winnipeg-based Tribal Wi-Chi-Way-Win Capital Corp. already provides financial resources to aboriginal entrepreneurs and businesses in the province.

CEO Alan Park says the corporation has signed a memorandum of understanding with investors from the U.S., New Zealand and Canada.

The goal is to pursue a range of native economic projects, including a chartered bank that would operate on a stand-alone basis.

Park says there is a compelling need for a bank with strong indigenous roots to serve the growing financial needs of aboriginal communities.

Tribal Wi-Chi-Way-Win started in 1993 to provide commercial and agricultural business loans to native entrepreneurs.