Latest news with #NativeCommunityDevelopmentFinancialInstitutions
Forbes
04-04-2025
- Business
- Forbes
A Lifeline For Native And Rural Communities Is Under Threat. Here's Why That Matters.
For generations, Native and rural communities have faced systemic financial barriers that make homeownership, entrepreneurship, and economic growth extraordinarily difficult. In places where mainstream banks have refused to invest, Native Community Development Financial Institutions (Native CDFIs) have stepped in - offering capital, trust, and culturally grounded support to families and small businesses otherwise left behind. But today, this vital lifeline is under threat - and the consequences could reverberate for generations From a Dream to Reality: The Power of CDFI Funding In Hulbert, Oklahoma, a rural town rich in cultural heritage, Zach and Rachel Weeks are building something powerful. Zach, a citizen of the Peoria Tribe, and Rachel, Otoe-Missouria, founded Z&W Trucking with a deep sense of purpose and connection to community. Inspired by his grandfather, Zach originally trained as a welder but was drawn to trucking during long road trips with Rachel and their sons. In 2017, they took a leap of faith and bought their first truck. Starting out wasn't easy - freight was inconsistent, and traditional banks refused to take a chance on their small operation. That changed when they found Local Bank Hulbert, a Native- and woman-led CDFI. Terry Lockhart, a lender who saw their potential, invited Zach in. That meeting shifted the course of their lives. "I think we were too small for other banks," Zach said. "But Local Bank saw something in us. I haven't let them down, and they haven't let me down." With Local Bank's support, Z&W Trucking has grown to eight trucks and a team of drivers. Even as insurance and fuel prices rise, they've stayed afloat-anchored by a financial partner that sees them as more than numbers. "Many banks operate at such a corporate level that I feel like I don't matter," Zach said. 'But Local Bank treats my problems like they matter and always works to find solutions.' Zach and Rachel's story is just one example of what Native CDFIs make possible. With support from organizations like Oweesta, these institutions are building stronger, more resilient Native economies - one family, one business, and one community at a time A Critical Safety Net is at Risk Despite their impact, Native CDFIs now face an uncertain future. Federal funding cuts threaten the CDFI Fund - a key source of capital for Native and rural communities. And it's not just one program on the chopping block. Other cuts to housing, small business support, and community development are on the table too. Mainstream banks have long avoided Native and rural areas, often labeling them 'too risky' or 'unprofitable.' In many Tribal communities, no banks exist at all—leaving families vulnerable to predatory lenders that trap them in cycles of debt. Without Native CDFIs to fill the gap, communities will be left with nowhere to turn. Chrystel Cornelius, CEO of Oweesta Corporation, puts it clearly: 'Native CDFIs are more than financial institutions—they are lifelines for Tribal communities. Without them, critical infrastructure projects, like clean water and wastewater systems, would remain out of reach. Cutting federal funding would deepen existing disparities and leave Native nations without the resources needed to build healthy, sustainable futures." Farah Amad, President of the Partners for Rural Transformation (PRT), echoes the Farah Ahmed, PRT President urgency: 'The CDFI Fund is a transformative force for rural America, allowing CDFIs to multiply public dollars eight times over in private sector investment. From the Mississippi Delta to Native lands, Appalachia to the Rio Grande Valley, CDFIs are unlocking access to capital, creating affordable housing, supporting small businesses, and delivering essential services. Protecting the CDFI Fund isn't just about rural equity—it's a commitment to a stronger, more inclusive national economy." Why This Matters and Why We Must Act This is about more than funding. Native and rural CDFIs are not just lenders—they are trusted community partners, cultural stewards, and engines of generational change. They help families stay on their lands, entrepreneurs grow their visions, and communities build futures on their own terms. To protect this vital work, we must act-together. Native and rural communities have always fought for economic sovereignty. And while they will continue to rise and lead, they shouldn't have to face these battles alone. The fight to preserve Native CDFIs is a fight for fairness, for equity, and for a future where all communities - no matter how remote - have the tools to thrive. Will we let this lifeline slip away - or will we rise to meet this moment, and stand alongside Native and rural communities in their fight for equity, visibility, and a future rooted in justice?
Forbes
04-04-2025
- Business
- Forbes
Celebrating AANHPI Heritage Month & The Native CDFI Capital Access Convening
As we celebrate Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month this May, we recognize the critical role Native Community Development Financial Institutions (CDFIs) play in fostering economic resilience and self-determination across Indigenous communities. This year, Oweesta Corporation's Native CDFI Capital Access Convening (CAC) in Hawai'i brings together Native CDFIs, Native-led organizations, funders, investors, and partners to tackle pressing challenges, share strategies, and strengthen our collective commitment to financial empowerment. More than just a conference, the CAC is a gathering of changemakers highlighting the success of the Native CDFI movement—and celebrating innovation, resilience, and the power of Native-led community development. With this year's event coinciding with AANHPI Heritage Month, it is the perfect time to amplify the voices and successes of Native CDFIs and Native Hawaiian leaders who are driving impact in their communities. The Boyd family with the Hawaiʻi Community Lending team. Hawai'i Community Lending Team This year's convening is anchored in the theme: Resilience. Abundance. Kōkua. These values reflect both the lived experiences and future aspirations of Native communities. Resilience honors the strength of Indigenous peoples who continue to build through generations of displacement and economic exclusion. Abundance shifts the narrative from scarcity to prosperity, imagining what becomes possible with sustained investment in Native communities. And kōkua—the Native Hawaiian word for support—underscores our shared responsibility to uplift one another in the work of community-building and economic justice. What Makes Native CDFIs Unique Native CDFIs are mission-driven financial institutions designed to serve Native American, Alaska Native, and Native Hawaiian communities that have been historically excluded from mainstream banking systems. These organizations operate with a deep understanding of their communities, offering not only financial products but also culturally grounded technical assistance, credit counseling, and entrepreneurship training, among other services; responsive to community needs. Their work helps build generational wealth, strengthen Tribal sovereignty, and close persistent gaps in access to capital. In Native Hawaiian and Pacific Islander communities in Hawaii, where the cost of living is high and access to traditional finance is limited, the role of Native CDFIs is particularly critical. Why the Native CDFI CAC in Hawai'i Matters For Native Hawaiian leaders, the opportunity to convene in Hawai'i provides a powerful moment of connection, strategy-building, and solidarity. The CAC creates a space for Native CDFIs from Native nations across the U.S. to learn from one another and to celebrate solutions rooted in cultural values, land stewardship, and economic self-determination. Jeff Gilbreath, Executive Director of Hawaiʻi Community Lending, shared his reflections on the importance of this year's gathering. Leadership Rooted in Place The CAC is more than policy panels and funder roundtables—it is a space for cultural exchange, relationship-building, and sharing innovative strategies. That includes examples like community land trusts, grant-blended capital solutions, trauma-informed development services, and other solutions that reflect Indigenous values. Holding the convening in Hawai'i this year offers a chance for other Native leaders to experience firsthand how Native Hawaiian CDFIs lead with aloha and ground financial solutions in place-based values. Pakini Loan Fund Team Pakini Loan Fund Pakini Loan Fund, having attended previous convenings in Alaska and New Mexico, expressed their excitement about this year's event as an opportunity to share their Native Hawaiian culture with their Native American 'ohana in a way that fosters deeper connections and community. They shared, 'With this year's convening in Hawai'i, we're excited to be able to share our Native Hawaiian culture with our Native American 'ohana in a way that, we hope, will build a sense of community and togetherness for our native cultures, especially in these exceptionally challenging times.' If Native communities are 'invisible' to the wider community, then Native Hawaiians are often the 'invisible of the invisible' and holding an event in their homelands lifts their work up on a national scale. The Impact of Native CDFIs: A Story of Resilience and Homeownership A powerful example of this impact comes from Hawai'i Community Lending (HCL), which helped the Boyd family achieve homeownership despite facing financial hardship. Kevin Boyd, an entrepreneur, and his wife, Alycia, struggled during the COVID-19 pandemic. When they received their residential lease award from the Department of Hawaiian Home Lands, they turned to HCL for support. Kevin Boyd in front of his house during the building process. Hawai'i Community Lending Team Their path to homeownership was filled with financial barriers, but HCL provided the comprehensive assistance they needed: Today, the Boyds live in their home in the Anahola homestead on Kaua'i, paying just $1,087 per month—a fraction of what they previously spent on rent. Their story illustrates the transformational work Native CDFIs make possible. Unlike traditional lenders, who often wrongly see financing in Indigenous communities as too complex or risky, Native CDFIs have the flexibility and willingness to bundle available resources into custom solutions for the best deals for their clients. This type of creative, hands-on financial structuring is exactly what sets them apart. Without them, many Native families would be left with few, if any, viable options for securing safe and affordable housing. A Moment to Celebrate and Mobilize As we celebrate AANHPI Heritage Month, we honor the leadership, creativity, passion, and cultural resilience in Native Hawaiian, Pacific Islander, and Indigenous communities across the country. Their work is about more than dollars and deals—it's about justice, identity, and community-led change. The CAC is a testament to the power of culturally grounded finance and the transformative impact it can have on generations to come. It is also a call to action. It invites funders, policymakers, and investors to go beyond transactions and into transformation. Native CDFIs are not asking for charity—they are demonstrating what economic self-determination looks like when capital is in Native hands. As Chrystel Cornelius, CEO of Oweesta Corporation, reminds us, 'Now is the moment to lean in - to lead boldly with culture at the center, and to ensure our communities have the capital they need to build the futures they envision.' Here's to celebrating AANHPI Heritage Month with a vision that goes beyond recognition—toward investment, collaboration, and the shared work of building thriving Native futures.
