National nonprofit Oweesta Corporation has received a $10 million commitment from Goldman Sachs to support Native Community Development Financial Institutions (CDFIs) and promote economic growth in tribal communities.
The investment is part of Goldman Sachs' $100 million "Investment in Rural Communities" initiative. Longmont, Colo.-based Oweesta, the oldest Native CDFI intermediary in the United States, will use the funds to provide lending capital to Native CDFIs across the country.
This partnership aims to foster small business growth and expand economic opportunities in Native communities, where entrepreneurs often face challenges accessing capital.
"Similar to rural areas, the vast majority of businesses on reservations are small businesses that are underserved and under-resourced," Chrystel Cornelius, CEO of Oweesta, said in a statement. "We are proud to partner with Goldman Sachs to stimulate reservation economies by providing tribal members with the access to support they need to advance entrepreneurial growth."
The announcement coincides with Goldman Sachs launching its 10,000 Small Businesses program in Minnesota, part of a broader effort to invest in rural economies, including Indigenous communities.
In a statement, Oweesta said it will use the $10 million to strengthen Native CDFIs, which play a crucial role in delivering financial services to Native entrepreneurs and communities. The funds are expected to expand access to capital for tribal businesses, promoting sustainable growth and economic resilience.This investment builds on Oweesta's mission to provide opportunities for economic independence and community development in Native communities.
