- Details
- By Brian Edwards
- Finance
Large-scale economic development deals in Indian Country have typically been financed by banks, tax credit investors and outside institutions — with Native CDFIs often left on the sidelines. That may be starting to change.
In Episode 4 of Difference Makers 3.0, Mission Driven Finance’s Ted Piccolo and Stephen Nunes join hosts Brian Edwards and Pete Upton to discuss a $65 million flour mill project on the Umatilla Indian Reservation — and how eight Native CDFIs came together to finance a critical piece of the deal.
The project, known as the Blue Mountain Mill, combines tribal equity, senior debt and a $9 million subordinated loan from Native CDFIs across the country. The conversation explores how that financing came together, why Native lenders were brought in first, and what Piccolo calls a “capital weave” — a model that could shape the next generation of Native-led deals.
Here are highlights from the conversation:
On why Native lenders haven’t historically been part of larger deals:
“There’s been this game happening — these big deals getting done in Indian Country — and Native lenders haven’t been allowed to play. I experienced that firsthand. I couldn’t even get in the room.”
On what changed:
“There’s been a willingness from Native lenders to be in these deals. What was missing was a vehicle — a way to bring that capital together.”
On how the flour mill deal came together:
“They needed nine to ten million in the middle of the capital stack, and no one was stepping up. That’s when we said — this is something the Native CDFI industry can do.”
On the ‘capital weave’ model:
“It’s not new to our culture. We’ve been trading across this continent for generations. We’re just doing it again — and we’re using capital.”
On what participation means for Native CDFIs:
“It gives Native CDFIs the ability to be part of a well-structured deal, build experience and move into larger transactions in the future.”
On why tribal participation matters:
“When the tribe is in as an equity partner, it shows there’s real alignment and commitment — and it helps ensure the project succeeds.”
On what comes next:
“Five years from now, you’re going to see Native CDFIs in the room on major projects — and in some cases, leading them.”
Visit Difference Makers 3.0 to listen to the full episode and subscribe on your favorite podcast platform.
