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Finance

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TULSA, Okla. — An Indigenous-owned company aims to harness the power of technology to change how Native Americans bank, and in some cases, provide them banking and financial services for the first time. 

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Patrice Kunesh has a unique perspective on the effects that Native community financial development institutions have across Indian Country. 

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HERMON, Maine — When it came time for civil engineer Troy Devoe to expand his screen printing hobby into a full-time business, he turned to a familiar financial adviser for help. 

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The U.S. Department of the Treasury has again extended the deadline for applications for its State Small Business Credit Initiative that could create $500 million in credit opportunities for Native-owned small businesses. 

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Given the lack of access to capital in Indian Country, Indigenous entrepreneurs have fewer places to turn for help when it comes time to start or grow their businesses. 

In a growing number of communities across the country, Native Community Development Financial Institutions (CDFIs) are stepping up to fill part of that void.

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MINNEAPOLIS, Minn. — Brown Venture Group LLC, a venture capital firm founded to invest in Black, Latinx and Indigenous technology startups, has received a new commitment of up to $1.5 million from the St. Paul, Minn.-based Bush Foundation.

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ALLIANCE, Neb. — Serial entrepreneur Edison Red Nest III elevated his family’s passion for movie nights to the next level. 

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MILWAUKEE, Wis. — After a year out of work due to a bad injury in 2005, Norman Kitchenakow lost his independent trucking business, his house and all the good credit he’d built up to that point in his life.

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Even with a 30-percent increase in allocated funding, the Treasury Department will fail to meet the demand from Native community development financial institutions for the next fiscal year. 

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Proposed bank regulatory changes could unlock new sources of capital in Indian Country and signal what Native advocates describe as “major progress” in their decades-long push for representation.