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Finance

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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. 

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With this multimedia reporting project, Tribal Business News is examining the crucial role Native Community Development Financial Institutions (CDFIs) play in supporting small business formation and growth in Native American communities. 

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MINNEAPOLIS, Minn. — A venture capital firm founded to invest in Black, Latinx and Indigenous technology startups has partnered with three tribes to create equity financing solutions that fit with tribal values.