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Grand Island, Nebraska — August 31, 2023, Native360 Loan Fund, a certified Native Community Development Financial Institution (CDFI) dedicated to improving the economic well-being of Native American citizens, has been granted a significant sum of $1.5 million by Wells Fargo. This generous grant is set to significantly fortify the groundwork of Native360’s pivotal initiative, the Native American Great Plains Lending Hub. In collaboration with Wells Fargo and the University of Nebraska, Native360 has also bestowed $42,500 in educational scholarships to Native American students.

Wells Fargo Grant for Native360 Loan Fund of $1.5M

This grant signifies a pivotal moment in Native360’s relentless mission to provide accessible financial resources and unwavering support to Native communities. The funds from Wells Fargo will be strategically deployed to enhance and fortify Native360’s capabilities, thereby fostering growth, development, and an expanded range of services across Nebraska, Kansas, Iowa, and South Dakota.

Upton conveyed heartfelt appreciation to Wells Fargo for this prestigious award and their unwavering support for Native communities. This grant reflects Wells Fargo’s dedication to empowering Native360’s mission of economic advancement for Native American citizens. Upton looks forward to a continued partnership with Wells Fargo that will create lasting positive impacts in these communities.

Empowering Native Entrepreneurs and Homeowners

The grant awarded by Wells Fargo will be thoughtfully allocated to expand Native360’s lending programs and financial services. This strategic expansion is set to empower Native entrepreneurs and homeowners, fostering economic growth and stability within Native communities.

Pete Upton, CEO of Native360 Loan Fund, expressed his enthusiasm for the Wells Fargo grant, stating, “We are truly honored to receive this generous grant from Wells Fargo. This investment will be instrumental in advancing our mission of economic empowerment within Native American communities. It’s a significant step forward in our commitment to providing accessible financial resources, supporting education, and ultimately fostering positive change. With this grant, we are poised to make a lasting impact in the Great Plains region, empowering individuals, entrepreneurs, and homeowners alike.

In collaboration with Wells Fargo and the University of Nebraska, the Native360 Loan Fund awarded $42,500 in educational scholarships to four Native American students from the Great Plains.

WASHINGTON – Today, U.S. Senator Brian Schatz (D-Hawai‘i), chairman of the Senate Committee on Indian Affairs, led a roundtable discussion, “Investing in Economic Sovereignty: Leveraging Federal Financing for New and Sustained Development in Native Communities” to hear from the Department of the Treasury, the Department of the Interior, the Federal Reserve Bank of Minneapolis, and Native leaders from across the country.

 

In his opening statement, Schatz explained historical challenges and underscored how federal resources are advancing Native communities’ economic sovereignty.

 

“Access to capital for economic and community development is a longstanding issue within many Native communities. Unique barriers, such as the inability to easily collateralize trust land for home loans, compound disparities in already distressed economies,” said Chairman Schatz. “However, Congress’s recent allocation of billions of dollars in targeted resources to help Native communities recover from COVID-19 – including the biggest one-time investment in Native-serving programs in history through the American Rescue Plan – has changed the game. [These] new federal authorities and resources are making a difference on the ground.”

 

The following panelists participated in the roundtable:

• Mr. Clint Hastings, Associate Program Manager for Native Initiatives, Community Development Financial Institutions Fund, U.S. Department of Treasury, Washington, D.C.
• Ms. Fatima Abbas, Senior Advisor, Office of Recovery Programs, U.S. Department of Treasury, Washington, D.C.
• Ms. K. Denise Edwards, Acting Director of the Office of Indian Economic Development and Chief of the Division of Economic Development, U.S. Department of the Interior, Washington, D.C.
• Mr. Casey Lozar, Vice President, Center for Indian Country Development, Federal Reserve Bank of Minneapolis, MN
• The Honorable Arlan Melendez, Chairman, Reno-Sparks Indian Colony, Reno, NV
• Mr. Kūhiō Lewis, President & Chief Executive Officer, Council for Native Hawaiian Advancement (CNHA), Kapolei, HI
• Mr. Richard Frias, Executive Director, Native American Financial Officers Association (NAFOA), Washington, D.C.
• Mr. Pete Upton, Board Chairman, Native CDFI Network (NCN), Washington, D.C.
• Mr. Carl Marrs, Chief Executive Officer, Old Harbor Native Corporation, Old Harbor, AK

 

To view the full video of the hearing, click here.

Creating Greater Collaboration

The arrival of COVID-19 caused stress and financial hardship for many business owners all across the world. Native360 Loan Fund knew that their assistance and technical trainings would be more valuable than ever to small, Native-owned business entrepreneurs, ag producers/gardeners to market, farmers and rachers. Meeting with these business owners in person wasn’t an option, but through the use of Zoom virtual meeting technology, Native360 continued to develop strong business leaders in the Nebraska, Iowa and southeastern South Dakota region.

Native360’s strategy through the pandemic was to focus on three types of technical assistance for business leaders: 1-on-1 business coaching; local, regional and national trainings through Zoom; and the use of self-study.

 

Initiate Prosperity

Within the first few months of the pandemic, Native360 had their training platform, Initiate Prosperity, up and running. This platform was designed by Northern Initiatives, a CDFI located in Michigan, and is both proven and intuitive.

Initiate Prosperity blends resources, methods of delivery and content to allow for greater collaboration. This concept benefits the Native entrepreneurs that Native360 serves locally and regionally, but also allows for collaboration with other Native CDFI’s to benefit their community by scaling and leveraging resources.

“Entrepreneurs’ most valuable resource is their time. Having access to this online business development platform 24/7 will provide support when our clients need it,” Pete Upton, Executive Director for Native360 Loan Fund, said. “Clients can remain at their location, practicing good COVID-19 safety, eliminating travel time and expense and increasing the likelihood of using the technical assistance and coaching services. This method of training helped to reach more Native entrepreneurs who are able to participate across our broad service area and connect with Native entrepreneurs across the several midwest regions.”

1-on-1 Coaching and Self-Study

One-on-one coaching provides entrepreneurs with trainings on an individualized and case-by-case basis. Native360 utilizes eight small business coaches and consultants to help business owners, ag producers/gardeners to market, farmers and ranchers on a variety of topics including money, marketing and management. These sessions are designed to provide business owners with customized guidance and coaching through business-related challenges.

Initiate Prosperity has also recognized the importance of self-study. The online platform provides clients with tools that allow for a deeper understanding of business-related topics including business planning, branding and financial management.

Trainings

Since the launch of Initiate Prosperity, a paradigm shift has taken place as a result of the program. Native360, partnered with two great plains CDFI’s, hosted a regional virtual training that connected 17 Native small business owners from three states. Each CDFI marketed the event to their database of clients and was able to bring a diversified group of business leaders together to share their knowledge and experiences.

“What Native360 has learned is that when all of the participants in the training are from the same community, they don’t share openly in fear of others in the group duplicating their competitive strategies or trade secrets,” Pete said. “By taking a collaborative approach with other Native CDFI’s and inviting Native clients from across the region to our virtual training sessions there were much more open discussions and interactions with the facilitators and entrepreneurs. The interaction and cooperation at this event was powerful.”

Zoom trainings have allowed for connection, a place for business leaders to bounce ideas off of one another, offer feedback and brainstorm new business ideas. The relationships that formed during these events last longer than the event itself.

These local, regional and national trainings provide more than knowledge for the entrepreneurs who attend. They put Native small business owners in direct contact with other Native small business owners in different industries and different backgrounds who bring different approaches to solving problems.

Native360 understands the challenges that small businesses face and actively works to help find the right solutions. They will continue using these, and many other resources, to strengthen the Native-owned business community.