Tag: Impact Investing

Indigenous Peoples and Engagement Timeline for Sustainable and Responsible Investing–2016 to 2024

By Steven Heim, Boston Common Asset Management

Above: In 2006, Investors came alongside Native advocates to change the Washington DC NFL team’s racist name and logo; in 2020 the team retired the name. This and more investor and shareholder engagements with Indigenous Peoples are highlighted in the latest update to the Indigenous Peoples and Engagement Timeline for Sustainable and Responsible. Image: protest of Washington NFL team in Minneapolis in 2014; photo by Fibonacci Blue.

Steven Heim of Boston Common Asset MgmtThis article supplements timelines encompassing 1971 – 2005 and 2006 – 2015. Originally published by GreenMoney Journal in 2015, these timelines were coordinated and compiled by Reed Montague of Calvert Investments, with contributions by Steven Heim of Boston Common Asset Management, and based on an earlier timeline created by First Peoples Worldwide. 

June 2015 Truth and Reconciliation Commission (TRC) in Canada releases 94 Calls to Action to redress the legacy and enduring harm of Canada’s residential school system. Call to Action 92 specifically defines the corporate sector’s role in reconciliation, urging businesses to adopt the UN Declaration on the Rights of Indigenous Peoples (UNDRIP) as a framework for corporate policy and operational activities that involve Indigenous Peoples and their lands and resources. In addition to ensuring equitable access to jobs, training, education, and long-term sustainability benefits for Indigenous Peoples, Call to Action 92 asks businesses to commit to respectful relationships, provide meaningful consultation, and obtain Indigenous Peoples’ FPIC in economic development projects.


July 2016 Investors & Indigenous Peoples Working Group (IIPWG) becomes independent group led by Susan White of the Oneida Trust and others, open to all. US SIF spun IIPWG off after providing institutional support since 2007. IIPWG also adopts Native name Yethiya wihe’ that means “We all give to them/We all invest in them” in the Oneida language. Boston Common Asset Management serves as informal secretariat for IIPWG from 2016 – 2019 until First Peoples Worldwide at CU Boulder (now Tallgrass Institute) becomes secretariat in 2020.


2016–2017 Upon request of Standing Rock Sioux Tribe (SRST), through First Peoples Worldwide, IIPWG organizes investor and bank meetings with SRST to educate them on their opposition to routing of Dakota Access Pipeline (DAPL) through their traditional territories, threatening their water supply. In fall 2016, Boston Common Asset Management recruits lead investors for shareholder proposals for three of the four oil companies in DAPL consortium: Marathon Petroleum, Phillips 66, Enbridge. In coordination with First Peoples Worldwide and consultation with SRST, IIPWG engaged banks, Wall Street analysts, DAPL JV partners (Marathon, Phillips, Enbridge), and later the U.S. Securities & Exchange Commission via letters, investor statements, meetings, shareholder proposals, and public statements. 

February 2017–April 2017 Over 160 investors, including CalPERS, the NY City and the NY State comptrollers, with $1.7 trillion in AUM, call on the 17 banks financing DAPL to support the Standing Rock Sioux Tribe’s request to reroute the pipeline. 

2017 Over 38% vote in favor of DAPL shareholder proposal to Marathon Petroleum, filed by New York State Comptroller’s Office, for the New York State Common Retirement Fund. 31% voted in favor of shareholder proposal to Enbridge re DAPL. Leads: SHARE, Sisters of Charity of Halifax.

2017 Standing Rock Sioux Tribe meets with banks financing DAPL. Six banks divest their loans in the DAPL consortium: ABN Amro, ING, BayernLB, Nordea, DNB, and BNP Paribas

June 2017 First oil flows through Dakota Access Pipeline.

October 2017 Over 90 investors with $2.67 trillion in AUM call on Equator Principles Association to revise Equator Principles to include Indigenous Peoples’ FPIC and cover countries such as the United States. Equator Principles Association launches revision of the Equator Principles, “EP4”.

May 2018 – Over 100 Investors representing $2.52 trillion AUM sign letter to banks financing oil and gas companies, opposing all efforts to develop in the Arctic National Wildlife Refuge. Letter details harm to the Porcupine Caribou Herd from development and correlating impacts to the Gwich’in Nation’s subsistence and traditional way of life.

2018 First Peoples Worldwide at CU Boulder publishes case study Social Cost and Material Loss: The Dakota Access Pipeline that examines the numerous impacts attendant to the Dakota Access Pipeline (DAPL) project to highlight the costs that companies, financial institutions, and investors faced by failing to account for the human rights of Indigenous Peoples. Case study asserts that social risk resulting from the absence of adequate Indigenous Peoples’ rights protections has material impacts, estimated to be over $12 billion for DAPL, i.e. costs incurred by owners were at least $7.5 billion, and financiers incurred an additional $4.4 billion in costs for a project that was estimated to cost $3.8 billion.

2018 First Peoples Worldwide at CU Boulder releases Free, Prior and Informed Consent Due Diligence Questionnaire, a due diligence framework that optimizes beneficial partnerships and engagement with Indigenous Peoples. DDQ is updated in 2024 to encompass self-determined protocols by developed Indigenous communities and heightened due diligence for Indigenous Peoples in Voluntary Isolation and Initial Contact.


2018–2019 Boston Common starts engagement with Albemarle and SQM, major lithium miners in Chile urging them to respect rights of Indigenous Peoples and protect their water. Boston Common uses questions from FPW’s new FPIC DDQ questionnaire. 

2019 Boston Common leads investor coalition with $2.7 trillion AUM, urging Equator Principles Association to require FPIC by Indigenous Peoples in new revision to Equator Principles, “EP4” First Peoples Worldwide at CU Boulder and other groups organize Native peoples participation in regional consultations by Equator Principles in London and Toronto. Final EP4 publishes November 2019 and falls far short of FPIC protocols needed to reduce risk for project finance by major banks. Four major U.S. banks – Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo – exit the Equator Principles as of 2024.


June–July 2020 Following over 50 years of advocacy by Native Americans, and investors starting in 2006, on July 13, 2020 the Washington, DC NFL team announces it will drop its racist team name and logo. This immediately followed IIPWG investor letters sent in June 2020 to key corporate sponsors FedEx, PepsiCo and Nike after the nationwide protests of the death of George Floyd in 2020. The team adopts new name Washington Commanders in 2022.

September 2020 Canadian investor advocacy organization SHARE launches Reconciliation and Responsible Investment Initiative (RRII). SHARE works closely with the National Aboriginal Trust Officers Association on RRII, which works with Indigenous and non-Indigenous investors to align capital with reconciliation, and to amplify investor voices in support of Truth and Reconciliation in Canada.

September 2020 Following action by shareholders and push for stronger commitments to Indigenous Peoples’ rights and FPIC in company operations, CEO and senior executives resign from Rio Tinto after the company’s destruction of the Juukan Gorge sacred sites in Australia by mining projects. In 2021, Rio Tinto’s Chairman also resigns.


June 2021 Investors urge AT&T to address multiple instances of erasure, bias, and racism against Native Americans by CNN, a property of AT&T’s WarnerMedia.

November 2021 The Responsible Investment Association Australasia Human Rights Working Group and First Nations Peoples’ Rights Working Group releases toolkit, An Investor Focus on Indigenous Peoples’ Rights and Cultural Heritage Protection.

October 2021 Native Americans in Philanthropy and Candid release extensive Native-centered timeline of U.S. history as part of Investing in Native Communities initiative.

December 2021 IIPWG investors write joint letter to U.S. Securities & Exchange Commission (SEC) urging it to include Indigenous Peoples’ concerns in required corporate risks disclosures regarding social and climate issues. Specifically, they urged SEC to require disclosures about material risks related to Indigenous Peoples’ and tribal peoples’ land rights where they are directly or indirectly impacted by listed companies’ operations.


March 2022 Investors representing $2.09 trillion write to U.S. and Canadian banks that financed Enbridge’s Line 3 tar sands oil pipeline extension in Minnesota and Wisconsin. Investors questioned the banks’ human rights due diligence that failed to consider the lack of FPIC from Native American tribes. Banks included Bank of America, Bank of Montreal, Citi, CIBC, JP Morgan Chase, Morgan Stanley, Royal Bank of Canada, Scotiabank, TD, and Wells Fargo. Investors meet with several of the banks and later file shareholder proposals with some banks asking them to adopt comprehensive Indigenous Peoples’ rights policies.

May 2022 U.S. Department of the Interior releases the Federal Indian Boarding School Initiative Investigative Report Vol. I, authored by Assistant Secretary of Indian Affairs Bryan Newland; Vol. II releases in 2024.

June 2022 Investors deliver comment letter to the SEC, outlining the materiality of Indigenous Peoples’ rights and need for inclusion of Indigenous Peoples in the proposed climate rule S7-10-22. “When investors are not provided information regarding Indigenous rights risk, they face several burdens if they want to maintain a portfolio that accounts for all pertinent risks,” say investors.

November 2022 The Center for Indian Country Development launches Native American Funding and Finance Atlas, which maps economic development resources in Indian Country.


2023–2024 The Union of British Columbia Indian Chiefs (UBCIC), alongside the B.C. General Employees’ Union (BCGEU), present shareholder proposals to urge Canadian banks such as RBC, BMO, and TD to operationalize FPIC. These efforts lead to policy updates referencing UNDRIP and strengthened due diligence on Indigenous Peoples’ rights.

2023 Investors file shareholder proposals in 2023 with six banks and two insurance companies in the U.S. and Canada regarding Indigenous Peoples rights policies. Proposals to Bank of Montreal (BOM), Chubb, Citigroup, Royal Bank of Canada (RBC), The Hartford, TD Bank and Wells Fargo addressed Indigenous Peoples’ right to FPIC. Chubb and The Hartford also received proposals that called for Indigenous Rights Risk as part of human rights frameworks, and proposals asking for racial equity audits that include impact on Indigenous Peoples were delivered to BOM, CIBC, RBC A proposal to review Citigroup’s policies on climate and Indigenous People’s rights impacts received a 31% vote, and a proposal for Travelers to provide shareholders with a racial equity audit received a 35% vote. 

January 2023 U.S. Environmental Protection Agency (EPA) issues Final Determination to halt Pebble Mine project in Alaska’s Bristol Bay following over a decade of sustained opposition from Alaska Native Communities due to its potential impact on salmon populations and their traditional way of life. The project was first proposed in 2001, and in 2011, 29 investors including Trillium and Calvert submitted a letter to the EPA urging a 404(c) review process to evaluate the potential mine waste impacts associated with the proposed project.

March 2023 Lead The Charge campaign launches electric vehicle leaderboard, analyzing 18 leading automotive manufacturers’ supply chains; Indigenous Peoples’ rights was the lowest-scoring category, with two-thirds of automakers scoring 0% and the highest score only 17%. Update in 2024 shows little improvement: eleven companies again score 0% on Indigenous Peoples’ rights and the few companies that ranked on FPIC due diligence perform well below standards (Tesla at 26%, Mercedes at 15%, General Motors at 11%, BMW at 8%, and Ford at 7%).

March 2023 SIRGE Coalition in support of People of Red Mountain sends letter to General Motors with concerns about violations to Indigenous Peoples’ rights from mining sacred land of Peehee Mu’Huh (also called Thacker Pass), as well as General Motors’ $650 million joint Equity Investment and Supply Agreement with Lithium Americas to develop the Thacker Pass lithium mine. The letter also flags lawsuit filed by Reno-Sparks Indian Colony, Burns Paiute Tribe and Summit Lake Paiute Tribe to further demonstrate the proposed mine lacks social license to operate from directly affected Indigenous Peoples.

April 2023 Amazon Watch releases Respecting Indigenous Rights: An Actionable Due Diligence Toolkit for Institutional Investors.

June 2023 U.S. Supreme Court upholds Indian Child and Welfare Act.

June 2023 First Peoples Worldwide at CU Boulder, Integrated Capital Investing, and Croatan Institute publish guide to catalytic capital practices in Indian Country (U.S.). Drawing from interviews with 22 practitioners comprising philanthropic investors, private investors, Native intermediaries, and Native entrepreneurs, the research demonstrates how creative capital in Indian Country enables long term, culturally aligned success.

July 2023 IIPWG launches FPIC Working Group to support investors as they seek to operationalize FPIC as defined by Indigenous Peoples through shareholder advocacy. 

July 2023 UN Special Rapporteur on the rights of Indigenous Peoples releases Green financing – a just transition to protect the rights of Indigenous Peoples report. 

August 2023 Insurance industry report from Gwich’in Steering Committee (GSC) shows 20 companies now have a policy to preclude underwriting oil and gas drilling on sacred land in the Arctic National Wildlife Refuge since GSC engagements started in 2020. This follows similar commitments from nearly 30 international banks after 2018 investor letter and subsequent engagements by GSC and others. 

September 2023 Indigenous Peoples Rights International and Business & Human Rights Resource Centre launch Shared prosperity models & Indigenous Peoples’ leadership for a just transition resource hub.

October 2023 Following engagement by Native leaders and investors, the revised Community Reinvestment Act regulations reflect feedback from Indian Country rightsholders and for the first time include provisions to define areas and development activities unique to Native communities. 

October 2023 SIRGE Coalition members publish Securing Indigenous Peoples’ Right to Self-Determination: A Guide on Free, Prior and Informed Consent, which parses extensive considerations that Indigenous leaders face when designing protocols to engage about projects that impact their communities. 

December 2023 Indigenous leaders release open letter to COP28 delegates Ensure Indigenous Peoples’ Rights Are Secured in the “Green” Transition


2024 In 2024, investors file proposals aligned with Indigenous priorities with 6 banks and one insurance company, including Bank of Montreal, Citigroup, JP Morgan Chase, PNC, Royal Bank of Canada, Travelers,  Wells Fargo. Proposals at JPMorgan, Citi, and Wells Fargo receive 30%, 26%, and 24% votes in favor respectively.

February 2024 Indigenous Shuar Arutam People (PSHA) and other Indigenous organizations in Ecuador file a complaint about Solaris Resources’ inadequate material risk disclosures. Following Solaris’s response, the PSHA and others send Solaris a statement in June ahead of the company’s AGM and amid falling share prices, denouncing the company’s repeated misrepresentation of community relations to investors.

April 2024 Indigenous leaders and investors respond to Citi’s wholly inadequate report Respecting the Rights of Indigenous Peoples (see also statement to Citi from Indigenous Nations in Peru and an exempt solicitation filed by Citi shareholders).

April 2024 IIPWG updates language around its priority areas to reflect the need to prioritize respect for all rights of Indigenous Peoples in corporate standards and address the increasing concern that energy transition as well as resource extraction projects are perpetuating harmful impacts.

August 2024 SIRGE Coalition and other Indigenous Peoples group voice concern about the International Council on Mining and Metals (ICMM) Indigenous Peoples and Mining Position Statement; they request ICMM revise, correct, and strengthen its position urgently. 

August 2024 Following engagement by the Carrizo Comecrudo Tribe of Texas and allies, Chubb becomes the first insurance company to withdraw from the Rio Grande LNG project due to impacts to Indigenous Peoples; five banks – SMBC, Société Générale, Credit Suisse and two private banks – had previously committed to not financing the project. 

October 2024 By 2024, ConocoPhillips holds18 years of engagement, dialogues and meetings on Indigenous Peoples’ rights issues led by Eder Financial of the Church of the Brethren and Boston Common Asset Management. ICCR has hosted these meetings from 2010 to 2024 with up to 40 investors participating. 

October 2024 Nearly 100 Indigenous leaders from the world’s seven socio-cultural regions meet in Geneva to formalize Indigenous Peoples Principles and Protocols for Just Transition, which defines principles Indigenous Peoples’ require for a just transition. Among commitments to action and implementation, Indigenous Peoples call for comprehensive mapping and due diligence procedures for transition minerals development and for the private sector to take responsibility for any “damage, loss of cultural heritage, and other adverse impacts of mining activities.”

November 2024 Canadian investors, RRII, and First Nation representatives launch the Canadian arm of IIPWG to coordinate joint actions and educate investors and others.

December 2024 Indigenous Peoples and allied groups advocate that the Consolidated Mining Standard Initiative (CMSI) draft proposal address significant gaps, uphold Indigenous Peoples’ rights,  and meaningfully integrate feedback from Indigenous Peoples. As drafted, standards fail to adequately measure FPIC obligations and need stronger metrics that prioritize Indigenous Peoples’ self-determination and meaningful engagement over corporate-driven benchmarks.

Footnote: The information in this article should not be considered a recommendation to buy or sell any security. All investments involve risk, including the risk of losing principal. Best efforts have been made to include accurate information.

 

Article by Steven Heim is a Managing Director for Boston Common Asset Management, a globally recognized leader in sustainable investing. In October 2023, Steven received the prestigious 2023 Legacy Award from the Interfaith Center on Corporate Responsibility (ICCR), honoring his track record of success in influencing corporate practices, including regarding Indigenous Peoples’ rights. Steven has over 30 years of experience in the responsible investment field. His efforts to protect the human rights of Indigenous Peoples—which included direct engagement with Indigenous Peoples in the Ecuadorian Amazon—have helped catalyze positive policy changes at U.S. and international companies. From 2007 to 2019, he chaired the advocacy subcommittee of the Investors & Indigenous Peoples Working Group (IIPWG), and he helped lead investor engagement to change the name of Washington’s NFL football team, which was completed in 2022. With the IIPWG, he helped lead global investor engagements with major banks regarding the Dakota Access Pipeline and urged global banks to revise the Equator Principles for project finance to respect Indigenous Peoples’ rights. Steven serves on the Board of Directors of Cultural Survival, IIPWG’s steering committee, and the finance committee for the International Funders for Indigenous Peoples.

Additional research for this article was provided by the Tallgrass Institute 

Additional Articles, Energy & Climate, Impact Investing, Sustainable Business

Indigenous Values Seed Systems Transformation in Hawai’i

By Keoni Lee, Hawai’i Investment Ready (HIR)

Above: Enterprise participants from (L to R) Sust’ainable Molokai, GoFarm Hawai’i, ‘Aina Ho’okupu o Kilauea and Polipoli Farms gather at Ala Kukui in Maui for a meeting of HIR’s Hawai’i Food Systems Accelerator. The program highlights enterprises’ roles within a larger ecosystem, recognizing that diversity and interconnectedness are essential drivers of systemic change (Photo by Kim Moa, Courtesy of HIR)

Keoni Lee of Hawai'i Investment Ready

In the dynamic landscape of impact investing, systemic and bioregional investing approaches are emerging as transformative models for regenerative economic development. Hawai’i, with its rich biocultural heritage and unique geographic and ecological significance, provides a fertile demonstration ground for place-based solutions with global relevance.

At the forefront of this movement are innovators, community leaders, social entrepreneurs, and capital holders working toward a more just, resilient, and regenerative future. Weaving these networks of collaborators is Hawai’i Investment Ready (HIR), a non-profit impact investing intermediary with a bold mission to invest in Hawai’i’s economic transformation by accelerating the coordination and collaboration of capital to seed and scale systemic solutions.

By centering relationships, Indigenous expertise, adaptive leadership, and systems-based strategies rooted in cultural values, HIR is developing and prototyping systemic investing and bioregional financing models that empower community-driven solutions to Hawai’i’s most pressing social and economic challenges and opportunities.

Systems Problems Require Systems Solutions

As an island economy, challenges like food insecurity, over-reliance on imports and environmental degradation are magnified, posing existential threats. Transforming Hawai’i’s economy is no small feat and conventional economic development approaches have failed for decades to manifest large-scale change. Overcoming the unique market challenges and barriers requires new leadership, mindsets, tools, and investment approaches.

After over a decade of catalyzing social enterprise in Hawai’i, HIR continues to foster regenerative business models through its flagship program. The reimagined Hawai’i Food Systems Accelerator is the first Native-led accelerator in Hawai’i or the continental U.S. Its dual-cohort strategy and selection process prioritizes funders and enterprises committed to the iterative growth and experimentation critical to working in Hawai’i’s complex ecosystems.

By integrating cohort-based learning, culturally grounded approaches, personalized mentorship and long-term support, HIR equips enterprises with tools to support sustainable growth and meaningful impact within their communities. Rather than focusing on individual business growth, the program highlights enterprises’ roles within the larger community and ecosystem, recognizing that diversity and interconnectedness are essential in driving change.

“To be in community with grassroots change-makers, problem-solvers and progressive thinkers, to be financially values-aligned and able to scale in a way that’s right for us, to understand our kuleana (responsibility & privilege), to shift things for our community, and find our place in today’s economy and beyond that is connected to kupuna (elders) and to ‘aina (land)–HIR empowered us to dream and execute outside the box.”

– Kau’i Kanaka’ole, Executive Director at Ala Kukui & HIR Accelerator Participant

Through participation in HIR’s accelerator, alumni like Kanaka’ole have been able to articulate their UVP for the communities they serve. As a new executive director, Kanaka’ole’s experience with HIR enabled her to harness the potential to reenvision Ala Kukui into a place of belonging and empowerment for community to learn and reconnect with culture, relationships and ancestral wisdom.

HIR is building the field with networked strategies that deepen relationships and trust among enterprises, funders, investors, and community leaders. These strategies are ground-truthed in rigorous data-driven research and evaluation methodologies such as Social Network Analysis (SNA), which uses mapping to assess network strength and health by examining relationships and analyzing the structure of connections. HIR network participants have reported increased collaboration, communication, comfort in seeking information and help, ongoing and new business, and adoption of new tools, practices, or strategies.

HIR’s polycapital approaches leverage economic, human, social, political, and spiritual capital–fostering new dialogue, shared understanding and innovative solutions to catalyze collaboration between people, opportunities and resource flows.

Indigenous Values as a Foundation for Innovation

The Native Hawaiian concept of aloha ‘aina recognizes the deep reciprocal relationship between people and ‘aina (land, or “that which feeds”). This Indigenous worldview acknowledges the complexity and interconnectedness of all living systems and inspires the type of innovation being employed by HIR accelerator alumni like Hui Malama i ke Ala ‘Ulili (huiMAU), which leverages place-based expertise and holistic strategies to tackle unique regional opportunities and challenges across diverse sectors including education, workforce development, ecosystem regeneration and watershed management, food cultivation and distribution, health equity, and housing.

In contrast, extractive economic models that externalize social and environmental factors, hinder sustainable growth and exacerbate economic and ecological challenges in frontline rural communities and global industries alike.

HIR’s culturally grounded approach empowers shared purpose and the quality of all relationships–human, environmental and ancestral.  Native Hawaiian values serve as core principles in process design, decision-making, and investment strategies–Pilina (relationship), kuleana (responsibility), aloha (love, respect), a’o aku, a’o mai (reciprocity in learning), and ho‘ohua (action) provide a powerful framework to reimagine economic development in Hawai’i and beyond.

“Living one’s values is not an inconsequential life choice. Values are foundational and should provide the navigational guidance for our governance and economy. When we practice them and create inclusive spaces for others to see and live by them, we uplift the wisdom of our ancestors and our collective futures.”

– Neil Hannahs, HIR Co-Founder & Board Member

To be a part of a group of grassroots change-makers problem-solvers and progressive thinkers – Hawaii Investment Ready

Changing the Way Money Moves: Innovative Capital Solutions

Recalibrating roles and responsibilities on both sides of capital markets fosters better alignment with the needs of frontline communities. This requires innovative capital solutions and reciprocity in decision-making and collective learning as these strategies are tested in the field.

HIR’s new ‘Aina Aloha Economy Fund (AAE Fund) is reshaping capital flows to align with Indigenous values and community priorities. The AAE Fund is Hawai’i’s first catalytic capital product—developed in alignment with the ‘Aina Aloha Economic Futures (AAEF) framework and launched in 2024 in partnership with Mission Driven Finance (MDF).

Combining HIR’s program expertise, research and relationships in the social sector with MDF’s fund administration experience, the AAE Fund integrates patient, flexible and risk-tolerant debt with HIR’s technical assistance and capital networking to enable investments in solutions often overlooked by conventional financing. This strategy directs capital to values-aligned enterprises, prioritizing sustainability and resilience over short-term and often unsustainable economic gains.

Keoni Lee and Hawaii Investment Ready builds a just transition to a regenerative local aina aloha economy

The community-governed AAE Fund reseats decision-making power and includes an advisory council that is 100% Native Hawaiian and 70% wahine (women) and an investment committee representative of the local community. While HIR holds an advisory seat, it does not sit on the investment committee, ensuring the community has final say over resource allocation.

The AAE Fund challenges extractive financial models by centering equity and reciprocity in decision-making and deploying values-aligned capital that is responsive to community needs. This emergent investment model highlights the role of finance as a tool for healing and regeneration and offers a new narrative for investors and enterprises that fosters trust and shared responsibility for economic and environmental outcomes.

Our Blueprint for a Thriving Future

We at HIR envision the just transition to a regenerative, locally-resilient ‘aina aloha economy where all life (land, people, communities) thrives. By addressing systemic inequities in the market, we are demonstrating that long-term adaptive change is both strategic and scalable, and strategic investment in place-based strategies and regenerative approaches are not only ethical but economically critical. Our work with the AAE Fund and integrated systems-based approaches show that economic transformation is not just possible, but already underway.

Hawai’i highlights the power of bioregional solutions to address systemic challenges. These lessons extend beyond our islands and serve as a blueprint for reimagining a more equitable future where people and ‘aina thrive together.

Also by Keoni Lee for GreenMoney: Investing in a Different Kind of Paradise: Catalyzing Hawai’i’s Sustainable Food System 

 

Article by Keoni Lee, C0-CEO of Hawai’i Investment Ready, and a successful Native Hawaiian social entrepreneur and co-founder of Waiwai Collective and ‘Oiwi TV. He is actively engaged in community work around decolonizing education, local food systems and the economy and is a co-leader of ‘Aina Aloha Economic Futures and a member of Toniic. Contact him at keoni@hiready.net

Additional Articles, Energy & Climate, Food & Farming, Impact Investing, Sustainable Business

Tallgrass Institute: Connecting Investors to Indigenous Insights and Expertise

By Kate Finn and team, Tallgrass Institute

Tallgrass Institute amplifies Indigenous insights from around the world and encourages creative capital approaches that value the fullness of economic, social and cultural wellbeing. 

Kate Finn executive director of Tallgrass InstituteTallgrass Institute launched on January 14, 2025 to connect Indigenous Peoples’ perspectives, solutions, and leadership with investors and the private sector. Our work advances Indigenous Peoples’ self-determination and is guided by Indigenous Peoples’ enduring values, stories, and cultures.

“Indigenous definitions of economic wellness and thriving are informed by a depth of story, of persistence and resistance, and the complexity of language and cosmovision,” said Founder & Executive Director Kate R. Finn. “Our work as a Center for Indigenous Economic Stewardship is to steward – to care for with intentionality, time, and foresight – those visions to be part of building strong and healthy communities.”

Tallgrass Institute works with Indigenous Peoples and organizations, a range of global investor groups, sustainability professionals, and standard-setting bodies to redefine the private sector’s role as one that respects Indigenous Peoples’ rights, lands, and economic priorities. We achieve this through training for Indigenous leaders and the private sector, targeted research, investor networks, and corporate and international advocacy.

Training

Tallgrass Institute meets increasing demand to provide Indigenous leaders, investors, and corporate decision-makers with training that aligns business practice with the rights of Indigenous Peoples. Through public convenings and private meetings, formal instruction, and webinars, our training develops knowledge, skills, and readiness. 

Among resources for investors our Free, Prior and Informed Consent Due Diligence Questionnaire provides a framework for performing due diligence that optimizes partnerships and engagement with Indigenous Peoples. The guide was updated in 2024 to reflect advancements in best practices to integrate Indigenous Peoples’ self-defined free, prior and informed consent (FPIC) protocols, and to require heightened due diligence for Indigenous Peoples in Voluntary Isolation and Indigenous Peoples in Initial Contact.

2024 also saw the release of our second Indigenous Peoples’ Rights and Participation in AGM Proposals report. This annual report examines shareholder proposals to protect Indigenous Peoples’ rights, documenting best practices for investors to work with Indigenous Peoples within those strategies. It also serves as a call to action for corporate accountability, with the most recent report reflecting a call from Indigenous leadership that action above policy is needed to ensure respect for Indigenous Peoples’ rights.

Unfortunately, the overarching view of Indigenous Peoples from companies is framed largely in the negative, as shareholders and C-suites are often only aware of impacts to Indigenous Peoples when there is a grievance filed or conflict creates operational risk. This pattern reinforces negative tropes rather than creating space for active, beneficial engagement and partnership, even when development doesn’t proceed. Tallgrass Institute seeks to disrupt this pattern in favor of one that recognizes the strength of Indigenous economic visions.

Research

Our research leads with Indigenous Peoples’ enterprise visions, advances respect for Indigenous Peoples’ rights in business operations, and centers and amplifies Indigenous solutions to systemic economic exclusion. Publications highlight the voices of Indigenous leaders and provide actionable insights and recommendations rooted in Indigenous expertise.

At Tallgrass Institute, we continue to engage with investors, funders, and Native enterprise leaders around critical findings from the Indigenizing Catalytic Capital report, released in 2023. Detailing eleven themes in the current capital landscape in Indian Country, the paper concludes with five recommendations to “center on redistributing power in investing and finance to address structural racism, forward Native self-determination, and support flourishing Indigenous economies which create both wealth and social wellbeing.” The recommendations are: 

  • Enact data justice,
  • Center Indigenous-led intermediaries,
  • Increase investor literacy in foundational understanding of Native nations, Promote integrated capital strategies, and
  • Invest in right relationship. 

[Read more about the Indigenizing Catalytic Capital report on GreenMoney Journal.]

Networks

Tallgrass Institute cultivates collaborative networks to interact with and activate investor and economic ecosystems aligned with Indigenous Peoples’ rights and wellbeing. We serve as Secretariat of the Investors & Indigenous Peoples Working Group (IIPWG), as well as provide a leadership role in the Securing Indigenous Indigenous Peoples’ Rights in the Green Economy SIRGE) Coalition.

IIPWG comprises a broad coalition of investors and finance leaders who have worked since the early 2000s to address challenges facing Indigenous Peoples globally and to mainstream Indigenous Peoples’ rights in responsible investment. The group also supports and uplifts Indigenous leaders’ participation in investment and shareholder spaces.

The group’s monthly strategy call for investors and finance leaders provides a clearinghouse for information, news, and joint action to bring together Indigenous and non-Indigenous communities on issues related to sustainable and responsible investing and Indigenous Peoples’ rights. Resources include a monthly newsletter, webinars, and more. In 2024, IIPWG launched an FPIC Working Group and recently welcomed the launch of IIPWG Canada in partnership with the Reconciliation and Responsible Investment Initiative.

Advocacy

Tallgrass Institute works with Indigenous Peoples and Indigenous organizations to design and support corporate engagement. This includes engagement with the finance and business sectors as well as standard-setting bodies to provide context for a wide range of corporate decision-makers regarding the business case for respect for Indigenous Peoples’ rights. 

In parallel, we work to mainstream the business case for Indigenous Peoples’ rights to investors, international mechanisms, and standard-setting bodies. We advocate for corporations to identify the gap they must address and be responsive to their responsibility to respect human rights under the UNGPs as per the UN Declaration on the rights of Indigenous Peoples. By centering Indigenous Peoples’ power, participation, and self-determination in due diligence and operational practices, private sector actors can integrate Indigenous priorities and perspectives to solve today’s most pressing global challenges.

Some examples of recent advocacy include ongoing partnership with the Gwich’in Steering Committee to protect sacred land in the Arctic National Wildlife Refuge from from oil and gas development, support to track impacts to Indigenous Peoples in clean car supply chains, and multilateral engagements at the annual UN Forum on Indigenous Permanent Forum on Indigenous Issues

Conclusion: Values-Aligned Partnership towards Systems Change

This is a critical moment to create systems change. Considerable market and political shifts are occurring in real time; the effects of climate change and biodiversity loss are impacting people the world over, and while there is an increase of Indigenous economic power in some parts of the world, there is decline in safety for Indigenous human rights defenders in others.

Some investors have been active for decades on these issues, and some are just now stepping into work that prioritizes Indigenous Peoples rights in SRI frameworks, such as the “I in ESG”. At Tallgrass Institute we work to ensure that no matter when and how people activate, they can proceed in right relationship with values-aligned and rights-centered partnership.

Now is the time to embed new and creative approaches rooted firmly in the Indigenous worldview so the necessary change supports sustainable ecosystems for generations to come.


More about Tallgrass Institute at www.tallgrassinstitute.org

 

Article by Kate Finn and team, Tallgrass Institute 

Kate R. Finn is Founder and Executive Director of Tallgrass Institute, a Center for Indigenous Economic Stewardship. She leads the organization to build and implement strategies that forward Indigenous Peoples’ priorities at the intersection of business, law, and finance. Ms. Finn’s areas of focus and research expertise include Indigenous Peoples law and policy, preventing violence against women, sustainable finance, and business and human rights. Ms. Finn holds a J.D. and a Masters in Public Administration from the University of Colorado, and a B.A. from Princeton University. Ms. Finn is Chair of the Executive Committee of the Securing Indigenous Peoples’ Rights in the Green Economy (SIRGE) Coalition, and she serves on the boards of Cedar Growth, Cultural Survival, and on the Stewardship Circle of Adasina Social Capital. Ms. Finn is an enrolled citizen of the Osage Nation. 

Additional Articles, Energy & Climate, Food & Farming, Impact Investing, Sustainable Business

A Community Centered Approach to Closing Credit Access Gaps: Native CDFIs

By Casey Lozar, Center for Indian Country Development

Above: A scene from Mazaska Owecaso Otipi Financial, a Native CDFI in Pine Ridge, S.D. Mazaska was one of 11 Native CDFI loan funds to provide data for a CICD study of Native CDFI lending outcomes. Jeffries Design/Image courtesy of Mazaska Owecaso Otipi Financial

Casey Lozar Center for Indian Country DevelopmentImagine financial institutions across Indian Country focusing on goals rooted in social impact investing. Their missions might include fostering financial inclusion, providing culturally informed services and improving access to capital and credit in low- and moderate-income communities. 

These institutions exist, yet many people remain unfamiliar with them. Historically, economic data gaps have masked economic conditions and opportunities in Native communities. The Center for Indian Country Development, a research and policy institute based at the Federal Reserve Bank of Minneapolis, is working to change that. 

CICD advances the economic self-determination and prosperity of Native nations and Indigenous communities through actionable data and research that inform public policy. As part of our portfolio, we’ve worked with a team of researchers (Valentina Dimitrova-Grajzl, Peter Grajzl, Joseph Guse, Michou Kokodoko, and Laurel Wheeler) to conduct a series of studies on the unique role of Native Community Development Financial Institutions (CDFIs) in addressing capital and credit gaps in Indian Country. Those looking to engage in economic well-being in Indian Country may be interested in four key themes that have emerged in our research.

One important finding is that proximity to community improves credit outcomes. CICD’s research has found that establishing Native CDFIs on or near federally recognized American Indian reservations can improve credit outcomes. In a study of areas lying in or within a few miles of a federally recognized reservation, our researchers looked at the impact of CDFI activity on client credit performance during the post-financial-crisis years (2013–2017). Using loan volume and staffing levels as indicators of activity, researchers found that adding one Native CDFI staff member per 1,000 residents associated with, on average, a 45-point increase in Equifax risk score for individuals without established credit. For investors, this finding underscores the potential for Native CDFIs to mitigate systemic barriers and deliver measurable results. Native CDFIs’ proximity to the communities they serve allows them to offer tailored solutions that resonate deeply with Indigenous values and needs. 

Our research also found that Native CDFIs’ knowledge and understanding of their clients can reduce uncertainty in lending outcomes. Many Native CDFIs have expanded the measures they use to predict loan risk beyond conventional lending criteria such as credit score and income. These Native CDFIs employ what’s known in the financial industry as “character-based lending” practices, bringing in loan officers’ assessments of prospective borrowers based on their community knowledge and the professional relationships they build with their clients.

In a working paper, we presented analysis of loan data from 11 Native CDFI loan funds that showed these character-based approaches to assessing credit risk can reduce uncertainty in lending outcomes. Looking at consumer, home, and business loans, our researchers found that a loan was less likely to be delinquent when the loan officer perceived the borrower as at least “somewhat engaged” in the borrowing process. For business loans, our researchers found that a loan officer’s knowledge of the borrower’s community reputation and business qualifications were key predictors of loan delinquency. In these ways, character-based criteria emerged as important predictors of risk, in addition to traditional measures such as client credit scores. In the case of business loans in our analysis, character-based measures predicted delinquency even better than credit scores.

Another theme from our research is that financial counseling can help borrowers meet loan obligations. In addition to holistic lending practices, some Native CDFIs also mitigate lending risk by providing clients with free financial counseling. They may offer this service via group training or individual coaching sessions. Lesson topics may include budgeting, credit scores, taxes, and goal setting. To investigate the impact of this lending practice on loan performance, CICD’s research team obtained detailed loan data from one Native CDFI. Findings from this analysis may not be representative of the industry as a whole, but the research provides evidence-based insights into the role of developmental services that Native CDFIs offer their clients.

In our analysis, free financial counseling was associated with a 12.2 percent lower probability of bad debt when the borrower lacked a credit score profile and when at least a half hour of counseling was provided. That is, the benefits of counseling appeared to be most pronounced for those without established credit. 

Finally, our research has found that Native CDFIs face resource and capacity challenges. Financial counseling and relationship-based lending models can be staff-intensive. As a result, some Native CDFIs operate with capacity constraints and relatively limited resources, making it difficult to assess their impact and grow their operations. Financial and technical assistance awards to expand the capacity of Native CDFIs are available but limited.

Native CDFI leaders and partners have explored potential solutions to address resource and capacity challenges. Proposed solutions include identifying resources to build the capacity of small Native CDFIs, fostering collaborations between Native CDFIs and traditional banks, pursuing more private-sector investment, and positioning Native CDFIs to leverage the Community Reinvestment Act to secure capital.

Native CDFIs offer a pathway for community-centered economic transformation aligned with Indigenous values, yet their role has not been well documented. CICD’s research is changing that—and providing new insights for stakeholders interested in understanding opportunities to strengthen Native economies. 

 

Article by Casey Lozar, vice president at the Federal Reserve Bank of Minneapolis and director of the Center for Indian Country Development (CICD). Before assuming leadership of CICD, Casey was assistant vice president/outreach executive in the Bank’s department of Public Affairs, and the leader of the Bank’s Helena Branch. Prior to joining the Minneapolis Fed in 2018, Casey served in economic development and higher education roles for the State of Montana. Additionally, he held executive leadership positions in national Native American nonprofits, including the American Indian College Fund and the Notah Begay III Foundation. Casey received degrees from Dartmouth College and Harvard University and an MBA from the University of Colorado-Denver. He serves on the Montana Board of Regents of Higher Education (past chair). Casey is the 2021 recipient of the Janet L. Yellen Award for Excellence in Community Development and a 2022 recipient of the Honorary Leadership Award from the Native American Finance Officers Association. A Montana native, Casey was raised on the Flathead Indian Reservation and is an enrolled member of the Confederated Salish and Kootenai Tribes.

Additional Articles, Impact Investing, Sustainable Business

Breaking Barriers: Catalyzing Indigenous Entrepreneurship Toward Financial Inclusion

By Vanessa Roanhorse, Roanhorse Consulting

Above: Elyse Dempsey, team member at Roanhorse Consulting works to change power dynamics in health and wealth systems by using an Indigenous worldview to co-create solutions to complex problems. Photo courtesy of Roanhorse Consulting.

Vanessa Roanhorse of Roanhorse ConsultingStarting a business in the United States and being an entrepreneur are two related yet distinct experiences. In 2019, the Kauffman Foundation launched the Capital Access Labs and found that 83% of all entrepreneurs in the U.S. could not access formal financing to start or grow their businesses. By 2023, another national landscape analysis revealed no significant change. For many entrepreneurs, access to capital begins with a “friends and family” round — a privilege often unavailable to Indigenous individuals raised on reservations where generational wealth is more about shared community values than financial assets.

Entrepreneurship is a tool for agency and mobility, particularly in Indigenous communities. In 2020, Indigenous businesses generated over $50 billion in revenue, with approximately 60% of these enterprises led by women – who are paid less than .58 cents to the dollar, are two-thirds the breadwinners in their families and one in three women will experience violence in their lifetimes. Yet, these women are starting companies two times faster than their white non-Hispanic counterparts and are an $11 billion dollar industry with little to no help or support. Despite this growth, Indigenous women founders still face unique challenges, including a lack of technical assistance, limited access to networks and, most critically, insufficient access to capital that fundamentally understands their lived experiences. Geographic and legal barriers exacerbate these challenges, as many investors remain unfamiliar with Tribal legal systems and protocols, resulting in hesitancy to navigate them. 

In 2024, Native Community Development Financial Institutions (CDFIs) received unprecedented funding — $76.32 million from philanthropic sources, with an additional $3 million from the U.S. Department of Treasury. MacKenzie Scott contributed $103 million to Native CDFIs, signaling a historic opportunity to address the capital gap faced by Indigenous founders. These investments have the potential to catalyze new lending and investment products tailored to Native communities’ needs. For many Native bankers, financial champions and innovators, this level of deep investment has the potential to be transformative and catalytic for Indigenous people and communities, if we can create space and runway for the desperately needed broad landscape of diverse capital products that redefine risk and innovative strategies for more inclusive and meaningful underwriting due diligence practices and frameworks.

As part of the National Strategy for Financial Inclusion, the U.S. Treasury released a report in December 2024 outlining several recommendations to improve financial access for Native communities. These include promoting low-cost transaction accounts, expanding alternative data to improve credit access, and supporting special-purpose credit programs tailored to underserved communities. Expanding financial services on Tribal lands and providing technical assistance to Native-owned small businesses are critical steps.

Reauthorizing the State Small Business Credit Initiative (SSBCI) under the American Rescue Plan Act marked one of the most significant federal investments in Tribal small business financing in history. The Treasury approved over $500 million for more than 200 Tribes, potentially resulting in $5 billion in additional financing for Native entrepreneurs. These programs are vital in creating accessible and sustainable financing solutions on Tribal lands. For example, the Treasury’s Native American CDFI Assistance Program (NACA) has awarded nearly $270 million since 2001, increasing the number of Certified Native CDFIs from 14 to 64. These funds support lending capital, loan loss reserves, and financial services that enhance access to capital in Native communities.

Alongside these critical federal programs, Indigenous founders and communities need Indigenous-led intermediaries designing investment vehicles to bridge the gap for what is happening on the ground, testing new products to redefine risk and who should bear the most significant impact.

Catalytic and integrated capital, as outlined in a 2023 report by First Peoples Worldwide at CU Boulder, Integrated Capital Investing and the Croatan Institute, can advance Indigenous-led solutions and foster long-term infrastructure development. One key recommendation is to invest in “Indigenous-led intermediaries, which are the most effective conduits for increasing catalytic capital flows to Native entrepreneurs.” These include CDFIs, social enterprises and nonprofit organizations developing funding vehicles to serve Native founders and their communities. For example, Roanhorse Consulting LLC, (RCLLC) co-created Native Women Lead’s Matriarch Funds, a scaffolded lending platform that leverages character-based lending to support Indigenous women founders. This effort was possible due to a deep partnership with Nusenda Credit Union to leverage their financial back office infrastructure and assets under management to develop a micro-loan program designed for overlooked and under-invested founders. This catalytic opportunity has since provided close to four million dollars in lending capital to entrepreneurs across the southwest region by bringing together program-related investments, grants, low- to zero-interest debt and working with community partners. It has empowered Native-led organizations to determine their potential as lenders and investors, with some launching their funds, like Change Lab’s Kinship Lending platform.

Vanessa Roanhorse teaching
Vanessa Roanhorse teaching – Roanhorse Consulting works to change power dynamics in health and wealth systems by using an Indigenous worldview to co-create solutions to complex problems. Photo courtesy of Roanhorse Consulting

RCLLC’s efforts focus on building institutional alternative financing infrastructure that aligns with Indigenous values of community health and access to land, language and culture.

Recent partnerships with Rural Community Assistance Corporation (RCAC), with resounding support from philanthropist MacKenzie Scott, have enabled the partnership to design and pilot a new lending program, Rooted Relative Fund, providing $30,000 to $250,000 loans. These loans are for established Indigenous entrepreneurs who demonstrate a need for growth. This initiative aims to increase capital flow while empowering Native-led organizations to become lenders and investors in and where they serve. As a CDFI, RCAC can activate the innovative power and structure this model to leverage unsecured capital to create new opportunities for underwriting strategies that are powered and led by the organizations on the ground to co-define. 

RCLLC’s work involves bridging ecosystems, capital, institutions and policymakers to develop sustainable strategies beyond pilot projects. This is where RCLLC sees a clear opportunity to push progress forward by investing in and supporting the missing middle, especially for Indigenous founders and Indigenous community markets. Micro, small and midsize enterprises (between 10 and 250 employees) are too large to be served by microfinance institutions and too small and high-risk for the more formal banking sector to support. Despite their significant role in local and reservation-based economies, they do not have access to critical financial services. This isn’t new or groundbreaking, but it is a challenge emerging markets globally face, which we know most entrepreneurs in the United States face.  

In 2024, RCLLC took its nine years of learning and programs and decided to launch its venture studio, Return on Indigenous (ROI), to address gaps in the lifecycle of the Indigenous-led ecosystem. This studio takes an ecosystem approach by developing and financing new businesses that fill the gaps for Indigenous people while working across networks to increase and enhance learning, data collection and resource flow sharing. ROI incubates ventures like the Rematriating Economies Apprenticeship (REA), Monsoon Fund (MF) and Center Native. Each initiative targets specific needs, from placing Indigenous women in investment management roles to providing revenue-based financing for Indigenous femme founders experiencing the missing middle financing gap. This approach ensures we have seats on both sides of the capital table. 

Despite progress, much work remains to dismantle systemic barriers and ensure equitable access to financial resources. With unknown challenges ahead, the federal, philanthropic and private sectors must commit to work together so Indigenous people can access the capital needed to drive innovation to build meaningful wealth. These efforts show that with the right investor relationships and committed funding support, it is possible to make a financial system that meets the potential that is on the horizon for Native people. Our concerted job is to weave and bridge financial solutions and products that don’t exist so that Indigenous people can have agency, mobility and liberation. As the original inhabitants of these lands, Indigenous wisdom and innovation will continue to shape the future far beyond this time.

 

Article by Vanessa Roanhorse, founder of Roanhorse Consulting, leads initiatives in ecosystem building, access to capital, and community-driven economic development. She co-founded Native Women Lead, advancing Indigenous women in business through initiatives like the 5R’s of Rematriation and the Matriarch Funds. A champion for Indigenous-led economic solutions, Vanessa is co-building the Rematriating Economies Apprenticeship to empower women in fund and asset management. She serves on boards including Delta Institute, Seven Fires, and Potlikker Capital. Recognized with awards such as the 2021 PayPal Maggie Lena Walker Award, Vanessa lives in unceded Tiwa Territory with her partner and son.

Additional Articles, Impact Investing, Sustainable Business

Entry Points for Equity: Risk Criteria and Partnership in Indigenous-aligned Portfolios

By Kevin O’Neal Smith, Adasina Social Capital

Above: Kevin O’Neal-Smith (center), Impact Strategist for Adasina Social Capital, presents at the 2024 First Nations Major Projects Coalition conference – Our Collective Advantage: Indigenous Consent. Photo courtesy of First Nations Major Projects Coalition

Kevin O'Neal-Smith of Adasina Social CapitalThe push and pull of corporate and social priorities puts socially responsible investment in constant flux. This requires the strategic and intentional integration of social justice and right-based perspectives in environmental, social and governance (ESG) metrics and approaches.

Through collaboration and partnership with shareholders and all stakeholders in our financial system, opportunities abound to embed issues and voices that are often excluded – including Indigenous Peoples, women, people of color, those living below the poverty line, regenerative agriculture practices, etc. – as a central component of overall strategy and portfolio design. Investors can embed these insights into real-world investment decision-making, working directly with grassroots movements, social justice organizations and value-aligned investors to gain insights into material business risks not yet understood by the market.

This is the approach taken by Adasina Social Capital for 5 years. Together with communities most impacted by racial, gender, economic and climate inequities, Adasina designs impact solutions for investors and financial advisors through our social justice values. We serve as a bridge between social movements and financial markets, and work to ensure our investment and screening approaches are more inclusive and accessible.

We understand that an investor’s impact can go well beyond their investment portfolio and contribute to broader investor mobilization. By articulating and integrating risk factors that have been long ignored by mainstream investment industries, we can use our role to prioritize intersectional approaches to racial, gender, economic and climate justice. We can also show that understanding the convergence of these issues allow investors to achieve financially sustainable portfolios and create an avenue for real systems change.

One clear example of this work has been Adasina’s efforts to protect Indigenous Peoples in portfolio design. Indigenous Peoples’ rights span not only racial, gender, economic and climate justice considerations, but also environmental, social and governance criteria, providing a key measure of material business risk. 

Through collaboration with community partners, we identified key areas of risk related to Indigenous Peoples’ rights and activated due diligence through Adasina’s portfolio. These risks include demonstrated patterns of violating Indigenous Peoples’ rights, instances of cultural appropriation and discretion of sacred spaces, among others.

Using this criteria, we developed an exclusion list of publicly traded companies, which is now available for all investors to use, then embedded these perspectives into real-world investment decisions. By incorporating a comprehensive framework around Indigenous Peoples’ rights into portfolios, investors can effectively mitigate risk from destructive development projects and initiatives that negatively impact Indigenous communities and harm people and planet. 

While defining risk and exclusion criteria are critical first steps, there are other ways investors can develop more comprehensive frameworks. There is a pressing need to conduct more research and develop more tools that transmit the materiality of Indigenous Peoples’ rights and other intersectional issues to companies and clients. This is especially important to address major gaps where the financial industry does not yet fully understand potential or ongoing harm.

Screening to Prioritize Indigenous Peoples’ Rights

First and foremost, from a risk standpoint, infringing on Indigenous Peoples’ rights is bad business. Involvement in any of the previously noted areas exposes businesses to legal and regulatory risks through lawsuits and fines, permitting delays, or even sanctions. Businesses are also more likely to incur financial and operational risks as a result of their disregard of these rights, potentially resulting in project disruptions by way of community resistance as seen with the Dakota Access Pipeline protests and blockades in 2016. 

Secondly, integrating Indigenous Peoples’ perspectives into decision-making not only avoids risks but also creates opportunities for sustainable growth, innovation and strengthened stakeholder relationships. Working directly with Indigenous communities to gain input and feedback on projects that impact those same communities can identify risks and opportunities that industry standard metrics or measurements often overlook. This then inspires innovative approaches to environmental challenges, product and service development, and long-term viability of the project. 

Lastly, protecting and centering Indigenous values and perspectives is the right thing to do. If an investment firm is truly committed to ESG initiatives, there is a clear through line of Indigenous Peoples’ rights in ESG and rights-based considerations. Through land stewardship, unwavering commitment to future generations, and systems of accountability in service of community and balance, Indigenous values and perspectives have protected environmental and human wellbeing since time immemorial – long before ESG and socially responsible investment became financial industry practices.

In conclusion, incorporating Indigenous Peoples’ rights as a framework in investments mitigates material ESG risk. As demand for sustainable and right-centered business increases, Indigenous Peoples’ rights need to be integrated and amplified throughout project design to create a more just and equitable society. Indigenous or otherwise, working with and in service to the communities most impacted by our decisions is not only good business, but the right thing to do.

Woosh een yéi jinaxtoonei! (Let’s work together!)

 

Article by Kevin O’Neal-Smith, as a lifelong Alaskan, he has pursued a career that supports and celebrates community, business, and the environment. Joining Adasina Social Capital in early 2021, Kevin serves as Impact Strategist and as a member of the Portfolio Management Team, helping coordinate the integration of social justice considerations into real-world investment strategies. Kevin has experience managing data and systems required for portfolio screening and construction aligned with social justice values, as well as developing and contributing to investor mobilization campaigns focused on addressing racial, gender, economic, and climate justice within public markets. Kevin holds a bachelor’s degree in both economics and business administration from Fort Lewis College, as well as a certificate in ESG investing from the CFA Institute.

Through service as Vice Chair of the Seacoast Trust and as Board Member of the Katlian Collective, Kevin is committed to supporting new economic models in which access to capital and a strong foundation of Indigenous values is the basis for healthy communities and the conservation of natural resources that benefit future generations. Kevinis Tlingit, Yéil (Raven), Gaanaxteidí (Frog clan), Kutis’ Hít (Looking Out to Sea House). His Tlingit name is Yaa sh kanda. éts’.

Additional Articles, Impact Investing, Sustainable Business

Supporting Indigenous Self-Determination Through a Spectrum of Capital

By Carla Fredericks and Matt Aguiar, The Christensen Fund

Above image courtesy of:  The Christensen Fund works to support Indigenous Peoples in advancing their inherent rights, dignity and self-determination.

Carla Fredericks and Matt Aguiar of The Christensen FundFor centuries, Indigenous Peoples and communities have been colonized, stolen from, discriminated against, marginalized, and neglected. To restore economic justice, investors and capital-holders must consider this history and reality, and then determine if, how, and when they will take action to facilitate a reimagined, inclusive economic future. Investment opportunities exist to support this transition and promote Indigenous economic livelihoods.

The Christensen Fund, a private grantmaking foundation created in 1957 by Allen D. and Carmen M. Christensen, supported the arts and cultural preservation around the world through the late 1990s. Beginning in the early 2000s, the organization shifted its focus to biocultural diversity, supporting local initiatives in select priority regions around the world with unique heritage in an effort to sustain planetary diversity. Following a series of collaborative and consultative discussions with partners, in 2021 The Christensen Fund narrowed its focus explicitly on supporting Indigenous Peoples in advancing their inherent rights, dignity, and self-determination. We coined this as our organizational “Purpose”, rather than our “Mission”, because of the traumatic, colonial history of the Catholic missions in California, where we are based.

Indigenous Peoples have been purposefully excluded from participation in economic activities around the world. Discriminatory and predatory lending practices have kept Indigenous communities from being able to access capital that is critical to building wealth. For this reason, we determined that for our foundation to achieve the desired impact, we had to go beyond our grantmaking and assess how our foundation’s endowment could be more effectively activated in pursuit of our Purpose.

Our Journey

The Christensen Fund has long considered how its assets could create positive impact beyond our grantmaking. In the mid-2010s, our Board and Investment Committee piloted multiple small-scale initiatives, including one Program Related Investment, several Mission-Related Investments, and a shareholder activism program. We also began a fossil-fuel divestment initiative. 

In 2021, after developing a new program strategy and articulating our organizational Purpose focused on the rights of Indigenous Peoples, we delved deeper into a conversation about the impact of our investments. After updating our Investment Policy Statement (IPS) to “align our investments and our values”, we spent over a year developing what we called our “Purpose Aligned Capital” plan. 

This collaborative process, which included members of our staff, Board, Investment Committee, OCIO, and external consultants and peers, was approved by our Board at the end of 2022 and created three distinct sleeves for our assets:

  • Program Related Investments (PRIs) would have absolute alignment with our program strategy and Purpose, and may underperform, have wider range of outcomes, or be less liquid relative to other strategies in the same asset class;
  • Purpose Aligned Investments (PAIs) would be expected to generate market-rate returns and actively support our Purpose; and
  • Values Aligned Investments (VAI) would be expected to generate market-rate returns and not be opposed to the principles that The Christensen Fund stands for.

We spent the entirety of 2023 fleshing out parameters and qualifiers for each of these categories, and by the end of that year, we made our first commitments under this new Purpose Aligned Capital strategy.

During that time, we came across many PRI and PAI investment opportunities that excited us, and we confirmed what we expected to be true: that Indigenous Peoples have suffered economically for centuries because of economic injustice and discriminatory lending practices. As we began scratching the surface, we came across many promising and exciting, yet under-resourced opportunities. One such example is Tocabe Indigenous Marketplace, an Indigenous-owned, operated, and serving food company. Tocabe’s business aligns directly with The Christensen Fund’s Purpose of supporting Indigenous People via leadership, inherent rights, dignity and self-determination. By centering Native producers and consumers within its business model, Tocabe has created a social purpose business that is solving for multiple challenges: creating demand for Native producers and helping to solve for their distribution and marketing challenges while providing culturally relevant products for Tribes and Native consumers with limited or no access to healthy Native foods. The Christensen Fund is proud to partner with Tocabe by providing them with one of our first PRIs.

Tocabe is just one example of exciting indigenous-led and -serving enterprises that we have added to our PRI portfolio. We also committed a PRI to Akiptan, a community development financial institution (CDFI) which further supports Native American food systems by providing loans to Native American and tribal ranchers and farmers in order to build out Indigenous food chains. In an effort to facilitate access to clean energy, we have also committed a PRI to Navajo Power Home. These opportunities promote economic independence for Native American tribes, communities, and individuals — a critical ingredient for self-determination.

Realizations to Date

While we are still very early in our journey, we have embraced several key lessons already that will guide our path forward.

Transformative change takes time. It has been over three years since we revised our IPS, creating a mandate to align our values and  investments, and we have only committed 30% of our allocated capital to PRIs and PAIs. This may seem like slow progress, but it has actually felt like anything but. It has been critical to move carefully, building these programs for the long-term. We took the time to converse with our peers and our partners. We consulted experts, including leaders from the MacArthur Foundation and The Nathan Cummings Foundation, who have been doing this work for years, to hear about their experiences and develop our own plan based on their learnings. We have spent countless hours with our staff, Investment Committee, and full Board, ensuring that everyone understands both the importance AND the mechanics of this work. We are moving toward this future together and taking our time to ensure everyone is on board has been very important.

Partnership is critical. We have benefited tremendously from talking with partners, working with consultants, and listening to capital-seekers. In order to truly address the challenges, we are trying to overcome, we cannot go it alone. We must have the humility to acknowledge that we need help, and that others have expertise and experience that we do not. 

In addition to the recipients of our PRIs and PAIs, partners who have been critical to our implementation include Impact Charitable (intermediary who advises and offers administrative support for PRI implementation), Global Endowment Management (Outsourced Chief Investment Officer who is administering our PAI and VAI portfolios), and Integrated Capital Investing (consultant that supported our plan design and facilitated PRI sourcing).

The ecosystem is evolving. Our world is changing at a rapid pace, and so are the opportunities and challenges facing Indigenous Peoples. In order to continue to build and sustain a values-oriented investment plan that supports Indigenous livelihood, we must remain nimble and in relationship with the communities that we intend to support. We must prioritize learning as these challenges evolve, be open to pivoting and rethinking our strategy as we deepen our own understanding and as new opportunities unfold.

Indigenous Peoples face more threats today than ever before. By building an investment portfolio with a commitment to supporting Indigenous economic livelihoods, The Christensen Fund has taken action to support Indigenous self-determination. Achieving economic justice will require others to join in this effort. We know that, just as they have for millennia before, Indigenous Peoples can and will emerge from these challenges. We are excited for this future.

 

Article by Carla Fredericks and Matt Aguiar of The Christensen Fund

Carla Fredericks serves as CEO of The Christensen Fund, a private foundation that backs the global Indigenous Peoples’ movement in its efforts to advance Indigenous Peoples’ rights, support Indigenous self-determination and biocultural diversity.

As CEO of The Christensen Fund, Fredericks leads the organization’s work to support Indigenous Peoples’ rights and leadership globally through grantmaking, advocacy, and strategic partnerships. Under her leadership, Christensen has deepened its commitment to Indigenous self-determination and sovereignty while building strong relationships with peer funders to increase philanthropic support for Indigenous causes.

Prior to joining Christensen in 2021, Fredericks was Director of First Peoples Worldwide and Clinical Professor at the University of Colorado Law School and a partner at Milberg LLP. An enrolled citizen of the Mandan, Hidatsa, and Arikara Nation, Fredericks has long worked to advance the rights of Native peoples and is a recognized expert in finance, law, business & human rights, and Indigenous Peoples’ rights. 

Matt Aguiar joined The Christensen Fund in 2019 and is the Chief Financial and Operating Officer. He leads financial and operational functions, including oversight of investments, risk management, compliance, information technology, and human resources. Matt also spearheads implementation of strategies to improve organizational effectiveness and purpose alignment.

Energy & Climate, Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Change the Lending Paradigm: A Model of Success in Native Ag Finance

By Skya Ducheneaux, Akiptan

Akiptan transforms Native agriculture and food economies by delivering creative capital, leading paradigm changes and enhancing producer prosperity across Indian Country. Akiptan (AH-KEEP-TAHN) is the Lakota word for together, in a joint effort, cooperatively. Above photo courtesy of Akiptan

Skya Ducheneaux of AkiptanImagine it is Thanksgiving, and you’re running late. You walk into your grandparents’ house and your cousins, who have been playing Monopoly for a few hours already, invite you to play. From the first pass of “Go”, the game is a struggle for you. Sure, you pass “Go” and collect $200, like the rest of the players. You have the same “opportunities” since you are playing on the same board, but you’re at a severe disadvantage because this game was not designed for your late arrival. To you, success is just getting around the game board without going bankrupt. To them, success looks like earning rental income from the houses and hotels on the good properties. 

This is what it is like working in Native economic development. Sure, we have the same “opportunities” as other governments or non-Natives, but the economy and financial institutions were not designed with the realities of Indian Country in mind. Indian Country was not “playing” in these systems until colonization. Before that time, concepts like sole ownership (rather than communal ownership), succession, and financial gain to the exclusion of other values were foreign. The results of having to play Monopoly hundreds of years after it started are still affecting the Native agriculture industry.

Akiptan’s mission is to transform Native agriculture and food economies by delivering creative capital, leading paradigm changes, and enhancing producer prosperity across Indian Country. Akiptan, being a Native CDFI, has the unique ability to develop loan programs that can truly benefit Natives in Agriculture.

The National Agriculture Statistic Service recently released the findings from its 2022 census. Overall, agriculture producers all across the United States had a net cash farm income of $79,790 on an average of 463 acres. When you break that down to farms with American Indian and Alaska Native producers, the net cash farm income was only $22,906 on an average of 1,085 acres.

The stark and undeniable difference in income shows the potential that Native agriculture could have on local economies if properly invested. The Native American Agriculture Fund’s Reimagining Native Food Economies Report estimated that if Native agriculture had the same level of investment as Indian Gaming, the agriculture industry would surpass the gaming industry in revenue, solidifying the fact that agriculture is an underutilized economic driver in Indian Country. 

Additionally, there is an innate belief in Indian Country that if you take care of the land, the land will take care of you.

The concept of extreme extraction is, again, a foreign concept. Tribal governments and producers take precautions to make sure that conservation is practiced on the land. This means a vast majority of Native agriculture is innately climate smart, in addition to the extra steps producers choose to implement conservation as the original stewards of the land. 

Because traditional financial institutions do not serve Native agriculture in the way it needs to be served, CDFIs have been stepping up to fill in the gap. Most CDFIs lend in multiple areas such as housing, credit building, consumer loans, small business, and more. Akiptan is unique in that we only finance the Native agriculture industry.

Akiptan came from the Intertribal Agriculture Council (IAC). IAC formed 1987 and the overarching goal of the organization is to connect producers with the resources they need to succeed. After 30 years of trying to connect Native producers with access to capital with little success, they decided to launch a CDFI so that we, as Native producers, could do it right. This is how Akiptan came to be. Created by Native producers for Native producers. 

We at Akiptan spent all of 2018 going to conferences, trainings, and working with our Board of Directors to nail down our lending philosophy. We created new lending wheels, greasing the squeaky ones, and taking opportunities where we saw potential. How would we make lending Indigenous and transformative? 

The pillars of our lending philosophy are patient capital vs. extractive capital and a partnership approach to lending that allows us to focus just as much on the relational side of lending as the transactional side. These pillars are the foundation of what has made Akiptan so successful.

Another example is the innovation of our Risk Rating. We are required to risk rate to show that we are making “risky investments” per the CDFI premise. However, traditionally, the higher one rates risk, the riskier the entrepreneur is, which then triggers a higher interest rate and sometimes shorter repayment periods, thus increasing the payment. When analyzing this, we realized that this would be penalizing some of the people who needed help the most. Picture a beginning producer with no credit score, with little equity and tight money but he has all the heart, determination and sweat equity in the world. This traditional risk rating system would give him a higher payment, which would be the financial institution imposing a higher barrier to success on their client. While common, this seemed counter-productive and extractive. Instead Akiptan has flat interest rates across the board, regardless of how entrepreneurs are ranked. 

Akiptan began lending in 2019 and has since committed over $31M in loans to producers and nearly $1M in grants. Additionally, we have created several financial literacy books, tools and resources. Our programmatic side curates programs and initiatives that enhance the impact our direct financing does. Our pipeline of applications is constantly oversubscribed, which speaks to the true testament and value of our products and how we deliver our services. The staff at Akiptan has an impact that goes a mile deep with each producer. The focus on the relational side of lending is crucial to the transformative impact of our capital. It allows us to be proactive rather than reactive, educational, thoughtful and goal oriented. 

A core piece of our mission is to change the lending paradigm. We know that this innovative style of financing can be applied to other areas for equally deep success. Our model has been applied to production, processing/value added, and retail and has been extremely successful. We are eager to share our best practices and model with other financial institutions to help carry forward the work. 

When it comes to investors working in this space, it is critical to also show up in a partnership role, not a transactional role. Relationships are the core of Native culture. Take time to get to know each other. Be a thought partner who is collaborative, not prescriptive. Indian Country has had “solutions” prescribed to it since colonization; none of that panned out well. It is time for us to have a seat at the table so we can bring our own solutions and dictate what our success story looks like. Just like with the Monopoly board, success looks different to everyone who is playing the game, but with collaboration, innovation and patient capital, we can all succeed. 

 

Article by Skya Ducheneaux, the Executive Director of Akiptan and is an enrolled member of the Cheyenne River Sioux Tribe. She spent her first 18 years of life on a cattle ranch on the CRST Reservation in South Dakota. She then pursued a Bachelor’s and Master’s Degree in Business Administration while working at a county FSA office and buffalo meat processing plant. After returning home to work for the Intertribal Agriculture Council, she was tasked with creating the first Native CDFI dedicated to serving Native Agriculture producers all across Indian Country. Akiptan began lending in January of 2019 and has grown rapidly over the years.

In addition to Akiptan, Skya has served on many advisory committees and Boards. In her role as Executive Director, she is a part of several CDFI coalitions, advocates locally and federally and presents at conferences to share the mission of Akiptan.

Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Small Wings, Big Impact: Revitalizing Tribal Lands and Livelihoods

By Jane Breckinridge, Euchee Butterfly Farm

Jane Breckinridge of Euchee Butterfly FarmNative Americans struggle financially in rural Oklahoma, where land is often of poor quality for traditional farming and non-agricultural jobs are scarce.  These problems are compounded by cultural barriers hampering their access to the economic and technical resources that could help them to achieve greater success and a better quality of life. The Euchee Butterfly Farm, a Native woman-owned LLC small business located on the Muscogee Nation Reservation, is using butterfly farming as a platform to address these issues. The farm is located on 68-acres of original Native American allotment land that has been continuously held by descendants of the original allottee for 124 years. It is a working butterfly farm, but also a teaching facility with conference space, classrooms, butterfly flight houses, greenhouses, demonstration gardens, a teaching kitchen, a native prairie remnant, and a pecan orchard.

Although not well-known, butterfly farming is an exploding agricultural opportunity that is uniquely suited to the challenges faced by rural Native people. Over $100 million in butterflies are purchased each year for exhibits, weddings, and classrooms. Supply cannot keep up with market demand, and shortages are forecast to increase in the foreseeable future. Unlike traditional farming, butterfly farming utilizes native species of plants and trees as a food source for the livestock, does not require large quantities of water or acreage, has minimal start-up costs, can be done part-time to supplement existing income and does not demand the physical strength traditional farming requires. 

The flagship program of the Euchee Butterfly Farm is the Natives Raising Natives Project, which was launched in 2013 to train tribal members as butterfly farmers. Participants commercially raise butterflies on their own land, or even in their own backyard if they do not have access to arable land holdings. The program provides all necessary start-up materials at no cost to the farmers and provides ongoing technical support for them to ensure that they are successful.  

The program is designed to remove the barriers that prevent rural Native Americans from accessing employment by offering a trade that can be practiced in areas without industry or high-quality farmland—particularly important because much of the Native-owned land in Oklahoma dates from the original Creek allotments assigned through the Dawes Act in 1887, and these parcels of land are remote and unsuitable for traditional agriculture. Additionally, the program provides an opportunity for those who might otherwise be unable to participate in the labor market, such as the elderly, the disabled or stay-at-home parents, to engage in meaningful work.  

The Natives Raising Natives Project has three primary objectives:

  • Use butterfly farming to create economic development for Native Americans living in rural areas by providing training and technical support to help them become successful farmers.
  • Use butterfly farming as a hands-on learning opportunity to teach Native American youth about agriculture, conservation and science.
  • Use butterfly farming as a vehicle to raise awareness about the need for habitat conservation efforts that support native butterflies and other threatened pollinators on lands owned by Native Americans and tribes, and to provide training on how to implement those conservation efforts.

The project uses butterfly farming as a platform to build success in multiple ways, including plant cultivation, climate-smart agriculture and sustainable agriculture. It also promotes careers in agriculture for Native youth by teaching technical and business skills in a way that is fun, accessible and culturally appropriate. Butterfly farming serves as a gateway to agriculture for underserved individuals who haven’t envisioned that career for themselves because it was an arena that has historically been dominated by white males. 

Butterfly farming is a sustainable form of agriculture that creates economic self-sufficiency for tribal members, but just as importantly, is also a hands-on tool for engaging Native youth in science. Butterflies attract the attention of youth like few other things can, and that natural fascination makes the concepts of science and agriculture—ecology, biology, geography, physiology, botany, nutrition and more—come alive for students of all ages, stimulating intellectual curiosity and motivating academic interests which could make the difference between future success or failure. 

Butterfly gardens at Euchee Butterfly Farm

The Learning Center at the Euchee Butterfly Farm is a 501(c)(3) non-profit founded in 2013. The nonprofit works in partnership with the Euchee Butterfly Farm, with the nonprofit providing training, education and technical support at no cost, while the Euchee Butterfly Farm acts as a sales and distribution facility to provide a guaranteed sales outlet for the butterflies raised by program participants. Natives Raising Natives is based on the principle that butterfly farming is a long-term solution to some of the economic problems facing rural Native people because it is financially self-sustaining through product sales in addition to being harmonious with traditional Native values regarding good stewardship of tribal lands.  

Natives Raising Natives is supported in its effort by its sister programs based at the Euchee Butterfly Farm: Tribal Alliance for Pollinators, Tribal Environmental Action for Monarchs, and Food Initiative for Tribes.   

Tribal Alliance for Pollinators (TAP) was created in 2017 by the Natives Raising Natives project director, Jane Breckinridge, and Dr. Orley “Chip” Taylor, the founder/director of Monarch Watch at the University of Kansas. TAP has a mission to help tribal nations build their capacity for native plant restoration in order to create pollinator habitat on tribal lands and preserve the medicinal plants essential for preserving sacred cultural traditions. The training workshops and technical support are provided for free. The non-profit native plant seed bank created by TAP is the largest in Oklahoma, with 253 species of native plants. Each year, the TAP staff produces over 20,000 native plants and milkweed seedlings at the Euchee Butterfly Farm greenhouses. These plants are provided free to tribes and tribal members for use in restoring their land.  

Monarchs at Euchee Butterfly Farm

TAP is an expansion of the Tribal Environmental Action for Monarchs (TEAM) project, which spent three years assisting seven tribes (Osage, Muscogee Creek, Chickasaw, Seminole, Citizen Potawatomi, Eastern Shawnee and Miami Nations) in eastern Oklahoma with the process of restoring native plants to tribal lands. The project provided hands-on training for tribal staff in all aspects of native plant production and land restoration. Over 50,000 native milkweeds and 40,000 native nectar wildflowers have been restored to tribal lands by the TEAM project.  

Hands-on Tribal youth education on native butterfly regenerative arming

Food Initiative for Tribes (FIT) was launched by the Euchee Butterfly Farm in 2018 to address the issues of food deserts, food insecurity, lack of access to fresh produce and the resulting rise in preventable disease disproportionately affecting Native people in rural Oklahoma.  FIT provides training that emphasizes sustainability, pollinator support, conservation, and climate-smart agriculture.

The Euchee Butterfly Farm is a part of the communities it serves – every member of the staff is an enrolled tribal member. The farm has a demonstrated track record of not only working effectively within the tribes of the staff members, but also successfully bringing different tribal nations and Native American communities together to work on shared goals. To date, representatives from 82 different tribes have participated in its educational programming, including representatives from all 39 of Oklahoma’s federally recognized tribes, working together to create a more sustainable future for Native people and Native lands.

 

Article by Jane Breckinridge, an enrolled citizen of the Muscogee (Creek) Nation, directs the Euchee Butterfly Farm in Oklahoma and co-leads Tribal Environmental Action for Monarchs (TEAM) and Tribal Alliance for Pollinators (TAP). She founded the Natives Raising Natives Project to empower tribal communities through butterfly farming, science education, and pollinator habitat restoration. With a background in magazine publishing and a Political Science degree from Macalester College, she is a champion for pollinator conservation and community-driven solutions.

Featured Articles, Food & Farming, Impact Investing, Sustainable Business

Unleashing Potential: The Vision of WIHEDC for Native Economic Development

By Fern Orie and Becky Albert-Breed, WIHEDC and Cedar Growth

Fern Orie and Becky Albert-Breed--WIHEDC and FNCF Cedar GrowthAs a pioneering force in advancing Indigenous economic sovereignty, the Wisconsin Indigenous Housing and Economic Development Corporation (WIHEDC) stands where sustainable development and cultural resilience meet. WIHEDC, a 501(c)(3) nonprofit, partners with four Native Community Development Financial Institutions (CDFIs) to catalyze economic transformation across Wisconsin’s Tribal communities. Together, these CDFIs – Cedar Growth, First American Capital Corporation, Wisconsin Native Loan Fund, and Woodland Financial Partners – act as the pillars of WIHEDC’s mission to build financial sovereignty and homeownership for Native individuals, families, businesses, and Tribal enterprises. 

The Leadership Role of WIHEDC

WIHEDC’s unique leadership stems from its role as a coalition builder and advocate for community-led and empowered change. WIHEDC and the Native CDFIs are all Indigenous-led organizations. This leadership in itself demonstrates the wealth of understanding around the needs of Native communities. 

In addition to providing financial resources and technical assistance, WIHEDC orchestrates statewide initiatives such as Native Business Hubs, small business grants, and its Annual Housing and Economic Development Conference. These efforts underscore the organization’s commitment to fostering an ecosystem where Native-led enterprises can flourish, driving economic growth and self-determination for Wisconsin’s Indigenous peoples.

WI’s First Ever Native Economic Impact Study

In 2024, WIHEDC completed a groundbreaking economic impact study of Indigenous-owned businesses and non-gaming Tribal enterprises in Wisconsin. This first-of-its-kind analysis revealed the substantial contributions of Native enterprises to the state’s economy: 

  • $388.3 million in revenue generated by surveyed businesses in 2023.
  • $776.8 million in total economic output.
  • Creation of 45,029 jobs and $256.3 million in household earnings across Wisconsin.

When projected to include all Indigenous-owned businesses and Tribal enterprises statewide, these figures scale to an impressive $3.58 to $4.83 billion in economic output and the addition of 21,190 to 28,573 jobs. These findings validate the economic significance of Indigenous enterprises and highlight the potential for further growth through targeted investments and policy support.

The Four Pillars: Native CDFIs as Catalysts for Change

WIHEDC’s partnership with four Native CDFIs ensures Native entrepreneurs access tailored financial solutions, including microloans and business development support, creating scalable investment opportunities and ensuring that Native entrepreneurs have the resources needed to thrive. Their collective efforts empower communities to pursue diverse economic activities, reducing reliance on gaming and hospitality while fostering resilience.

What sets WIHEDC and its member CDFIs apart is their unique access to the knowledge base and firsthand experience of Wisconsin’s Tribal communities. This intrinsic understanding allows WIHEDC to identify gaps and craft solutions that align directly with the needs and aspirations of Native individuals and businesses. Such insights are vital in bridging economic divides and ensuring sustainable growth.

Wisconsin Native Homeownership Coalition

Another transformative initiative spearheaded by WIHEDC is the development of the Wisconsin Native Homeownership Coalition. This coalition addresses systemic barriers to homeownership within Native communities by advocating for equitable policies and providing access to financial and homebuyer education and resources. For example, each CDFI provides alternative access to funds to help address the inequalities in the distribution of down payment assistance. The CDFIs also offer mortgage lending products for affordable homeownership. 

Homeownership not only stewards economic stability but also strengthens cultural connections and community resilience. By ensuring that Native families can access safe and affordable housing, WIHEDC contributes to the broader goal of financial sovereignty.

During a recent conference, stakeholders highlighted the significant challenges faced by Native homeowners, including access to financing and navigating complex property laws on Tribal lands. The coalition’s efforts include developing partnerships with lenders, increasing outreach about federal and state homeownership programs, and creating tailored financial literacy and homebuyer education workshops. These initiatives are vital in bridging gaps and empowering Native families to build generational wealth.  

WIHEDC prioritizes workforce development for Indigenous people in Wisconsin, creating sustainable job opportunities and fueling long-term economic impact. Creating a circular economy where WIHEDC empowers, trains, and develops a workforce of Native designers, developers, contractors, and tradespeople that allows for every dollar spent on housing to circulate through the tribal community 4-6 times will have long-term positive impacts for future generations. 

The coalition’s upcoming release of a new housing study is a pivotal next step. This study promises to provide actionable insights into the barriers and opportunities of Native homeownership in Wisconsin, further solidifying WIHEDC’s role as a thought leader and advocate for economic equity.

Forward-Thinking Vision for Economic Sovereignty

WIHEDC’s mission transcends financial metrics. It envisions a future where Native communities define their economic destinies, leveraging cultural knowledge and entrepreneurial spirit. Key strategies include:

  • Integrating Indigenous Perspectives in ESG Frameworks: Collaborating with investors to align sustainability standards with Indigenous rights and priorities.
  • Promoting Data Sovereignty: Establishing frameworks that empower Tribes to control and utilize their data for strategic economic planning.
  • Advancing Diverse Revenue Streams: Supporting Native individuals, businesses, and Tribal enterprises in the renewable energy, technology, and housing sectors.

Why This Matters

Indigenous economic sovereignty is not merely an ideal; it is a necessity. For centuries, Native communities have navigated systemic challenges while preserving their cultural heritage and values. WIHEDC’s work demonstrates that Indigenous peoples possess the expertise and vision required to lead sustainable economic development, provided they receive equitable opportunities and support.

WIHEDC’s conference on Indigenous businesses also underscored the importance of partnerships between Tribal governments, nonprofits, and private sector entities. Collaborative efforts like those of WIHEDC and the Wisconsin Native Homeownership Coalition are proving that when Native-led solutions are prioritized, they yield transformative results for communities and the state’s economy.

Call to Action

As WIHEDC continues its transformative work, it invites ethical investors, policymakers, and community leaders to champion Native-led solutions and invest in Tribal enterprises, collectively building a future where economic justice and cultural integrity coexist.

WIHEDC’s pioneering Indigenous leadership and the contributions of Wisconsin’s Indigenous businesses illuminate a path forward for sustainable and inclusive economic development. Together, we can redefine what it means to invest in the future.

 

Article by Fern Orie of the Wisconsin Indigenous Housing and Economic Development Corporation and Becky Albert-Breed of Cedar Growth (formerly First Nations Community Financial)

Fern Orie is the CEO of Wisconsin Indigenous Housing and Economic Development Corporation (WIHEDC). She has worked in the housing and community development field for most of her career. As a member of the Oneida Nation of Wisconsin, she has worked in tribal communities to further homeownership and economic opportunities for Native people. Ms. Orie served as the Executive Director of the Oneida Housing Authority for nearly four years. From there she was the Founder and CEO of the Wisconsin Native Loan Fund (WINLF) for 15 years. WINLF, a statewide Native CDFI and FHLBank Chicago member, focuses on housing, consumer, and business lending and services.

From WINLF, Ms. Orie served in the role of Chief Programs Officer, Executive Vice President of Advocacy and Strategic Partnerships at the Oweesta Corporation, a national Native CDFI intermediary, for two years. In this role, she focused on capacity building, training, technical assistance and the development of programming and strategic partnerships to support Native CDFIs nationwide. Ms. Orie also created a consulting group, The Matriarch Group LLC, in 2023 and began working with Native CDFIs providing technical assistance with lending underwriting, grant compliance, policy development, board governance training and strategic planning. 

In early 2024, Ms. Orie assumed the role of CEO of the Wisconsin Indigenous Housing and Economic Development Corporation (WIHEDC), a nonprofit 501c3 umbrella organization supporting the four Native CDFIs of Wisconsin. Ms. Orie was one of the co-founders of the organization, which was formerly known as the Wisconsin Indian Business Alliance, when she was with WINLF. Among its many initiatives, WIHEDC is currently developing a statewide/regional native homeownership coalition as part of its strategic plan to increase homeownership for indigenous people. Ms. Orie serves on numerous local, regional and national boards and committees within the field, including the Board of Directors of Native-owned Bay Bank.

Becky Albert-Breed is an enrolled member of the Ho-Chunk Nation, and is the Executive Director of Cedar Growth, a Native CDFI supporting personal growth through access to financing for homeownership, small business, and personal finance. She also serves as the Chairperson of WIHEDC, the Wisconsin Indigenous Housing Economic Development Corporation. With a background in accounting and an MBA, her career spans auditing, tribal government finance, and serving as Treasurer and Business Finance Director for the Ho-Chunk Nation. Becky was instrumental in establishing the Trust & Investment Committee, safeguarding over $500 million in tribal investments. She brings decades of financial expertise and a deep commitment to empowering Native and surrounding communities.

Featured Articles, Impact Investing, Sustainable Business

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