1 hr 9 min
How can we be good relatives? Indigenizing loan funds and the world of Native CDFIs. IndigEconomies
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- Entrepreneurship
In today's episode we speak with Chrystel Cornelius (Ojibwe; Oneida), CEO of the Oweesta corporation---the longest standing Native Community Development Financial Institution (CDFI) Intermediary and Skya Ducheneaux (Lakota), ED of Akiptan---a relatively new Native CDFI dedicated to agricultural lending in Indian country.
Both share with us what Native CDFIs are (Institutions that provide capital access to marginalized communities that don't have regular avenues to enhance their personal credit histories, and their entrepreneurship); how they operate (providing technical assistance and capacity building in conjunction with lending activities); what relationship based as opposed to transactional financing looks like (in it together as community members, as relatives); what to consider if wanting to start a CDFI (market studies and long term investment capital) and the needs of Native CDFIs (long-term patient loan capital and investor partners committed for the long haul).
We hear about the power of truly working with borrowers as partners a key to their success and the collaborative nature of the broader Native CDFI industry. Chrystel notes that "even if we are in competition for a grant, we support each other, which is different than banking institutions and competing non-profits. We know there are so few of us left and we really are interested in the next 7 generations. Every day is somewhat of a prayer. We are so blessed to be put in these positions by our Creator. How do we conduct ourselves? How do we be a true relative?"
We then ask about the biggest needs for Native CDFIS. Their responses:
1. long term, patient loan capital
2. market studies
3. operations grants
As Skya from Akiptan notes, "there is so much need for loan capital in Indian country. But when I say loan capital, you can't just give a Native CDFI some money for a couple of years and check a box and say yay I helped the Native CDFIs. No, its not like that, if you want to help make a long term sustainable impact and change there needs to be long term, patient, innovative capital that goes with that...Just give me a call or come to Eagle Butte and visit with me...or just pick up your phone and call your local Native CDFI and ask what you can do. We would love to talk to you. The best way to support us just to be equal thought partners."
We finally ask what advice they have for those wanting to start CDFIs in their communities and learn about what to consider, whether it actually be starting a new CDFI or partnering with an existing institution to expand their lending landscape. Chrystel noted that first and foremost Indian country really needs an expanded platform of interested investors to integrate into continuing to build prosperity. Yet for those interested in started a new CDFI, Oweesta continues to remain a pillar in supporting the Native CDFI industry and can help support.
That is but a short synopsis. Learn more by listening now!
Resources:
www.oweesta.org
www.akiptan.org
Also check out the Opportunity Finance Network CDFI locator tool: https://ofn.org
And a thank you to the musicians! Credits: Sangre de Maíz by Polvora; Final Say by The Custodian of Records; and 04 by Barcelona Afrobeat International Orchestra. Attribution-NonCommercial-ShareAlike 3.0 United States (CC BY-NC-SA 3.0 US)
In today's episode we speak with Chrystel Cornelius (Ojibwe; Oneida), CEO of the Oweesta corporation---the longest standing Native Community Development Financial Institution (CDFI) Intermediary and Skya Ducheneaux (Lakota), ED of Akiptan---a relatively new Native CDFI dedicated to agricultural lending in Indian country.
Both share with us what Native CDFIs are (Institutions that provide capital access to marginalized communities that don't have regular avenues to enhance their personal credit histories, and their entrepreneurship); how they operate (providing technical assistance and capacity building in conjunction with lending activities); what relationship based as opposed to transactional financing looks like (in it together as community members, as relatives); what to consider if wanting to start a CDFI (market studies and long term investment capital) and the needs of Native CDFIs (long-term patient loan capital and investor partners committed for the long haul).
We hear about the power of truly working with borrowers as partners a key to their success and the collaborative nature of the broader Native CDFI industry. Chrystel notes that "even if we are in competition for a grant, we support each other, which is different than banking institutions and competing non-profits. We know there are so few of us left and we really are interested in the next 7 generations. Every day is somewhat of a prayer. We are so blessed to be put in these positions by our Creator. How do we conduct ourselves? How do we be a true relative?"
We then ask about the biggest needs for Native CDFIS. Their responses:
1. long term, patient loan capital
2. market studies
3. operations grants
As Skya from Akiptan notes, "there is so much need for loan capital in Indian country. But when I say loan capital, you can't just give a Native CDFI some money for a couple of years and check a box and say yay I helped the Native CDFIs. No, its not like that, if you want to help make a long term sustainable impact and change there needs to be long term, patient, innovative capital that goes with that...Just give me a call or come to Eagle Butte and visit with me...or just pick up your phone and call your local Native CDFI and ask what you can do. We would love to talk to you. The best way to support us just to be equal thought partners."
We finally ask what advice they have for those wanting to start CDFIs in their communities and learn about what to consider, whether it actually be starting a new CDFI or partnering with an existing institution to expand their lending landscape. Chrystel noted that first and foremost Indian country really needs an expanded platform of interested investors to integrate into continuing to build prosperity. Yet for those interested in started a new CDFI, Oweesta continues to remain a pillar in supporting the Native CDFI industry and can help support.
That is but a short synopsis. Learn more by listening now!
Resources:
www.oweesta.org
www.akiptan.org
Also check out the Opportunity Finance Network CDFI locator tool: https://ofn.org
And a thank you to the musicians! Credits: Sangre de Maíz by Polvora; Final Say by The Custodian of Records; and 04 by Barcelona Afrobeat International Orchestra. Attribution-NonCommercial-ShareAlike 3.0 United States (CC BY-NC-SA 3.0 US)
1 hr 9 min