Oweesta Corporation announced a continued collaboration with the Wells Fargo Foundation to provide seed funding and capacity building opportunities for emerging or small Native Community Development Financial Institutions (CDFIs) through a two-year, $1.5 million grant.
Over the last three years, the partnership has distributed $1.2 million to 19 Native CDFIs. In the upcoming round, Oweesta anticipates it will distribute $240,000 in capital to a dozen emerging Native CDFIs.
To qualify for this matching grant, a Native CDFI needs to meet the following current requirements:
- Serve a Native American, Alaska Native, or Native Hawaiian target market
- Have less than $5MM in organizational total assets
- Have less than $500,000 in non-federal debt
- Must meet all Oweesta underwriting requirements
Additionally, preference will be given to organizations that have been lending for less than five years. Applications for this program are available on a rolling basis and will be considered in the order in which loan/grant applications are received. Interested organizations can access the application by visiting: www.oweesta.org/our-services/native-cdfi-lending-capitalization.
In addition to start-up capital, this grant will support the Native CDFI Certification program for a full two years, supporting 12 certification trainings. These training courses will provide an overview of all areas of Native CDFI operations, including basic financial management, lending, development services, impact tracking, marketing, capitalization, and more. The Certification Program offers four tracks to specialize in Lending, Executive Management, Development Services, and/or Financial Management.
For additional questions about these programs, please contact:
Fern Orie, Chief Programs Officer