- Details
- By Levi Rickert
In a major boost to Indigenous financial institutions, MacKenzie Scott has awarded more than $103 million to Native community development financial institutions (CDFIs) across the country, according to an exclusive report in Tribal Business News.
The Native CDFI Network (NCN), a national nonprofit group that advocates for and supports Native CDFIs, lauded the unprecedented show of support for Native-led and Native-serving financial institutions.
"This year has been transformative, and one word that has been on my mind is 'endow' — to devote resources for a useful purpose," Pete Upton, CEO of Native CDFI Network, said in a news release. "With the visionary generosity of MacKenzie Scott, this word now carries deep meaning for Native communities and Native CDFIs."
Scott shared the news in her blog post, "Investing," where she revealed over $2 billion in donations to 199 organizations. Approximately 75% of the funding is dedicated to nonprofits that promote economic security and opportunity through affordable housing, job stability, education, healthcare, and financial counseling.
[Read the article from our sister publication, Tribal Business News.]
The investment includes grants to 30 Native CDFIs across the country, with individual awards ranging from $1 million to $13 million. These unrestricted funds will support vital financial services in Native communities, including:
- Affordable housing development
- Business loans and entrepreneurship coaching
- Living-wage job creation
- Financial counseling and education
- Clean energy projects
"No one knows better how to build up Native communities than Native CDFIs," said Upton. "As trusted, Native-led institutions, we are on the frontlines, leading the path toward opportunity, resilience, and economic prosperity. These long-term gifts provide exactly what we need: capital to grow, strength to build, and resources to endure."
This investment is especially significant in light of longstanding funding disparities. Research from Candid and Native Americans in Philanthropy shows that less than 0.5% of funding from large U.S. foundations typically goes to Native American nonprofits.
"For too long, Native communities have been overlooked and underfunded," Upton added. "These grants to Native CDFIs are more than a gift — they are a recognition of our leadership, our knowledge, and our capacity to deliver for Native people."
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