Initiative supports community groups in six states with focus on addressing economic opportunities
SAN FRANCISCO, CA / ACCESSWIRE / November 4, 2024 / Across a six-state region, 33 nonprofits received a total of $6.4 million in grant funding from Wells Fargo's Invest Native Initiative (5:00) to strengthen housing access and affordability, small business growth, financial health, and sustainability in Native communities. The funding is part of Wells Fargo's two-year effort focused on collaborating with Native organizations and communities in Arizona, Montana, New Mexico, North Dakota, South Dakota, and Wyoming.
"We continue to listen and learn from the leaders already doing the work in Native communities," said Darlene Goins, president of the Wells Fargo Foundation. "With philanthropic investment in the mission, staff and capacity of Native-serving and Native-led organizations, we can help create positive outcomes for families, small businesses, and communities - respecting the culture, expertise and traditions within Tribal communities. With these grants, Wells Fargo delivers on its $20 million Invest Native commitment and will continue to support locally-led efforts that advance prosperity in Native communities."
Grantees share that Invest Native funding is anticipated to deliver tangible community outcomes, including:
Producing 156 homes for purchase and 102 rental homes
Serving an estimated 2,000 small businesses, including more than 1,500 sole proprietor businesses
Supporting businesses in creating 322 jobs and preserving 477 jobs
Facilitating debt reduction for 1,000 participants, with total debt reduction exceeding $1 million
Providing financial counseling or coaching to more than 8,000 Native people
Training of 27 community-based organizations on climate resiliency topics
In addition, Invest Native supports strengthening nonprofits and coalitions by building their capacity to serve. As an example, Mountain Plains Community Development Corporation leveraged its grant funds as seed funding and reports providing more than $1.5 million in loans to small businesses. A different grant supported the hiring of executive directors for two additional Native-led, Native serving housing coalitions in Montana and in the Southwest. A capacity-building grant in South Dakota supported the development of a new housing subsidiary for the South Dakota Native Homeownership Coalition, which helps Native people become homeowners.
Wells Fargo is working with Enterprise Community Partners and its Native-led and experienced Tribal Nations team to provide strategic guidance, technical assistance and training, peer convening, and program evaluation to maximize the impact of the initiative.
"It is exciting to see how the grantees leverage Invest Native support to fulfill needs in their communities by expanding services, furthering their geographic reach, and building new programs," said Jennie Rodgers, Enterprise VP and Rocky Mountain, Tribal Nations, and Rural Communities Market Leader for Enterprise Community Partners. "We're honored to continue supporting Wells Fargo as they forge ahead in supporting collaborative, creative, resilient Native-led work."
The 33 organizations that received funding in 2024 include:
Arizona
Arizona Native Asset Coalition Corporation
Change Labs
Honor Water
Nááts'íilid Initiative
Nahata Foundation, Inc.
Nalwoodi Denzhone Community
Native Public Media
Red Feather Development Group
Seeds of Harmony, Inc.
Montana
Kids Co-op, Montana
NACDC Financial Services, Inc.
Native American Development Corporation
Plenty Doors Community Development Corporation
Salish and Kootenai Housing Authority
Salish Kootenai College
New Mexico
Native Community Capital
Navajo Townsite Community Development Corporation
New Mexico Community Capital
Pueblo of Acoma Housing Authority
Pueblo of Jemez Housing Authority
Southwest Tribal Housing Alliance
North Dakota
Sacred Pipe Resource Center
SAGE Development Authority
South Dakota
Akiptan, Inc.
Black Hills Community Loan Fund, Inc.
Buffalo Nations Grasslands Alliance
Four Bands Community Fund, Inc.
Lakota Funds
Mazaska Owecaso Otipi Financial
Oyate Teca Project
Sicangu Community Development Corporation
South Dakota Native Tourism Alliance/Pine Ridge Chamber of Commerce
Wyoming
Wind River Development Fund
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a leading financial services company that has approximately $1.9 trillion in assets. We provide a diversified set of banking, investment and mortgage products and services, as well as consumer and commercial finance, through our four reportable operating segments: Consumer Banking and Lending, Commercial 3 © 2024 Wells Fargo Bank, N.A. All rights reserved. For public use. Member FDIC. Banking, Corporate and Investment Banking, and Wealth & Investment Management. Wells Fargo ranked No. 34 on Fortune's 2024 rankings of America's largest corporations. In the communities we serve, the company focuses its social impact on building a sustainable, inclusive future for all by supporting housing affordability, small business growth, financial health, and a low-carbon economy. News, insights, and perspectives from Wells Fargo are also available at Wells Fargo Stories.
Additional information may be found at www.wellsfargo.com
LinkedIn: https://www.linkedin.com/company/wellsfargo
Media Contact Information
Erin Devaney, 704-635-0690
erin.devaney@wellsfargo.com
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