Native-Focused Organizations Receive More Than $6 Million in Grants From Wells Fargo’s Invest Native
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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:
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Producing 156 homes for purchase and 102 rental homes
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Serving an estimated 2,000 small businesses, including more than 1,500 sole proprietor businesses
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Supporting businesses in creating 322 jobs and preserving 477 jobs
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Facilitating debt reduction for 1,000 participants, with total debt reduction exceeding $1 million
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Providing financial counseling or coaching to more than 8,000 Native people
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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.