Catalytic Spotlight: Oweesta
Problem: Centuries of genocide, dispossession of land and disenfranchisement of Native Americans has led to persistent and profound socioeconomic disparities for Native communities. 25.4% of Native Americans are under the poverty line today, compared to a national average of 11%. Native Americans also represent the highest rates of unbanked households, at 16.3%, after years of being plagued by systemic red-lining. Native Communities continue to face high barriers to accessing capital and resources. This lack of access to credit and exclusion from the financial mainstream has been a key barrier to these communities’ ability to grow and thrive financially.
Impact Goal: Economic mobility and justice for Native communities
Impact Approach: Low-interest loans and coaching exclusively to Native entrepreneurs
Geography: United States
Beneficiaries: Native Communities
About Oweesta:
Locations of Oweesta’s underlying borrowers
Oweesta is a certified Native Community Development Financial Institution (CDFI) that offers low-cost, flexible and patient capital along with hands-on development services exclusively to Native CDFIs and Native loan funds. For over 20 years, Oweesta has been working to address the lack of capital and financial infrastructure in Native American communities across the United States. These institutions provide Native communities with the tools and capital required for real and sustainable job creation, small business development, commercial real estate development, and affordable housing/home ownership. The Oweesta team spends its time learning from Native communities and leveraging their learnings to build research, develop financial products, advocate for policy changes and provide coaching to elevate Native communities to financial freedom and prosperity. Since inception, 6,346 loans have been disbursed to bridge the financing gap
Catalyzing Impact Features
Female and Native-led team: CEO and President, Crystel Cornelius, is a Native woman who is a member of the Oneida Nation of Wisconsin and the Turtle Mountain Band of Chippewa Indians. The executive team of four is also 100% female and 75% Indigenous.
Unique Impact Exposure: Oweesta exclusively serves Native communities. Underlying borrowers possess a deep contextual understanding of their communities and have strong relationships with end borrowers as a result of their relatively small size and local focus.
Impact to Date:
Oweesta monitors the impact created through the lending capital they provide to borrowers by tracking how borrowers use the funds:
Chat with the Align team today for more information on how to participate in this catalytic fund.