This article was featured in the Spring 2024 issue of our Resource newsletter.
The Northwest Minnesota Foundation has actively engaged in public policy with intent the last few years. Although it is not a major part of the Foundation’s overall activity, those advocacy efforts recently paid off in a big way.
During an open comment period for the U.S. Department of the Treasury’s Community Development Financial Institution (CDFI) Fund last summer, NMF staff became aware of an extra hurdle facing Native American entrepreneurs seeking loan financing from a certified CDFI.
Proposed language from the CDFI Fund included a methodology for certified CDFIs to confirm Indigenous heritage; namely, the requirement of written proof by way of Tribal identification or other registration documents. This was in contrast to other ethnicities who do not need to prove their identity, but instead can self-report their ethnicity.
This discrepancy led to our team engaging with our U.S. Senators’ staff members and other CDFI partners across the country. Not only did partner agencies provide critical comments during the comment period process, but they organized other CDFIs to submit their own comments and contact their elected representatives. Sarah Linda, in particular, Community Revitalization Program Manager at NMF, led the advocacy work as she brought the issue to the attention of others, led coordination of the Minnesota CDFI Coalition and advocated to our elected officials to change this unfair practice by the U.S. Treasury.
In December, we received word that the policy change was adopted, and Native American entrepreneurs will be treated as any other individual seeking loan and technical assistance from the CDFI Fund. This change takes effect across the country, not just in our region. This is one example of how NMF is a force for good.
