This story was originally published by MPR News.
Melissa Olson
MPR News
Mni Sota Fund, a Community Development Financial Institution, announced it’s been awarded a $7 million community innovation grant from the Bush Foundation to support wealth building in Minnesota’s Native American communities.
The funding has helped the Minneapolis-based organization raise a large portion of a planned $18 million capital campaign.
Andrea Reese, Mni Sota Fund’s interim executive director, told MPR News the organization is taking a holistic approach to money and personal finance that reflects Indigenous values.
“It’s really thinking about looking at the needs of our community, changing our mindset and behavior from what it has always been, and really combating generational poverty,” said Reese. “We’re flipping that script. We’re flipping that narrative into thinking about building Indigenous wealth. That is physical, that is spiritual, that is mental and it’s also financial.”
Eileen Briggs is a grantmaking director at the Bush Foundation. Briggs wrote the organization “reaches people where they live and work,” according to a news release.
“Our support for Mni Sota Fund reflects our belief that Native-led organizations know best how to build systems that work for their people. Their record of trust, innovation, and collaboration is creating lasting pathways to economic strength,” Briggs wrote.
Reese says approximately $4 million of the new funding will be dedicated to increasing the amount of money the organization loans to entrepreneurs, small businesses and those seeking to repair or build their credit. She says the organization intends to expand its reach statewide by working with organizations in Bemidji and Duluth. The organization has engaged in business lending to hundreds of Native people across the state for more than a decade.
Reese says another $3 million will be spent on staffing to increase the organization’s capacity to provide financial literacy and home buying classes. The organization has provided credit building, financial coaching, and home buying classes to more than 500 people. They’ve provided approximately 50 people with home ownership support.
Hopa Stevens was introduced to Mni Sota Fund’s home buyers’ program through her mom, who is also working toward financial independence. Stevens took her first step last fall after a Mni Sota Fund staff member encouraged her to think about home ownership. Stevens took the first step and enrolled in a savings program that matched her dollar-for-dollar. She then enrolled in the organization’s first-time home buyer course. She says her journey to home ownership wasn’t easy, but it was worthwhile.
In mid-October, she purchased a house. She celebrated the recent Thanksgiving holiday at her new house alongside members of her family.
“We always had Thanksgiving at my grandma’s or at our house. But it was never like, ‘Oh, this is grandma’s house, and she’s owned this house for years.’ Like, none of our family has ever gotten to experience that,” Stevens said. “I’m excited to be able to build those traditions with my family, and eventually when I have kids.”
Reese says Stevens’ experience is a “perfect example” of how her organization is working to change the way Native communities think about economic well-being. Aided with the new funding, they hope to increase the support for home ownership four-fold.
“Those are things that we can pass down financially to our next generation, things like businesses, investments, and home ownership,” Reese said. “So, there’s a lot that could go into defining and building Indigenous wealth.”