In a landmark donation, billionaire philanthropist MacKenzie Scott has gifted more than $103 million to Native community development financial institutions across the country. Grants are being made with the intention of strengthening indigenous financial institutions and empowering initiatives led by Native people toward economic growth and community resilience.
This was a momentous contribution celebrated by the Native CDFI Network, a nonprofit advocacy group for Native financial organizations. “This transformative gift endows Native CDFIs with the resources needed to foster opportunity and resilience in our communities,” said NCN CEO Pete Upton in a statement.
Scott, a woman of charity, reported the donations on her blog “Investing.” This donation round amounts to more than $2 billion to 199 organizations, of which approximately 75 percent go to organizations that aim to secure one’s economy, housing, education, healthcare, and financial counseling.
The grants are between $1 million and $13 million to 30 Native CDFIs, and they are unrestricted, so organizations can use them to address the most pressing needs in their communities. They will support affordable housing initiatives, business loans, entrepreneurship coaching, clean energy projects, and financial education programs.
Upton said, “These institutions are trusted leaders in Native communities, driving economic prosperity and opportunity. The funds enable us to grow, build, and endure while supporting our people.”
This funding corrects some of the ongoing imbalances in philanthropy. Candid and Native Americans in Philanthropy found that fewer than 0.5% of foundation funding in the United States usually flows to Native American nonprofits.
For far too long, Native communities have not been included,” Upton said. “This recognition by MacKenzie Scott highlights leadership, knowledge, and capacity within Native organizations to move meaningful change.
Scott’s commitment now totals $19.3 billion in donations since 2019, as Scott continues to showcase commitment to addressing underserved communities and economic justice.
To Read More: Finance