b'Turning dreamsThis is largely because the key frameworkand how they work against Indigenous borrowers. THINKING: NATIVE WOMEN LEADthe U.S. credit system operates ontheTHE 5 CS OF CREDITso-called 5 Cs of Creditputs Indigenous peoples at a strong disadvantage (see Native Women Lead co-director Jaime Gloshay comments on the 5 Cs of Credit sidebar). That 5 Cs framework has not worked for our communities, and it1. Character (FICO score). Monitored by three credit bureaus that monitor your INTO REALITY continues to be a challenge and barrier,financial history. If you dont have a good FICO score, is that a result of not having says Jaime Gloshay, NWL co-director.People in our community say they oftena financial education or access, which is an issue for many?feel discriminated against based on2. Capital. Within a lot of those communities, there is no intergenerational wealth race and gender and that lenders oftenbecause of systemic exclusion. Black and brown folks werent allowed to buy dont believe in what theyre doing ashouses for a long time, so assets are not transferring to build on peoples wealth entrepreneurs, adds Gloshay. Theyreas the generations go on.not receiving enough capital, so theyre undercapitalized in their requests and there3. Collateral. Because of the political relationship that exists with the federal arent a lot of attractive options for them.government and the tribes in the U.S., many people who live on reservation or And the trust and transparency around thattribal land cannot utilize collateral to leverage because banks dont want to go whole process is quite limited. That comesonto a Nation and try to access the asset, because theyll essentially have to deal from years and years of exclusion fromwith the Native Nation. Many Nations dont want to give up that right and allow a financial institutions.financial institution to do that.That barrier often drives those seeking4. Capacity. How much can you pay? If Indigenous women are making 50 to 60 funds to predatory lenders who chargecents on the dollar (earned by male, white, non-Hispanic men) not being fully paid exorbitant interest rates. Its also why almostfor their time, energy and effort, that capacity might be very limited.64 per cent of these lenders base them- 5. Conditions. Often, especially for business loans, lenders will look at the market selves near Indigenous lands.conditions. But in Indigenous communities, economies are often informal, so its really hard for lenders to look at a business and be real about what the market ENTER NWL conditions look like.It was into this breach that NWL stepped into play in 2017, quickly becoming a driving force supporting Indigenous women entrepreneurs. We had to createOne of the drivers of this momentum wasRevolutionary Fund to establish women our own community to address these chal- NWLs successful 2021 submissionalongentrepreneurs; a Rematriating Economies lenges and barriers [and] our own capitalwith New Mexico Community CapitalforApprenticeship led by a third partner, tools to at least provide some access toa $10-million award in the Equality CantRoanhorse Consulting, to shepherd more capital, Gloshay says. Wait Challenge, a competition centredIndigenous women into finance and fund on gender equality in the U.S. The NWLmanagement; and the Circle of Support, Gloshay is one of the organizationssubmission outlined a three-prongedwhich offers technical assistance for the eight co-founders. Some of us met [in$10-million strategy: the Matriarchentrepreneurs the partners serve. 2017] at an event hosted by the Womens Economic Forum in Albuquerque while participating in a panel calledPromoting a positive and diverse healthcareDeveloping the Space for Positive Native Womenenvironment for infection prevention and controlMentorship, she explains, Not a single person attended, which led to a discussion that was the start of Native Women Lead.NWL has been gaining momentum since hosting their first event later that year. In 2018, they launched the Native Womens Business Summit, the largest gathering of Indigenous women entrepreneurs in the U.S. The Summit was held again in 2019, where attendance surpassed the first gathering. They have been a place where we get to witness each other. We always make sure that Indigenous women are on the platform because it closes that belief gap, and we want to make sure that people see themselves in one another. If that [Indigenous] woman can do it, I can do it too, which I think is the magic of it,www.ipac-canada.orgsays Gloshay.Ontario Native Womens Association13'