Across the Northeast and Mid-Atlantic, Indigenous and historically excluded communities face persistent and systemic barriers to capital access. Despite centuries of economic resilience, colonization and exclusionary financial systems have left Native entrepreneurs, tribally-led enterprises, and stabilization businesses without the financial tools needed to thrive.

Stabilization businesses such as local food producers, artisans, cultural tourism sites, renewable energy cooperatives, and small service providers may not fit the high-growth venture profile, but they form the backbone of community economies. They are essential for creating steady employment, circulating dollars locally, sustaining cultural practices, and strengthening ecological balance.

Mainstream financial markets rarely serve these businesses. Venture capital demands rapid growth and exit strategies. Conventional banks require collateral and credit history that many first-generation Native entrepreneurs cannot provide. Even well-intentioned community finance institutions often rely on rigid underwriting standards that exclude character- and relationship-based enterprises. As a result, many of the businesses most critical to Indigenous community health are chronically undercapitalized.

This exclusion is a cultural, financial, psychological and ecological one. Without stable sources of capital, communities lose opportunities to reclaim self, to reclaim land, rebuild food systems, establish sustainable energy infrastructure, and revitalize cultural lifeways. The result is a cycle of dependency on external systems that undermines sovereignty, resilience, and intergenerational wellbeing.

Scale of the Problem

The scale of the capital gap is stark:

Native-owned businesses receive less than 0.005% of all U.S. venture capital, despite being among the fastest-growing segments of entrepreneurs.
Native Led organizations receive less than .4% of all philanthropic capital, well out of line with the overall population.
Across Turtle Island and particularly in Rhode Island, Massachusetts, Connecticut, New York, New Jersey and neighboring states, tribal nations and Native entrepreneurs are working on projects in food sovereignty, clean energy, cultural tourism, and land stewardship but lack patient, values-aligned investment.
Stabilization businesses are disproportionately excluded from federal and state programs that prioritize high-growth enterprises. Even when grant funding is available, it is often episodic, short term, tied to rigid timelines, or fails to support operational stability.

The result is that otherwise viable businesses stall, cultural projects remain unfunded, and ecological initiatives cannot reach the scale necessary to meet climate and community needs.

Impact of Exclusion

The absence of stabilization capital produces cascading harms:

Economic Fragility – Small Native-owned businesses struggle to secure working capital, leading to limited job creation and reduced local economic circulation. This undermines SDG 8 (Decent Work and Economic Growth).
Missed Climate Opportunities – Tribally-led renewable energy, storage, and ecological restoration projects lack the financing necessary to launch, delaying contributions to SDGs 7 (Affordable and Clean Energy), 13 (Climate Action), and 15 (Life on Land).
Erosion of Cultural Infrastructure – Projects tied to cultural revitalization, such as museums, tourism centers, and arts enterprises, are too often sidelined by investors who do not see cultural value as “investable.” This weakens intergenerational knowledge transfer and diminishes SDG 11 (Sustainable Cities and Communities).
Continued Inequality – Without access to affordable, flexible capital, Indigenous communities remain locked out of wealth-building opportunities, perpetuating systemic inequities addressed by SDG 10 (Reduced Inequalities).

The exclusion of stabilization businesses from the capital markets does not simply delay growth; it undermines the ability of Native communities to chart their own futures, steward their lands, and build systems of resilience that last beyond any single grant cycle or business season.

The First Fires Response

The First Fires Evergreen Fund was created to meet this challenge directly. Rooted in the traditional story of the Manitowok lighting the First Sacred Fire to bring people back together during a time of great conflict, the Fund embodies values of reconciliation, stewardship, and intergenerational responsibility. Its purpose is to bring catalytic, evergreen capital into Indigenous economies in ways that honor cultural traditions while meeting modern financial needs.

Key elements of the First Fires approach include:

Evergreen Structure – Unlike closed-end venture funds, First Fires is designed to recycle principal repayments continuously. 65% of every dollar that returns to the fund is redeployed into new businesses and projects, ensuring long-term compounding of impact rather than a single investment cycle.
Flexible Instruments – The Fund employs a mix of revenue-based financing, traditional debt capital, character-based loans, recoverable grants, and equity participations. This flexibility ensures that financing structures fit the realities of Indigenous enterprises rather than forcing businesses into extractive terms.
Relational Underwriting – Decisions are guided by both financial diligence and cultural due diligence. Community Advisory Circles, rooted in Indigenous governance traditions, ensure that investments align with cultural values, ecological stewardship, and community priorities.
Stabilization Focus – The Fund prioritizes businesses that may not scale rapidly but are essential for community wellbeing: food sovereignty enterprises, cultural tourism projects, small contractors, land stewardship initiatives, and renewable energy cooperatives. These stabilization businesses are the anchors of resilient economies.
Dual Return Pathways – Investors can choose between concessionary options (0–2% capped returns, recoverable grants) or market-light options tied to revenue-sharing and equity participation. This dual pathway enables CRA banks, philanthropic investors, and aligned high-net-worth individuals to participate according to their mandates.

Why Now

The urgency of this work cannot be overstated. Climate change is already impacting Indigenous lands and communities, amplifying economic precarity and ecological disruption. Meanwhile, a generational wave of Native entrepreneurs is emerging, bringing forward business models that blend tradition and innovation. Without access to stabilization capital, these leaders face unnecessary barriers, and their communities risk losing opportunities to build resilience at scale.

At the same time, investors are seeking vehicles that offer both impact and accountability. CRA banks need compliant pathways to meet obligations. Foundations and DAFs are under pressure to align endowments with mission. High-net-worth individuals are demanding opportunities to move capital in ways that reflect their values. Yet, few investment opportunities exist that combine rigorous financial oversight with Indigenous governance and cultural accountability. The First Fires Evergreen Fund fills this gap.

Conclusion

The challenge before us is intergenerational. Stabilization businesses are overlooked by traditional markets, yet they are the heart of Indigenous community resilience. By providing an evergreen, relational fund structure tailored to the realities of Native economies, the First Fires Evergreen Fund offers investors a chance to align their capital with justice, sovereignty, and sustainability.

The problem we are addressing is clear: a systemic exclusion of Indigenous and stabilization businesses from capital markets. The solution is equally clear: build a fund that recycles capital, honors cultural governance, and advances the SDGs through long-term, community-rooted investments.

First Fires Fund is a beacon lit to bring people back together, to restore balance, and to carry forward resilience for generations.

TICC: First Fires Fund

TICC: First Fires Fund