Large-scale economic development deals in Indian Country are typically financed through complex capital stacks — combining banks, tax credits and outside investors — with Native CDFIs often left out.

That may be starting to change.

In Episode 4 of Difference Makers 3.0, Brian Edwards and Pete Upton speak with Ted Piccolo and Stephen Nunes of Mission Driven Finance about a $65 million flour mill project on the Umatilla Indian Reservation — and how Native CDFIs helped finance a critical piece of the deal.

The Blue Mountain Mill project brought together tribal equity, senior debt from Native American Bank and a $9 million subordinated loan from eight Native CDFIs across the country.

In this conversation, Piccolo and Nunes explain how that financing came together, why Native lenders were brought in early, and how a collaborative structure — what Piccolo calls a “capital weave” — could shape future Native-led projects.

In this episode:

• How eight Native CDFIs came together to finance a $9M gap in the capital stack
• Why Native lenders have historically been left out of larger deals
• How the “missing middle” can stall projects — and how it was filled
• What a “capital weave” is — and how it works in practice
• How participation builds capacity for Native CDFIs to take on larger deals
• Why this model could extend to energy, infrastructure and other sectors

Reading & Resources:

🔗 Mission Driven Finance
https://missiondrivenfinance.com

🔗 Native CDFI Network
https://nativecdfi.net

🔗 Tribal Business News coverage of the Blue Mountain Mill
https://tribalbusinessnews.com

Difference Makers explores how Native community development financial institutions (CDFIs) are expanding economic opportunity across Indian Country. From small business lending and homeownership to consumer loans, financial education, and technical assistance, Native CDFIs provide the capital and support that help Native communities build stronger local economies.

Join the Native CDFI Network and Tribal Business News as they spotlight the people, partnerships, and ideas driving economic change in Native communities.