Change Labs to Launch First Regenerative Equity Fund for Navajo Entrepreneurs with Wells Fargo grant
$900,000 from Wells Fargo to Support Groundbreaking Investment Model for Indigenous-Owned Businesses
SHIPROCK, N.M. — Change Labs announced today a collaboration with Wells Fargo to design and pilot the first regenerative equity fund dedicated to Navajo entrepreneurs. This initiative marks a historic step toward increasing Indigenous representation in early-stage capital markets and unlocking new economic opportunities across the Navajo Nation and greater Southwest.
Over the next three years, Change Labs will design and test a $1 million equity investment model tailored to the realities and aspirations of Native entrepreneurs. The pilot will invest in up to eight Navajo-owned businesses, coupling blended capital investments of up to $250,000 with deep wrap-around support services, peer-to-peer learning, and mentorship. This fund seeks not only to generate business growth, but to test key assumptions about how to invest equitably and effectively in Indigenous communities.
“Indigenous entrepreneurs are long overdue for access to equity capital that sees their value and shares their vision,” said Heather Fleming, Executive Director of Change Labs. “This fund is more than an investment vehicle,it’s a call to redesign how capital flows in Native communities, and a chance to prove that when we invest in Indigenous ingenuity on Indigenous terms, everyone benefits.”
The fund will prioritize regenerative principles such as seeking social, cultural, and environmental returns alongside financial outcomes. Change Labs aims to significantly increase social capital among investees, strengthen human capital through technical assistance and coaching, expand access to financial capital, and improve economic agency through accelerator programming.
Holly Patterson, a Diné strategic capital strategist at Change Labs, will play a key role in the design and implementation of the fund.
“As a Native woman working at the intersection of finance and community, I’ve seen firsthand the brilliance of our entrepreneurs and the barriers they face when seeking capital,” said Patterson. “This fund is a bold experiment, and a necessary one. It’s about investing in our people, our ideas, and our future not just with money, but with trust.”
The support from Wells Fargo is part of its Open for Business Growth initiative, a nationwide program aimed at helping growth-ready small businesses expand and succeed. In particular, the catalytic funding is meant to enable nonprofits to develop and deploy innovative new capital products and services for the small business community.
“We’re proud to support Change Labs in building a first-of-its-kind equity fund that reflects the strengths and values of Navajo entrepreneurs,” said Kimelyn Harris, head of small business philanthropy at Wells Fargo. “This collaboration aligns with our broader commitment to help communities thrive in a way that acknowledges the leadership of those closest to the work.”
The pilot program will launch in early 2026, with information for entrepreneurs opening in mid-2026. Learn more at www.changelabs.org
