IndiView Chart of the Week: Asterisk Nation

This week, we turn the spotlight to Native American economies—where they stand today, the opportunities ahead, and the challenges they face.

The title “Asterisk Nation” reflects a frustrating reality: Native American business contributions to the U.S. economy are so underreported that they often appear as little more than an asterisk in national data. Because tribes are sovereign nations, consistent and comprehensive data collection is rare. Historically, Native communities were studied more as research subjects than true economic partners—leading to gaps in understanding their impact, capacity, and potential.

Fortunately, efforts are underway to change that. The Center for Indian Country Development (CICD) at the Minneapolis Federal Reserve is building robust datasets to measure and track the health of tribal economies. One such dataset forms the basis for this week’s chart, showing the number of tribally owned businesses by state across the U.S.

The Current Landscape

The data reveals a clear concentration of tribal businesses in the Midwest and Western regions—unsurprising, given the locations of tribal lands. Many of these businesses are built to serve their communities directly, but their reach increasingly extends beyond tribal boundaries.

There’s also a common misconception that Native economies are centered solely around gaming. While gaming remains a significant revenue source, tribal enterprises have steadily diversified into sectors such as agriculture, construction, retail, health care, energy, and professional services. Native entrepreneurship is growing, and it’s growing in many directions.

Opportunity Set

The history of tribal gaming has built deep expertise in hospitality, operations, and customer service, which now serves as a launchpad into adjacent industries—hotel management, entertainment, and large-scale events.

In real estate development, many tribes are leveraging land and infrastructure knowledge gained from gaming operations to pursue commercial and mixed-use projects.

Health care is another area of potential growth. Native communities face persistent disparities in health outcomes, especially in rural areas. But there’s growing interest in holistic wellness, traditional healing practices, and Native-made health products—an area where tribes can lead with authenticity and impact.

And perhaps most compellingly, energy represents a massive frontier. Tribal lands are rich in wind, solar, and geothermal resources. As more tribes invest in energy development, they can achieve both economic sovereignty and environmental sustainability, creating jobs, revenue, and infrastructure that serves their communities and the broader region.

The Challenge: Credit Access

Yet for all this potential, a persistent obstacle remains: access to capital.

In the film Too Big to Fail (2011), Paul Giamatti (as Fed Chair Ben Bernanke) explains:

“The depression may have started because of a stock market crash, but what hit the general economy was a disruption of credit. Average citizens unable to borrow money, to do anything. To buy a home, start a business, stock their shelves. Credit has the ability to build a modern economy, but lack of credit has the ability to destroy it, swiftly and absolutely.”

This is the crux of the issue in Indian Country. Credit—or the ability to access funding to buy a home, start a business, or build infrastructure—is scarce.

Why?

• Data gaps: There’s limited financial reporting on tribal member credit histories and borrowing behavior.
• Geographic barriers: Many Native communities are rural, limiting lender access and competition.
• Historical exclusion: Generations of disconnection from mainstream financial institutions have left many communities with limited financial literacy and fewer pathways to capital.

A Promising Solution: Native CDFIs

One bright spot: Native Community Development Financial Institutions (CDFIs). These mission-driven organizations provide tailored financial products to Native communities—often blending access to capital with education, support, and training.

According to the Native CDFI Network (NCN), there are 69 Native-owned CDFIs operating in 27 states, many in the same regions with high tribal business activity. These institutions are on the front lines of building the infrastructure Native economies need to grow—from microloans to business development services to first-time homebuyer support.

IndiWealth: Investing Where Growth is Underestimated

IndiWealth was founded with a mission to provide investment advisory services to underserved communities—not as a charity, but as an investment in opportunity.

We believe Native American tribes, entrepreneurs, and businesses are poised to create multi-generational wealth, and we aim to provide investment solutions that align with their missions. Our approach is time-based and outcomes-focused—designed to fit the specific needs of our clients and their communities.

Native economic progress isn’t always linear. But it’s real, it’s growing, and it’s sustainable. And at IndiWealth, we’re committed to supporting that growth—today and for generations to come.

Want to learn more: contact us here

Source: https://www.minneapolisfed.org/article/2025/new-data-showcase-the-breadth-of-tribally-owned-businesses

Source: https://tribalbusinessnews.com/sections/economic-development/15115-q-a-casey-lozar-on-the-center-for-indian-country-development-s-10-year-mission-to-close-critical-economic-data-gaps-for-native-nations