Northern Michigan Community Lender Receives $725,000 Financial Assistance Award

Native News Network Staff in Native Briefs. Discussion »

Native Initiatives

HARBOR SPRINGS, MICHIGAN - Northern Shores Loan Fund, Inc. (NSLF) was one of only 35 organizations nationwide to receive an award through the fiscal 2011 round of the Community Development Financial Institution (CDFI) Fund's Native Initiatives Financial and Technical Assistance component; the Native American CDFI Assistance Program (NACA Program), announced by the US Department of Treasury in August.

Northern Shores Loan Fund is incorporated under the Little Traverse Bay Bands of Odawa Indians and serves Antrim, Charlevoix, Cheboygan, Emmet, Grand Traverse and Kalkaska counties. Northern Shores Loan Fund provides business loans as well as business education services to both native and nonnative entrepreneurs starting a business or who have an established business.

Northern Shores Loan Fund was also one of only ten native organizations to receive the largest funds individually at $725,000, as well as the only Michigan native Community Development Financial Institution to receive the Financial Assistance component of this round.

"Receiving this large award through the Financial Assistance component of the NACA Program FY 2011 Round allows us to increase our lending maximum limits per client from $15,000 to $100,000, enabling us to assist a wider base of Northern Michigan entrepreneurs who are unable to obtain conventional loans to successfully operate in Northern Michigan," stated Lisa McComb, Northern Shores Loan Fund Executive Director.

"This award is a result of years of hard work by numerous volunteers and staff in building a strong foundation for NSLF," stated Laura Blumberg, Northern Shores Loan Fund Chair. "I would like to thank the NSLF Board of Directors; Pat Dyer-Deckrow, Sue Goddard and Chasity Savage along with Lisa McComb, the NSLF staff and numerous Committee members for their continued contributions to NSLF."

The US Department of Treasury's CDFI Fund awarded $11.85 Million to Native CDFIs in the fiscal 2011 round of the NACA program. Northern Shores Loan Fund, Inc. received its first financial assistance award in this round and will now be able to make an even larger impact than it already has in the communities it serves by strengthening its economic development outreach through increased lending services and financial product development.

Northern Shores Loan Fund, Inc. has successfully loaned approximately $100,000 to local entrepreneurs and assisted over 200 entrepreneurs with business education since opening its doors in 2008.

If you or someone you know is an entrepreneur in Northern Michigan and needs financial or business education assistance contact Northern Shores Loan Fund at 231-347-6753 for an appointment. For more information, visit NorthernShoresLoanFund.org

posted October 26, 2011 6:30 am edt