Native News Network Staff in Native Currents. Discussion »
WASHINGTON Thirty-five organizations serving Native American, Alaska Native, and Native Hawaiian communities received a total of $12.4 million in awards from the US Department of the Treasury's Community Development Financial Institutions Fund, CDFI Fund, under the Fiscal Year 2013 round of the Native American CDFI Assistance Program, NACA Program. The awardees all aim to increase lending and financial services in Native Communities, stimulating economic development in some of the most distressed and low income parts of the country.
"The Native American CDFI Assistance Program is providing critically needed funds for distressed Native and tribal areas, many of which lack traditional banking services,"
said Don Graves, Treasury Deputy Assistant Secretary for Small Business, Community Development and Housing Policy.
"This latest round of awards will expand the capacity of native financial institutions to develop innovative economic development solutions for the businesses and individuals in their communities."
The awardees, all certified Native Community Development Financial Institutions, Native CDFIs, or organizations looking to become or create Native CDFIs, will receive a collective total of $12,451,015 in Financial Assistance and Technical Assistance awards. Eighteen Native CDFIs will receive Financial Assistance awards, FA, which are primarily used for financing capital. Seventeen organizations will receive Technical Assistance grants, TA, which are usually used to acquire products or services, staff training, professional services, or other support.
"The FY 2013 NACA Program awards will lead to increased loans for small businesses, affordable housing, and community facilities in Native Communities, in addition to basic financial services that are essential to building household wealth and stability,"
said CDFI Fund Director Donna J. Gambrell.
"As the award-making arm of the CDFI Fund's Native Initiatives, the NACA Program has consistently supported the unique organizations that are doing such vital work in these communities."
The majority of the target markets served by the awardees are rural, although seven organizations primarily serve minor urban areas. The organizations are headquartered in fifteen different states across the country.
The FY 2013 NACA Program Awards announcement comes at a time when the CDFI Fund's Native Initiatives is in the middle of studying the current availability of access to capital and credit in Native Communities. The "Access to Capital and Credit in Native Communities" study will draw on focus groups, tribal consultations, and independent research to establish the current reality of capital and credit availability in Native areas. The results of the study will be used to inform the CDFI Fund's future approach to the training, technical assistance, and awards that it provides through the Native Initiatives.
Learn more about the Access to Capital and Credit Native Communities study.
Additional information about the FY 2013 round of the NACA Program, including key highlights and the full award list, can be found below
Absentee Shawnee Tribe of Oklahoma, Shawnee, Oklahoma, TA, $92,290
Alaska Growth Capital BIDCO Inc, Anchorage, Alaska, FA, $750,000
Cha Piyeh, Inc. Ohkay Owingeh New Mexico FA $150,000
Chehalis Tribal Loan Fund, Oakville, Washington, FA, $150,000
Cherokee Nation Economic Development Trust Authority Inc, Tahlequah, Oklahoma, FA, $750,000
Chi Ishobak, Dowagiac, Michigan TA $135,236
Citizen Potawatomi Community Development Corporation, Shawnee, Oklahoma, FA, $750,000
Coalition of Indian Housing Authorities, Bismarck North Dakota, TA, $138,400
Cook Inlet Lending Center Inc, Anchorage, Alaska, FA, $750,000
First Nations Community Financial, Black River Falls, Wisconsin, TA, $136,090
First Ponca Financial Inc, Grand Island, Nebraska, TA, $150,000
Four Bands Community Fund Inc, Eagle Butte, South Dakota, TA, $147,308
Hawaii First FCU, Kamuela Hawaii, FA, $524,000
Hoopa Development Fund, Hoopa California, TA, $97,330
Hopi Credit Association, Keams Canyon, Arizona, FA, $750,000
Hunkpati Investments Inc, Fort Thompson, South Dakota, TA, $149,740
Indian Land Capital Company, Little Canada, Minnesota, FA, $750,000
Karuk Community Loan Fund Inc, Yreka, California, TA, $149,925
Keweenaw Bay Ojibwa Housing and Development Corporation, Baraga, Michigan, FA, $250,000
Lakota Federal Credit Union, Kyle South, Dakota, TA, $150,000
Lakota Fund, Kyle South Dakota, FA, $750,000
Lower Brule Community Development Enterprise LLC, FA $750,000
Mazaska Owecaso Otipi Financial Inc, Pine Ridge, South Dakota, FA, $600,000
NACDC Financial Services Inc, Browning, Montana, TA, $150,000
Native American Development Corporation, Billings, Montana, TA, $145,424
NiiJii Capital Partners Inc, Keshena, Wisconsin, TA, $141,550
Northwest Native Development Fund, Nespelem ,Washington, FA, $350,000
Osage Financial Resources, Pawhuska, Oklahoma, TA, $148,545
Salt River Financial Services, Scottsdale, Arizona, FA, $750,000
San Pasqual Band of Mission Indians, Valley Center, California, TA, $144,250
Taala Fund, Taholah, Washington, FA, $150,000
The Queens Federal Credit Union, Honolulu, Hawaii, FA, $659,000
Turtle Mountain CDFI, Belcourt, North Dakota, TA, $145,327
White Earth Investment Initiative, Ogema, Minnesota, FA, $500,000
Westwater Financial Inc, Geyserville, California, TA, $146,600
posted September 23, 2013 7:40 am edt