U.S. Treasury Awards $700,000 to Chi-Ishobak to support Tribal Communities
September 28, 2020
Dowagiac, MI – Sean Winters, Executive Director of Chi-Ishobak, announced that the U.S. Department of Treasury’s Native American CDFI Assistance (NACA) Program awarded $700,000 to the Michigan-based non-profit organization to offer products and services to build capacity for Tribal Citizens in the areas of professional and personal finance.
“This is a tremendous opportunity for Chi-Ishobak,” said Winters. “This is the largest grant we have received from the NACA program, and will help us provide tremendous opportunity to our tribal citizens – both personally, and for those wanting to start or are in business.”
The U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) was established to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders, investors, and financial service providers. The CDFI Fund’s Native American CDFI Assistance Program (NACA Program) was created specifically to help Native Communities thrive and grow by increasing their access to credit, capital, and financial services.
“I am proud to announce the fiscal year 2020 CDFI Program and NACA Program Award Recipients,” said CDFI Fund Director Jodie Harris. “These organizations are providing vital economic development and financial services to neighborhoods, businesses, and families. I am especially proud that we have 91 new organizations receiving awards this year, expanding the opportunity of this program to even more communities across the country.”
Overall, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 397 Community Development Financial Institutions (CDFIs) $204.1 million in awards, which can facilitate the creation and advancement of Native CDFIs and can be used for lending capital, loan loss reserves, capital reserves, financial services, and development services.
About the NACA Program:
The origin of the Native Initiatives can be traced back to 1994 when Congress mandated, through the CDFI Fund’s authorizing statute, a study on the lending and investment practices in Native Communities. The findings revealed that Native American, Native Alaskan, and Native Hawaiian communities face unique challenges to economic growth. These obstacles include heightened barriers to accessing capital and basic financial services, as well as increased difficultly interacting with private and public sector programs. With this in mind, the CDFI Fund created the Native Initiatives to further support the creation and expansion of Native CDFIs. Native CDFIs help Native Communities thrive and grow by increasing their access to credit, capital, and financial services. The Native Initiatives program uses a combination of financial, technical assistance, and training to build the capacity of CDFIs serving Native Communities.
For more information: www.cdfifund.gov