by admin | Sep 25, 2019 | News
U.S. Treasury Awards More Than $200 Million to CDFIs to Spur
Economic Growth in Low‐Income Urban, Rural, and Native
Communities
Awards through the CDFI Program and NACA Program support CDFI lending and investment nationwide
September 10, 2015
Washington- The U.S. Treasury Department’s Community Development Financial Institutions Fund
(CDFI Fund) awarded 195 Community Development Financial Institutions (CDFIs) $202 million in grants
and loans today through the latest rounds of the Community Development Financial Institutions Program
(CDFI Program) and the Native American CDFI Assistance Program (NACA Program). This
announcement caps the 20th anniversary celebration of the creation of the CDFI Fund and the CDFI
Program.
“Today’s awards highlight how much the CDFI Program has contributed in its 20 year history towards
building a strong network of CDFIs across the country,” said CDFI Fund Director Annie Donovan. “These
important community partners are not only on the frontlines of economically distressed communities
providing needed capital and credit, they are building a more inclusive economy which benefits the nation
as a whole.”
In 1996, 31 CDFIs received the very first CDFI Program awards with $35.5 million from the CDFI Fund.
Today, the CDFI Fund announced $182.3 million in Financial Assistance and Technical Assistance
awards to 152 organizations, including 28 first-time awardees, through the Fiscal Year (FY) 2015 round of
the CDFI Program. In addition, $22 million was awarded to 11 organizations through the Healthy Food
Financing Initiative. A total of 374 applications were received requesting more than $439 million under
this round of the program.
The CDFI Program invests in and builds the capacity of community credit unions, banks, loan funds, and
other financial institutions serving rural and urban communities across the nation that lack adequate
access to affordable financial products and services. Through the first 20 rounds of this program, the
CDFI Fund has awarded more than $1.5 billion, helping build a nationwide network of more than 950
CDFIs located in every state, all focused on economically empowering the communities they serve.
In addition, the NACA Program awarded $19.6 million in Financial Assistance and Technical Assistance
to 43 organizations, including seven new NACA Program awardees. The program is designed to
encourage the creation and strengthening of Native CDFIs. Organizations funded through the NACA
Program serve a wide range of Native American, Alaska Native, and Native Hawaiian communities
(Native Communities), and reflect a diversity of institutions in various stages of development – from
organizations in the early planning stages of creating a CDFI, to tribal entities working to certify an
existing lending program, to established CDFIs in need of further capacity building assistance. A total of
60 applications were received requesting more than $37.5 million for the FY 2015 round, which was the
CDFI Fund’s 14th round of funding with awards specifically for Native Communities. With $19.6 million in
awards CDFI Fund significantly increased the funding awarded to CDFIs serving Native Communities this
round, up from $12.2 million last year.
Additional information about the FY 2015 rounds of the CDFI and NACA Programs, including the full
award list and key highlights, can be found through the Award Book links below and on the CDFI Fund’s
website at www.cdfifund.gov/cdfi or at www.cdfifund.gov/native.
by admin | Sep 25, 2019 | News
October 19, 2015
Dowagiac, MI – The Little River Band of Ottawa Indians and Chi Ishobak, Inc. have signed a
Memorandum of Understanding (MOU) in which Chi Ishobak will serve as the Certified Native Community
Development Financial Institution (CDFI) for Little River Band of Ottawa Indians. Chi Ishobak will provide
access to capital for tribal citizens for small business loans and consumer loans with supplemental
education-oriented services to build professional and personal financial capacity.
“This partnership is a significant milestone within Indian Country,” said Chi Ishobak Executive Director
Sean Winters. “This type of program works within economically distressed communities and provides
capital and credit, while empowering Native Americans to continue strengthening our tribal nations.”
Chi Ishobak has been providing its loan program, business development, and personal financial
education curriculum to the Pokagon Band of Potawatomi Indians since 2009. The impact Pokagon Band
citizens have recognized has been growing steadily year-by-year. Since 2012 more than $900,000 has
been disbursed to tribal entrepreneurs and consumers. Tribal businesses have generated more than
$2.7 million in local economies and created approximately 15 jobs through existing small-businesses,
start-up business, and a female-owned business. Chi Ishobak clients have eliminated over $81,000 of
consumer debt, increased credit scores by an average of 41 points over a 10-month period, and helped
establish an initial credit score average of 671 over a 10-month period.
Chi Ishobak and the Little River Band of Ottawa Indians will aggressively market this program to tribal
citizens via email, newsletters, websites, and through tribal government to increase exposure to program
information and details as part of the initial launch. Chi Ishobak will be on-site in both Manistee and
Muskegon within the next two months to promote this partnership. Locations, dates, and times are
forthcoming and will be made available in advance.
Chi Ishobak strives to establish financial responsibility and accountability for tribal citizens through cultural
and traditional teachings. Combining traditional ways with modern resources has become a proven
system for empowering tribal citizens to properly manage and plan for economic resources.
“Chi Ishobak would love to create this type of relationship with other Michigan Tribes,” added Winters.
“We are all family and the greater number of tribal citizens we can help will accelerate the benefit across
Indian Country.”
Additional information can be found through Chi Ishobak’s website at www.chiishobak.org or by
contacting Chi Ishobak offices at (269) 783-4157.
by admin | Sep 25, 2019 | News
October 2, 2017 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 $562,000 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. “We are very pleased to announce the FY 2017 CDFI Program and NACA Program award recipients. This is the largest pool of awardees in the history of the CDFI Fund,” said CDFI Fund Director Annie Donovan. “These award recipients represent a diverse array of organization types and community investment strategies, serving a broad spectrum of communities.” Overall, the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) awarded 303 Community Development Financial Institutions (CDFIs) $208.7 million in awards, including $15.6 million being awarded to 38 Native CDFIs for financial and technical assistance. Awards from the NACA Program 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.
by admin | Sep 25, 2019 | News
(August 9, 2018 – Dowagiac, MI) Sean Winters, Executive Director of Chi Ishobak, the local certified Native Community Financial institution (CDFI), announced today that they have been selected by First Nations Oweesta Corporation (Oweesta) to participate in a $10MM Capital pool in support of their work in the tribal community. As one of 13 Native CDFI’s in the country selected based on their strong lending histories, sound financial management experience, and stable, long-term leadership, Chi Ishobak will use the funds for loan origination. “We are very pleased to have been selected to participate in this fund,” said Winters. “Our loan originations have grown consistently over the past three years, equating to more than $1.7 million in disbursements. This increases our ability in building financial capacity for our citizens.” Oweesta, a national Native CDFI intermediary, will use the capital pool to deploy long-term, low-interest loan products to provide Native CDFIs the ability to maximize their loan capital, while keeping financing costs as low as possible. Another product, a loan-grant combination would allow Native CDFI’s to make internal capacity investments to support growth and the effective deployment of larger capital amounts. According to Krystal Langholz, Oweesta’s COO, “This strategy will not only provide needed lending capital, but will also help Native CDFI members to strengthen their financial capacity and long-term sustainability.” Among the funders and investors that helped make this capital pool a reality, Northwest Area Foundation acted as a key partner in the support of Oweesta during development of this capital pool and has actively supported Oweesta’s efforts to increase access to capital for Native CDFI’s over the last several years. They also devote 40% of new grant dollars to Native-led organizations working to advance economic, social and cultural prosperity in the urban, suburban, and reservation communities that anchor their eight-state region.
by admin | Sep 25, 2019 | Success Stories
It was a dream of Lesley and Greg Morano to have a thriving family business back in 2009. With their own funding, they made Morano Foods, Inc. a reality. In 2011 their signature spaghetti sauce, which dates back over a century, was already in 82 stores across Michigan and growing in popularity in the gourmet market. To increase their exposure to larger chain stores they would have to have a family of sauces. In early 2012 Chi Ishobak was able to provide Morano Foods, Inc. with access to capital that would allow them to secure a new co-packer and distributor allowing them the opportunity to expand their product line and venture into new markets due to increasing market demand.
“The assistance from Chi Ishobak is going to allow us to grow our business substantially.” Lesley Morano said. “The support we received from Chi Ishobak was phenomenal.”
