by admin | Jun 3, 2024 | News
Difference Makers 2.0 is a new yearlong series from Native CDFI Network and Tribal Business News that highlights how Native community development financial institutions (CDFIs) work alongside their small business clients to accelerate change and create economic opportunities in Native communities.
In this latest episode, “Difference Makers 2.0” sits down with Chi-Ishobak Executive Director, Sean Winters, and clients Wayne Roberts, his wife Julie, and their three children, Meagan, Jordan, and Justin who pitch in to help with the family business, Great Lakes Flooring Specialists Inc. This Native-owned small business found support in Chi-Ishobak to grow their flooring business from a single hospital contract to a thriving regional company.
Chi-Ishobak was officially founded in 2009, and began lending in 2012. To date, the CDFI has closed some 1,224 loans — including 80 commercial small business loans — to the tune of $17 million.’
Executive Director Sean Winters describes the Chi-Ishobak’s evaluation of potential borrowers as “less invasive” than traditional banks. Borrowers are evaluated not just on their ability to pay, but also on their willingness to pay.
“Our whole mission includes responsible lending, and we also want to create an enjoyable experience for our tribal citizens,” Winters said. “That willingness component has allowed us to be a little bit more alert when we are going through our applications.”
Wayne Roberts, a citizen of the Sioux St. Marie Tribe of Chippewa Indians, had been installing commercial flooring for 35 years when he had the opportunity to start his own flooring business in 2015.
The business soon became Great Lakes Flooring Specialists Inc. and grew into a family affair, with Wayne’s wife, Julie, and his three children, Meagan, Jordan, and Justin, all pitching in.
With each job — as is standard in the commercial flooring industry — Great Lakes Flooring had to pay upfront for supplies before completing a job, with payment coming 40-60 days after billing. For large commercial jobs, those upfront costs could run upwards of $100,000.
In addition to issuing Great Lakes Flooring a $50,000 line of credit to help fill the cash flow gaps between ordering supplies and receiving full payment, Chi-Ishobak gave the Roberts family technical assistance to grow their business acumen.
“They were able to give us knowledge, not just capital,” Jordan said. “They provided coaching and support and helped us figure out what we were doing wrong and what we were doing right. We would not have gotten far without them.”
From a single hospital contract to a thriving regional company, Great Lakes Flooring Specialists Inc. was built on tradition and teamwork. Listen to episode two to discover how this Native family-owned small company, found success with the help of Chi-Ishobak.
by admin | Oct 20, 2022 | News
BENTON HARBOR, Mich., and Dowagiac, Mich. – The Women’s Business Center (WBC) at Cornerstone Alliance recently announced a partnership with Chi Ishobak, Inc.
The WBC is the leading regional provider of technical, business, and financial assistance to small businesses and entrepreneurs. In partnership with the U.S. Small Business Administration (SBA), the WBC emphasizes assisting women, people of color, veterans, and socially or economically disadvantaged individuals.
Chi Ishobak, Inc., promotes the improvement of the financial capacity of all Tribal members by equipping them with the skills, knowledge, and confidence that they need to make informed judgments and to make effective decisions concerning their current and future personal and household circumstances.
“The Women’s Business Center at Cornerstone Alliance is excited to announce the partnership with Chi Ishobak, Inc., in support of native entrepreneurs by providing technical assistance that will enable them to secure much-needed capital to start and grow their businesses,” said Kristen Patzer, Director of the WBC.
This partnership acts as a referral program, sending Tribal Citizens to the WBC to prepare them with necessary business materials before requesting a loan. The WBC will provide free one-on-one business counseling to assist aspiring entrepreneurs with business plan creation and more.
By building capacity for Tribal Citizens, Chi Ishobak, Inc., is helping rebuild the Pokagon Band of Potawatomi as well as Indian Country into supportive and nurturing communities, strong in language and culture.
“I cannot express how excited Chi Ishobak, Inc. is to partner with Cornerstone Alliance and the Women’s Business Center to provide Small Business Development assistance to tribal entrepreneurs,\” said Sean Winters, Chi Ishobak, Inc., Executive Director. \”The high level of expertise, experience, and resources the WBC brings to Chi Ishobak’s Commercial Loan Program contributes another layer of opportunity for both start-up and existing Native-owned businesses.”
For more information about Chi Ishobak, visit www.chiishobak.org
About Cornerstone Alliance
Cornerstone Alliance is a non-profit, investor-governed economic development organization. Our focus is to increase employment opportunities, private sector capital investments, and the local tax base in Michigan\’s Great Southwest. We offer specialized business services, particularly in economically distressed areas. For more information: https://cstonealliance.org/
About Cornerstone Alliance Small Business Services We provide technical, business, and financial assistance to small businesses with an emphasis on income-disadvantaged and women-owned businesses. The Women\’s Business Center at Cornerstone Alliance is funded in part through a Cooperative Agreement with the U.S. Small Business Administration. For more information: https://www.cornerstonewbc.com/
by admin | Nov 17, 2020 | News
November, 2020
Dowagiac, MI – Flagstar Bank is keeping a promise and commitment to diversity, equity and inclusion in the communities it serves by giving $1 million in grants to help small businesses owned by Black, Indigenous and people of color whose operating expenses are impacted by COVID-19. Flagstar has partnered with Chi Ishobak to vet and administer the grants.
\”Matt Wesaw, Tribal Chair, made a connection with Flagstar a few weeks ago and this opportunity was presented\” said Sean Winters, Executive Director of Chi Ishobak. \”Matt felt this would be a good fit for us and made the introductions and we were able to find a fit between our organizations. It is another positive opportunity for our small native-owned businesses to continue along the road of recovery.\”
Chi Ishobak will be marketing the grants to their current clients, but are also available for any black, native or people of color-owned business within the Flagstar target markets of Michigan, Indiana and California. Chi will be providing 18 grants of $5,000 each.
Interested applicants can find out more information by going to www.chiishobak.org. To apply, you will need to provide: Most recent tax filing, most recent two months of bank statements, a Certificate of Good Standing and a W-9.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich. Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers.
by admin | Nov 17, 2020 | News
November, 2020
Dowagiac, MI – Sean Winters, Executive Director of Chi-Ishobak, announced that the Opportunity Finance Network (OFN) awarded Chi Ishobak $50,000 as part of the COVID-19 CDFI Grant Program. Generously supported by Morgan Stanley, this program aims to deliver critically-needed flexible funds to smaller CDFIs in OFN’s membership with under $20 million in total assets. “We could not be more grateful for this grant” said Winters. “This will help us provide tremendous opportunity to our tribal citizens during this challenging time.”
Lisa Mensah, president and CEO of OFN says \”We continue to fight for small businesses, nonprofits, and community-based organizations that have been hit hardest by the economic impact of COVID-19 and for communities that continue to struggle against persistent racial and economic inequality. With its generous grant, Morgan Stanley is empowering our member lenders that specialize in serving these communities to grow and remain strong in these uncertain times.\”
In all total, OFN awarded $4.9 million in funding. Of the awardees, 19 percent are Native CDFIs and 56 percent are led by people of color. In addition, more than half the client base of 73 percent of awardees are people of color or living in persistent poverty or rural communities.
About OFN
Opportunity Finance Network (OFN) is the national association of community development financial institutions (CDFIs). We help money flow to people and places where traditional finance doesn’t reach by maximizing the effectiveness of OFN member and non-member CDFIs through direct financing, learning opportunities, industry events, and advocacy.
OFN represents and serves a diverse membership of more than 300 CDFIs of various asset sizes and lending types working on the ground in all 50 states. OFN’s network of community development loan funds, banks, venture capital funds, and credit unions help people realize their full potential and contribute to thriving communities.
Through 2018, OFN’s network originated $74 billion in communities across all 50 states, including rural, urban, and Native areas. We are proud of our impact so far, and seek to do even more in terms of jobs, small businesses, affordable housing, and community services.
by admin | Nov 13, 2020 | News
Small businesses can apply for grants of $5,000
Company Release – 11/9/2020 2:14 PM ET
TROY, Mich., Nov. 9, 2020 /PRNewswire/ — Flagstar Bank is keeping a promise and commitment to diversity, equity and inclusion in the communities it serves by giving $1 million in grants to help small businesses owned by Black, Indigenous and people of color whose operating expenses are impacted by COVID-19. Businesses owned by people of color have been especially hard hit by COVID-19, with nearly half of black-owned businesses shuttered by the pandemic.
Qualifying small businesses can submit applications now through Nov. 20 for grants of $5,000. Flagstar has partnered with BIPOC nonprofits in its key banking markets to vet and administer the grants. Qualifications include diverse ownership, revenues of no more than $1 million, and a location within Flagstar Bank\’s footprint of Michigan; Fort Wayne and South Bend, Indiana; and the High Desert of San Bernardino County, California. Additional qualifications, grant uses and other information are available in the application.
\”We hope to combat the narrative that there is no assistance for minority-owned businesses,\” said Dwan Dandridge, CEO of Black Leaders Detroit, one of the nonprofit partners. \”We were founded to serve the entrepreneurs to do more with less. We are proud to team up with Flagstar to help these businesses survive, thrive and enhance the vitality of our communities.\”
\”We have a commitment to our communities and to keeping our promises to them,\” said Alessandro DiNello, CEO of Flagstar Bank. \”Reversing decades of systemic inequities is a marathon, and we are in it to the finish. These grants are an important milestone along the way to making our communities and our company better and more equitable for all.\”
All business information submitted with the applications will be confidential. Businesses selected to receive grants will be notified Dec.4, with funds disbursed a few days later.
About Flagstar
Flagstar Bancorp, Inc. (NYSE: FBC) is a $29.5 billion savings and loan holding company headquartered in Troy, Mich.Flagstar Bank, FSB, provides commercial, small business, and consumer banking services through 160 branches in Michigan, Indiana, California, Wisconsin and Ohio. It also provides home loans through a wholesale network of brokers and correspondents in all 50 states, as well as 87 retail locations in 29 states, representing the combined retail branches of Flagstar and its Opes Advisors mortgage division. Flagstar is a leading national originator and servicer of mortgage and other consumer loans, handling payments and record keeping for $227.4 billion of loans representing slightly over 1.1 million borrowers.
Source: https://www.forbes.com/sites/pedrodacosta/2020/08/10/the-covid-19-crisis-has-wiped-out-nearly-half-of-black-small-businesses/#bb1ce5e43108
Contact:
Susan E. Bergesen
Corporate Communications
(248) 312-6237
Susan.Bergesen@flagstar.com
![\"Cision\"](\"https://c212.net/c/img/favicon.png?sn=DE85517&sd=2020-11-09\")
View original content:http://www.prnewswire.com/news-releases/flagstar-bank-commits-1-million-in-grants-to-local-communities-for-black-indigenous-and-people-of-color-owned-businesses-301168938.html
SOURCE Flagstar Bancorp, Inc.
by admin | Sep 28, 2020 | News
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
