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 | 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.
About Chi-Ishobak
Chi Ishobak is a 501(c)(3) non-profit organization that was established in 2009 promote 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 with respect to their current and future personal and household circumstances. Chi Ishobak provides tribal citizens with the tools and opportunities needed for meaningful lives and self-sufficiency, whether through employment, self-employment, or traditional life-ways.
By building capacity for Tribal Citizens, Chi Ishobak is helping rebuild the Pokagon Band of Potawatomi as well as Indian Country into supportive and nurturing communities, strong in language and culture.
For more information: www.chiishobak.org
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.
