OFN Awards 70 COVID-19 Grants to Smaller Member CDFIs

by | Nov 13, 2020 | Uncategorized

November 2, 2020 / Newswire

OFN is pleased to announce 70 awardees of the COVID-19 CDFI Grant Program, totaling $4.9 million in funding. 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 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,” said Lisa Mensah, president and CEO of OFN in a recent press release. “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.” 

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.

Here are the COVID-19 CDFI Grant Program awardees:   

  1. Beaufort County Black Chamber of Commerce ($150,000)  
  2. Harlem Entrepreneurial Fund, LLC ($150,000)  
  3. Legacy Redevelopment Corporation ($150,000)  
  4. ACT! Albany Community Together, Inc. ($100,000)  
  5. AEDC (Arcata Economic Development Corporation) ($100,000)  
  6. Akiptan ($100,000) 
  7. ASSETS ($100,000)  
  8. Chicago Neighborhood Initiatives Micro Finance Group, Inc. ($100,000) 
  9. Children\’s Investment Fund ($100,000) 
  10. Corporacion para el Financiamiento Empresarial del Comercio y de las Comunidades ($100,000) 
  11. JARI Growth Fund, Inc. ($100,000) 
  12. La Fuerza Community Development Corporation ($100,000)  
  13. Lake Superior Community Development Corp ($100,000)  
  14. Landmarks Community Capital Corporation ($100,000) 
  15. Lummi Community Development Financial Institution ($100,000) 
  16. NHS of San Antonio ($100,000)  
  17. Northwest Native Development Fund (NNDF) ($100,000) 
  18. People Trust ($100,000) 
  19. People, Inc. Financial Services ($100,000) 
  20. Redbud Financial Alternatives, Inc. ($100,000) 
  21. Solita\’s House Inc. ($100,000) 
  22. Southwest Georgia United Empowerment Zone, Inc. ($100,000) 
  23. Wind River Development Fund ($100,000)  
  24. Wisconsin Native Loan Fund, Inc. ($100,000)  
  25. Woodlands Community Lenders ($100,000)  
  26. AAFE Community Development Fund, Inc. ($50,000)  
  27. Access Plus Capital ($50,000)  
  28. African Development Center ($50,000) 
  29. African Economic Development Solutions ($50,000)  
  30. Appalachian Community Capital Corporation ($50,000)   
  31. Baltimore Community Lending ($50,000) 
  32. Brazos Valley CDC, Inc. ($50,000) 
  33. Bridge Investment Community Development Corporation ($50,000)  
  34. Chi Ishobak, Inc. ($50,000) 
  35. Enterprise Development Fund of Erie County ($50,000)  
  36. Entrepreneur Works ($50,000) 
  37. First Children\’s Finance ($50,000)   
  38. FORGE Community Loan Fund ($50,000)   
  39. Four Bands Community Fund ($50,000)   
  40. Four Directions Development Corporation ($50,000)   
  41. Hartford Community Loan Fund, Inc. ($50,000)   
  42. Hmong Wisconsin Chamber of Commerce, Inc. ($50,000)   
  43. IMPACTO Fund, Inc. ($50,000)   
  44. Just Community ($50,000)   
  45. Kentucky Habitat for Humanity ($50,000)   
  46. Latino Economic Development Center (MN) ($50,000)   
  47. Lei Hoolaha ($50,000)   
  48. LHOME CDFI ($50,000)   
  49. Local Enterprise Assistance Fund ($50,000)   
  50. Maryland Capital Enterprises, Inc. ($50,000)   
  51. Micro Enterprise Services of Oregon ($50,000)   
  52. NACDC Financial Services, Inc. ($50,000)   
  53. Nakoda-Aaniiih Credit Agency ($50,000)   
  54. Native360 Loan Fund, Inc. ($50,000)   
  55. Neighborhood Development Center ($50,000)   
  56. Northside Community Development Fund ($50,000)   
  57. Opportunity Resource Fund ($50,000)   
  58. Pennsylvania Assistive Technology Foundation (PATF) ($50,000)   
  59. Rising Tide Community Loan Fund ($50,000)   
  60. River City Capital Investment Corporation ($50,000)   
  61. Rural Investment Corporation ($50,000)   
  62. Shared Capital Cooperative ($50,000)   
  63. Southern Mutual Financial Services, Inc. ($50,000)   
  64. Triple Bottom Line Foundation (TBL Fund) ($50,000)   
  65. True Access Capital Corporation ($50,000)   
  66. Utica Industrial Development Corporation ($50,000)   
  67. Venture North Funding & Development ($50,000)   
  68. Westminster Economic Development Initiative, Inc. (WEDI) ($50,000)   
  69. Women\’s Economic Ventures ($50,000)   
  70. Working Solutions ($50,000) 

Some GOOD News! Participation Loan Comes Through for Citizen to Get Him Into a Car!

by | Jun 10, 2020 | Uncategorized

(June 2020 – Dowagiac, MI & Shawnee, OK)

Carl Layher, a Citizen Potawatomi Nation citizen, needed help with an auto loan. As a member of a Potawatomi Tribe the answer seemed simple: call Chi Ishobak. The only challenge, auto loans to non-Pokagon Band citizens are currently outside Chi Ishobak\’s policy.  But as Executive Director Sean Winters is always willing to go the extra mile to help out a fellow citizen, he had an idea on how to get him some assistance. \”I contacted a good friend of mine, Cindy Logsdon.  She is the CFO/CCO for Citizen Potawatomi Community Development Corporation in Shawnee, OK. We were able to do a participation loan in coordination with CPCDC in order to ensure a fellow Potawatomi Tribal citizen received the assistance to maintain employment.\”

CPCDC is a Native Community Development Financial Institution (NCDFI).  It lends to all Native Americans living in the State of Oklahoma, and Citizen Potawatomi Nation (CPN) tribal members nationwide. When contacted, Cindy relayed \”one strategy of growth for our organization is to partner with other NCDFI’s in order to make a deal (loan) happen-getting capital into the hands of Native Americans who otherwise may be turned down elsewhere.  This may be due to no or a low credit score, lack of down payment or the capacity/lending limits of the other NCDFI.  In the case of our partnership with Chi Ishobak, Mr. Layher is a CPN tribal member living in their jurisdiction.  Chi Ishobak does not lend to our tribal members-not their target market, but we were able to partner to get a fellow Potawatomi into a car.\”

Carl resides in Mishawaka, IN and is an Assistant Golf Professional.  This opportunity will allow him to ability to maintain new employment and build personal financial capacity.  “This is truly an example of Indian Country coming together and taking care of their own.  This is why we (Native CDFI’s) do what we do.”  Winters added, “This strengthens our communities, empowers tribal citizens, and creates change within Indian Country.”

Espin VR Opens in Mishawaka, IN!

Espin VR Opens in Mishawaka, IN!

by | Dec 17, 2019 | Uncategorized

Launching the most advanced virtual reality center in the greater South Bend area, Espin VR opened their family friendly entertainment center at 605 W Edison Rd Ste K, in Mishawaka, IN. Espin VR is owned by Pokagon Tribal Citizens Matt and Micky Martin. “Espin in the Potawatomi language means raccoon.” explained Micky. “Raccoons’ mischievous and curious nature is the perfect word to illustrate the experience that our VR center will provide!”

The Martins were ready for their entrepreneurial journey!   With backgrounds in gaming, hospitality and computer science, they presented their idea to Executive Director Sean Winters at Chi Ishobak. \”We met with Sean and he directed us to the right program. We worked with Carolyn Rourke, their Small Business Development Specialist for coaching on our business plan and setting up funding\” says Matt. \”They really helped us understand the business side of providing a high- end entertainment venue.”

Espin VR even got the attention of WNDU\’s Melissa Stephens, who stopped by to check the place out for an early morning segment! Click HERE to check it out!

Espin VR can host a birthday party, team building or be a destination for activities during school breaks.  Whether you are looking for mischief, adventure or exploring the unknown, Espin VR can design an unforgettable experience. With 12 interactive stations, and over 30 fully immersive and interactive games, visitors can schedule time and walk-ins are accepted. Visitors can book sessions on their website (www.espinvr.com).

Financial Wellness Program

by | Sep 25, 2019 | Uncategorized

Chi Ishobak has structured a personal financial management program that is unique to Native American citizens. It is the goal of Chi Ishobak to provide citizens with the tools necessary to manage personal financial resources properly. Addressing fundamental areas such as savings, communication with money, budgeting, debt-management, and buying behavior can help citizens establish healthy financial habits. Looking back to the successful techniques of our ancestors gives us all the information and strength needed to be successful in today’s environment.

Financial Wellness Workshops

Financial Wellness Workshops – These are held regularly at the Pokagon Band Community Center. The atmosphere is positive and relaxed; the solutions are practical and relevant. There are no sign-up fees or registration required. Click here for a current workshop schedule.

Individual Financial Coaching

Individual Financial Coaching – One-on-one coaching is available for those citizens seeking more extensive applications. Chi Ishobak will assist in preparing a working budget, allocated spending plan, debt-reduction plan, and/or savings plan. More importantly, behaviors that affect individual and family finances will be identified and adjusted accordingly. Building individual and family financial capacity is a key to strengthening our community from within.