Consumer Loan Program
Chi Ishobak understands that traditional lending institutions (banks, credit unions, etc.) may not be an option for everyone. It is Chi Ishobak’s goal to provide Tribal Citizens with an avenue other than payday loans or predatory lending organizations with high-interest rates for automobile purchases and credit building efforts. This program is designed not only for immediate transportation needs but also for long-term family capacity building.
Auto Loan
Loan funds may be used for the purchase, repair & re-financing of an automobile.
Personal Loan
Loan funds may be used for personal expenses up to $5,000.
Credit Builder Loan
Loan funds are used for the sole purpose of building credit from $500 to $1,500. Funds are not disbursed until all payment obligations have been met. All payment activity is reported to all three credit bureaus.
Financial Wellness Program
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
These are held regularly at the Pokagon Band Community Center. The atmosphere is positive and relaxed; the solutions are practical and relevant. To enquire about our next workshop, please email us at info@chiishobak.org.
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.
Individual Development Accounts (IDA)
IDA Accounts are matched savings accounts that are designed to help participants save for the purchase of a designated asset. Participants save funds for a specific time period. Upon successful completion of all savings requirements, Chi Ishobak will contribute to those funds with a specified matching ratio. Financial education is a necessary component to the IDA Program and is required to obtain matching funds.
Youth IDA
A Youth Individual Development Account (IDA) is a matched savings account. IDA’s provide an incentive to save, and in turn, provide an opportunity to leverage savings by using the IDA as a tool for building assets and wealth. All approved participants will establish a savings account with a qualified financial institution for the purpose of purchasing a particular asset.
Use of IDA Funds: Automobile purchases. (Not motorcycles, ATV’s, or motor scooters.)