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.