U.S. Treasury Awards $990,000 to WIBA's Native CDFIs
Fern Orie, Chairperson
Wisconsin Indian Business Alliance (WIBA)
CEO – Wisconsin Native Loan Fund
Native American, Alaskan Native and Native Hawaiian communities face some of the greatest barriers to accessing capital and basic financial services in the nation.
Specialized, mission-driven organizations called Native Community Development Financial Institutions - or Native CDFIs - specifically focus their activities to help Native Communities grow by increasing their access to credit, capital and financial services.
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 today. The awards, through the fiscal year 2020 round of the Community Development Financial Institutions Program (CDFI Program) and the Native American CDFI Assistance Program (NACA Program), will enable CDFIs to increase lending and investment activity in low-income and economically distressed communities across the nation.
"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."
The CDFI Program invests in and builds the capacity of CDFIs to serve low-income people and communities lacking adequate access to affordable financial products and services.
For the FY 2020 CDFI Program round, the four WIBA Members were awarded:
First American Capital Corporation - $150,000
First Nations Community Financial - $150,000
NiiJii Capital Partners, Inc. - $150,000
Wisconsin Native Loan Fund - $540,000
"This critical funding will allow us to continue our mission of expanding Native economic development by building the financial sovereignty of Native individuals, families, communities and Native-owned businesses in Wisconsin," said Fern Orie, Chairperson of WIBA.
The CDFI Fund’s Native Initiatives program generates economic opportunity for Native Communities by supporting the creation and expansion of these Native CDFIs through the Native American CDFI Assistance Program (NACA Program) and Capacity Building Initiative trainings. The Native CDFIs, in turn, help to create jobs, establish or improve affordable housing, and provide accessible financial services and counseling within their communities.
View more information about the FY 2020 CDFI Program and NACA Program awardees on the website.
The Wisconsin Indian Business Alliance is a coalition of non-profit organizations with a mission to expand Native economic development by building the financial sovereignty of Native individuals, families, Native-owned businesses and communities in Wisconsin.
Working together, WIBA Members are Native Community Development Financial Institutions (CDFIs) that collaborate and leverage resources to maximize access to loans, training and counseling to best serve Enrolled Members of the 11 Federally recognized Tribes in Wisconsin – both on and off reservation communities.
WIBA Members collectively work to bring millions of dollars to Wisconsin Indian Country from corporations, foundations and government programs to deliver our continuum of loan products and capacity-building technical assistance services to Native individuals, families, businesses and communities.
Learn more at WIBA's website.
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded more than $3.6 billion to CDFIs, community development organizations, and financial institutions through: the Bank Enterprise Award Program; the Capital Magnet Fund; the Community Development Financial Institutions Program; the Financial Education and Counseling Pilot Program; and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $61 billion in tax credit allocation authority to Community Development Entities through the New Markets Tax Credit Program, and closed guaranteed bonds in the amount of $1.61 billion through the CDFI Bond Guarantee Program.
To learn more about the CDFI Fund and its programs, please visit the CDFI Fund's website at www.cdfifund.gov.