Grant of $745,500 goes to local lending entity

A Coulee Dam enterprise has been awarded nearly three quarters of a million dollars to foster economic independence among native people.

The U.S. Treasury Department awarded the nonprofit Northwest Native Development Fund $745,500, the company announced in a press release. The grant award is funded from the Native American CDFI Assistance program, for certified Native Community Development Financial Institutions (Native CDFIs).

NNDF has received seven such awards since 2009 and was certified in 2011, said Ted Piccolo, NNDF executive director. “These federal resources will go a long way to helping the NNDF expand our financing activities in Indian Country. With our focus on small business lending, these funds will bring more dollars to the region.”

Out of 32 applications, 20 CDFI loan funds across the nation received NACA Financial Assistance Awards, totaling $12,964,998 to awardees in 15 states. The CDFI Fund reported that, including the Technical Assistance Awardees, a total of 33 loan funds, one credit union, and four sponsoring entities were awarded a total of $15,613,767.

“This is such a great accomplishment for the NDNF,” Piccolo said. “This award will be leveraged with other funding sources to bring over a million more dollars in capital to address small businesses in 2018.”

This U.S. Treasury Grant award will leverage other funds to boost the NNDF small business lending funds by over $1 million. Currently the NNDF has almost $2 million dollars in its small business loan portfolio and this award will help build the portfolio to over $3 million.

NNDF offers small business loans and commercial development loans for tribes and their enterprises.

It also offers “anti-payday” loans to help get people off such high-interest, short-term loans.