Source: Community Development Financial Institutions Fund, United States Department of the Treasury, September 19, 2013
Washington, DC – Native American, Alaska Native, and Native Hawaiian communities (Native Communities) throughout the United States will receive much-needed economic and community development assistance as a result of the $12.4 million in Native American CDFI Assistance Program (NACA Program) awards announced today.
Thirty-five organizations serving Native Communities received awards from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) under the fiscal year (FY) 2013 round of the NACA Program. The awardees all aim to increase lending and financial services in Native Communities, stimulating economic development in some of the most distressed and low-income parts of the country.
“The Native American CDFI Assistance Program is providing critically needed funds for distressed Native and tribal areas, many of which lack traditional banking services,” said Don Graves, Treasury Deputy Assistant Secretary for Small Business, Community Development and Housing Policy. “This latest round of awards will expand the capacity of native financial institutions to develop innovative economic development solutions for the businesses and individuals in their communities.”
The awardees, all certified Native Community Development Financial Institutions (Native CDFIs) or organizations looking to become or create Native CDFIs, will receive a collective total of $12,451,015 in Financial Assistance and Technical Assistance awards. Eighteen Native CDFIs will receive Financial Assistance awards, which are primarily used for financing capital. Seventeen organizations will receive Technical Assistance grants, which are usually used to acquire products or services, staff training, professional services, or other support.
“The FY 2013 NACA Program awards will lead to increased loans for small businesses, affordable housing, and community facilities in Native Communities, in addition to basic financial services that are essential to building household wealth and stability,” said CDFI Fund Director Donna J. Gambrell. “As the award-making arm of the CDFI Fund’s Native Initiatives, the NACA Program has consistently supported the unique organizations that are doing such vital work in these communities.”
The majority of the target markets served by the awardees are rural, although seven organizations primarily serve minor urban areas. The organizations are headquartered in fifteen different states across the country. Full information about the FY 2013 NACA Program awardees can be found in the CDFI Fund’s Searchable Award Database at www.cdfifund.gov/awards.
The FY 2013 NACA Program Awards announcement comes at a time when the CDFI Fund’s Native Initiatives is in the middle of studying the current availability of access to capital and credit in Native Communities. The “Access to Capital and Credit in Native Communities” study will draw on focus groups, tribal consultations, and independent research to establish the current reality of capital and credit availability in Native areas. The results of the study will be used to inform the CDFI Fund’s future approach to the training, technical assistance, and awards that it provides through the Native Initiatives.
Learn more about the “Access to Capital and Credit in Native Communities” study at www.cdfifund.gov/nativestudy. Additional information about the FY 2013 round of the NACA Program, including key highlights and the full award list, can be found below and at www.cdfifund.gov/native.
2013 NACA Program Award Resources
Award Book: Learn key facts and statistics about the full group of awardees
Award List: Alphabetical by Organization
Award List: Alphabetical by State
Searchable Award Database: View the profiles of individual awardees
About the CDFI Fund
Since its creation in 1994, the CDFI Fund has awarded over $1.7 billion to CDFIs, community development organizations, and financial institutions through the CDFI Program, the Bank Enterprise Awards Program, the Capital Magnet Fund, the Financial Education and Counseling Pilot Program, and the Native American CDFI Assistance Program. In addition, the CDFI Fund has allocated $36.5 billion in tax credit authority to Community Development Entities through the New Markets Tax Credit Program. Learn more about the CDFI Fund and its programs at www.cdfifund.gov.
About the Native Initiatives
The CDFI Fund’s Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native Communities. This is achieved through two principle initiatives: 1) a funding program – the NACA Program – targeted to increasing the number and capacity of existing or new Native CDFIs, and 2) a complementary series of training programs that seek to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities. Learn more about the Native Initiatives at www.cdfifund.gov/native.