NNDF Receives Access to New $22M Loan Fund

Coulee Dam, WA – The Northwest Native Development Fund (NNDF) will soon have a major increase in its lending capacity – to support tribal community facilities projects.  In conjunction with Craft3, a nonprofit lending institution that serves Washington and Oregon, NNDF has been granted access to a $20 million Community Facilities loan fund from USDA Rural Development, and a $2 million grant from Northwest Area Foundation.

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“I’m thrilled to partner with Craft3 to help NNDF gain access to over $20 million dollars in long-term facilities financing could fill a huge hole in our community,” said Ted Piccolo, NNDF Executive Director.  “As an example, with this new type of funding, the NNDF could have funded the recently completed Coulee Medical Center project. That is the scope of project we will be actively seeking out.”

The NNDF already provides loans for business startups and equipment financing.  This new opportunity focuses on a different financial need in our area– developing community facilities.  Funds from the program, which was announced in October, can be used to purchase, construct or improve essential community facilities, purchase equipment and pay related project expenses.  Examples of essential community facilities include:

  • Healthcare facilities such as hospitals, medical clinics, dental clinics, nursing homes or assisted living facilities
  • Public facilities such as town halls, courthouses, airport hangars or street improvements
  • Community support services such as child care centers, community centers, fairgrounds or transitional housing
  • Public safety services such as fire departments, police stations, prisons, police vehicles, fire trucks, public works vehicles or equipment
  • Education services such as museums, libraries or private schools
  • Utility services such as telemedicine or distance learning equipment
  • Local food systems such as community gardens, food pantries, community kitchens, food banks, food hubs or greenhouses

(For a complete list see Code of Federal Regulations 7 CFR, Part 1942.17(d) for loans; 7 CFR, Part 3570.62 for grants.)

The NNDF will be looking for projects that fit the above criteria in and around the Colville and Spokane reservations.

“Lack of capital in tribal communities means a lack of opportunity – and that lack of opportunity has helped create generational, persistent poverty.” said Adam Zimmerman, President & CEO of Craft3. “We’re proud to be partnering with USDA Rural Development and the Northwest Area Foundation on Uplift America to make critical investments that improve quality of life, reduce poverty, improve access to capital, and create jobs.”

“These investments will lift the economic prospects of our communities and create jobs, especially in those areas that have not yet realized their potential for growth,” said Mario Villanueva, Washington State Director for USDA Rural Development. “Thanks to this financing, USDA Rural Development’s local partners will have the resources to build, create and invest in the essential community facilities and services, like public safety, health care and education.”

Community Facilities loan funding from the Uplift America program will be available at the beginning of 2017.  For more information regarding Community Facilities loan opportunities, contact Ted Piccolo at the Northwest Native Development Fund, (509) 634-2624.

NNDF AWARDED $240,000 WELLS FARGO GRANT

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NNDF one of 12 organizations nationwide selected

COULEE DAM, WA – The Northwest Native Development Fund (NNDF) has been selected as one of only 12 nationwide Community Development Financial Institutions (CDFIs) to receive a “Wells Fargo Works for Small Business: Diverse Community Capitol” grant (DCC). CDFIs like the NNDF are private, nonprofit financial institutions that assist underserved populations. Wells Fargo & Company announced on Monday that it is providing $11.2 million to help CDFIs better serve diverse-owned small businesses – $8.17 million in lending capital and $3.075 million in grants.

The NNDF was selected for this round of the Wells Fargo DCC program from among 98 applicants and will use its portion of the DCC loan funds to solidify operations and provide loans to small business owners who may not qualify for traditional financing.  The NNDF will then utilize the grant funds to expand outreach to diverse small business owners, upgrade technology, enhance products and increase technical assistance and coaching to borrowers.

“CDFIs play an important role in helping small business owners access resources that can be critical to success,” said Mike Rizer, Wells Fargo’s head of Community Relations. “Wells Fargo recognizes the vital role that CDFIs play and we are excited to continue the Diverse Community Capital program and to know that more small businesses will start and grow as a result.”

“This has been quite a welcome surprise.” said Ted Piccolo, NNDF Executive Director.  “The NNDF is honored to be one of only a couple Native CDFI’s in the entire nation to receive this award and we look forward to plowing these resources back into helping Indian Country.”

Funding from the Wells Fargo DCC grant will allow the NNDF to address a number of current challenges:

  • Provide a loan loss reserve fund so the NNDF can increase lending.
  • Allow the NNDF to employ a small business coach and also fund more hours for a loan officer.
  • Provide a funds match for the NNDF’s IDA clients – people saving for a first time home or small business. (IDA = Matched savings program. You save $1 we match it with $8.)
  • Inject $70,000 into the NNDF direct lending capital – providing more financing directly into the local community.

The DCC grant program will help the NNDF address challenges that diverse and remote Native owned businesses face when starting or growing their own businesses. This is a unique program that is a collaboration between Wells Fargo and Opportunity Finance Network, a national network of CDFIs. Opportunity Finance Network will be offering a “social capital” component of this program that will focus on helping the NNDF grow stronger through activities like in-person networking, mentorship, consulting and peer learning.

ABOUT THE NNDF

The Northwest Native Development Fund seeks to foster economic and financial independence for Native people by assisting in the development of personal assets through financial and entrepreneurial education as well as providing access to capital through creative lending products. NNDF will promote this mission by increasing home ownership and economic opportunities.

The NNDF

The NNDF