FOR IMMEDIATE RELEASE:
September 20, 2017
US Treasury Awards $745,500 to Leverage NNDF Funds For Small Business Financing
Coulee Dam, Washington– This week, the U.S. Treasury Department awarded the nonprofit Northwest Native Development Fund, $745,500. The grant award is funded from the Native American CDFI Assistance program, for certified Native Community Development Financial Institutions (Native CDFIs).
“The NNDF has received 7 NACA awards since 2009 and were 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, 1 credit union, and 4 sponsoring entities were awarded a total of $15,613,767.
“This is such a great accomplishment for the NDNF,” said Piccolo. “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 with other funds to boost the NNDF small business lending funds by over one million dollars. Currently the NNDF has almost $2 million dollars in it’s small business loan portfolio and this award will help build the portfolio to over $3 million.
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. For more information on the NNDF, go to www.thenndf.org or call (509) 633-9940.