FOR IMMEDIATE RELEASE
CONTACT: Ted Piccolo
September 20, 2018 (509) 633-9940
NORTHWEST NATIVE DEVELOPMENT FUND RECEIVES $770,000 AWARD FROM U.S. TREASURY CDFI FUND
Coulee Dam Washington – The Northwest Native Development Fund (NNDF) learned yesterday that they will become the recipient of a $770,000 award for the expansion of services and to increase the volume of their small business lending. The NNDF will use the $770,000 award as seed to grow their lending capital fund and increase the current portfolio to $5 million dollars by the year 2020.
“We are happy, humbled and excited that the CDFI Fund saw fit to invest in our little company,”said Ted Piccolo NNDF Executive Director. “We have already provided over $3 million dollars in small business financing and this award will help us leverage to larger financing dollars in order to fuel small businesses in Eastern Washington.”
The NNDF provides credit builder loans for people who are struggling to increase their credit scores while avoiding predatory lending operations. They also provide free family budgeting workshops, small business marketing workshops and an extensive business planning course. All of this financial education is tied to over $3 million dollars in small business financing and over $100,000 in consumer/credit builder lending.
The CDFI Fund’s Native Initiatives generates economic opportunity for Native Communities by supporting the creation and expansion of Native CDFIs like NNDF though 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.
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