NNDF Receives $500,000 Wells Fargo Grant and $1,083,300 CDFI Fund Treasury Grant to Help Small Businesses!

NNDF Receives $500,000 Wells Fargo Grant

Coulee Dam Washington – The Northwest Native Development Fund (NNDF) has been awarded a $500,000 grant from Wells Fargo’s Open For Business Fund to help Washington businesses stay open in these times of COVID-19 and disastrous wildfires. The NNDF will use the funds to implement a unique “Small Business Mercy Loan” program.

“I cannot express how excited I am that Wells Fargo has selected the Northwest Native Development Fund for this round of funding,” said Ted Piccolo Executive Director of NNDF. “We are going to immediately begin pushing to get these funds out and onto the streets, and dirt roads, of Indian Country in order to help Native-owned businesses bridge these tough times and rebound into the future stronger than ever before.”

The NNDF will provide working capital loans at 3% interest for small businesses. For businesses that have approved credit they will be able to secure these loans with their account’s receivables based on pre-COVID 19 income.

“This grant will bring an influx of capital and coaching to Native-owned businesses throughout the Northwest. The Open for Business Fund is another avenue of support and enlists the expertise of organizations like NNDF to urgently help small businesses recover and preserve the jobs they provide in their communities,” said Dwight Prevo, Wells Fargo’s Washington community development officer.

Wells Fargo launched the Open for Business Fund this summer as an approximately $400 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild.

If you are a small business in need of working capital or know of someone who is, then contact the NNDF to see if this new Mercy Loan product will help you.

The NNDF has provided over $8 million in small business loans to individuals in the logging, fishing, retail and construction industries and much more.

The NNDF is a non-profit 501 c 3 organization with a mission to help individuals obtain and grow personal assets through lending and technical assistance

NNDF Receives $1,083,300 Award from US Treasury
CDFI Fund

Coulee Dam Washington – The Northwest Native Development Fund (NNDF) learned yesterday that they will become the recipient of a $1,083,300 award for the expansion of services and to increase the volume of their small business lending. The NNDF will use this million dollar plus award to grow their lending capital fund and increase the current portfolio to $8 million dollars by the year 2022.

“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 $8 million total 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 also 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.

“I am proud to announce the fiscal year 2020 CDFI Program and NACA Program Award Recipients,” said CDFI Fund Director Jodie Harris. “These organizations are providing vital economic development and financial services to neighborhoods, businesses, and families. I am especially proud that we have 91 new organizations receiving awards this year, expanding the opportunity of this program to even more communities across the country.”

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.

The Northwest Native Development Fund has already infused over $8 million dollars in the community. This, largest grant award to date, will significantly help the NNDF to increase their contribution to local economic development.

The NNDF is a non-profit 501 c 3 organization with a mission to help individuals obtain and grow personal assets through lending and technical assistance.

 

NNDF TO ADDRESS REGIONAL HOUSING INVENTORY SHORTAGE
EARMARKS $1 MILLION IN SEED MONEY

The NNDF infuse the region with new capital for the purpose of adding at least 10 median priced homes in the Nespelem-Coulee Dam and Colville Reservation markets. For local contractors or
do-it-yourselfers NNDF will make available a Construction/Rehab
Loans. :

  • 6 months before first payment is due
  • 15 yr amortization w/2yr pay off
  • Flexibility on collateral

This tool will allow a person to obtain and rehab an existing property using the old property as security. It also allows the borrower to address the cashflow problem by providing the needed capital before the project is finished and goes on the market. Of course, all is dependent upon factors such as borrower credit.

The NNDF hopes that by empowering the entrepreneurial hands individuals we will see an uptick in the number of units available in
the local housing inventory.

Link to full Press Release

Two Pronged Attack-

We will not stop there,” says Ted Piccolo NNDF executive director, “we are also going to start building affordable NEW homes for people.”

A second prong of attack is that the NNDF will begin constructing new homes directed at the first-time entry-level home buyer. Many of these properties will be located on the Colville Indian Reservation with some emphasis toward solar power technology in order to offset the extraordinarily high-power prices in
that region.


Study showed need

A recent study by the Planning department with the Colville Confederated Tribes showed that the majority of the population earned between $25k and $75k with the largest group in that majority earning $35-$49.

Meanwhile a huge portion of that population is paying $1,000 per month in rent.

The cost of power on the Reservation is also a significant factor in that on the Reservation electricity costs .70 per KWH while just
across the Reservation boundary power rates are .044 per KWH.

This makes owning that first home much harder on the Reservation than off.

The NNDF is not going to sit back and watch anymore.

Be sure to follow along our journey and like us on Facebook: www.facebook.com/TheNNDF

 

Tel: (509) 633-9940
www.thenndf.org
Email: tedp@thenndf.org
The NNDF

The NNDF