Commercial Development on Seneca Territory
The Seneca Nation of Indians Economic Development Company (SNIEDC) has the ability to use real property on the Seneca Nation Territories as collateral. SNIEDC gained approval for Commercial Mortgage Guidelines which provide a leasing structure on real property within the Seneca Nation Territories. SNIEDC borrowers can purchase property on territory for a business or leverage their current property for financing.
Due to tribal sovereignty rights, land issues create an obstacle for financing on territory. More specifically, the sovereign status of the Seneca Nation Territories prevents financial lenders from being able to place a lien on or repossessing Seneca Property. However, the leases within the City of Salamanca and the congressional villages on the Allegany Territory offer this ability. SNIEDC will use a lease mechanism approved by the Guidelines to allow Senecas to obtain business financing on property everywhere on the Territories. Throughout the term of the loan and in the event of a default the property will always remain within the possession of a Seneca individual or the Seneca Nation.
SNIEDC offers Commercial Mortgages with up to 20 year terms that can be used for business property acquisition of land and buildings, construction or renovations. This extended loan term will allow Seneca business owners the flexibility to reduce their monthly debt payments over a longer period. This enables more effective Commercial Development within the Seneca Nation Territories.
|COMMERCIAL MORTGAGE LOAN|
|20 year maximum term|
Another benefit of the Commercial Mortgage Guidelines is that a Seneca can leverage their most valuable asset, their home, as collateral to obtain a SNIEDC loan. This will allow Senecas to more effectively leverage their personal assets to increase their wealth. Below are SNIEDC’s two other loan products for which Senecas can now use real property as collateral.
|BUSINESS REVOLVING LOAN|
|7 year maximum term|
|5 year maximum term|
Visit our application page, call us at (716) 945-7148, or stop by our office to get our loan applications or for more information.