The Seneca Nation of Indians Economic Development Company (SNIEDC) is pleased to announce that the organization has received official certification as a Community Development Financial Institution (CDFI) from the U.S. Department of the Treasury.
A certified Community Development Financial Institution (CDFI) is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. CDFIs provide a unique range of financial products and services in economically distressed target markets, according to the U.S. Department of the Treasury.
SNIEDC Executive Director, Lucille Brooks said, “With this certification, SNIEDC will be eligible for new sources of funding to expand our existing loan programs and offer business development services for our customers.”
Lucille Brooks has worked diligently over the past year with SNIEDC’s attorney Kim Thomas and SNIEDC’s Executive Committee, comprised of Chairperson Lucille White, Vice-Chair Jeanne Berlin, and Treasurer/Secretary William Krysick, to develop the CDFI application. Lucille White stated, “Becoming CDFI certified has been a major goal for SNIEDC and its one step in our long term growth strategy for SNIEDC.”
SNIEDC is an independent 501(c)(3) non-profit organization chartered in 1993 by the Seneca Nation of Indians Tribal Council. SNIEDC’s mission is to foster local economic growth through programs such as the Small Business Loan Program. Since inception SNIEDC has closed on 70 loans totaling more than $5 million in financial assistance to Seneca entrepreneurs.