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2018 CDFI Grant Awardee

September 20, 2018

Salamanca, NY- The Seneca Nation of Indians Economic Development Company (SNIEDC) is pleased to announce a Financial Assistance (FA) award notice of $200,000 for the 2018 funding round of Native American Community Development Financial Institution Assistance (NACA) Program from the US Department of Treasury’s CDFI Fund. The NACA Program provides FA awards to support the financing activities of certified Native Community Development Financial Institutions (CDFIs).

The NACA Program issued $15.1 million to 38 Native CDFIs across the country in 2018 funding round to support the Native community’s economic development activities. SNIEDC is the only Native American CDFI in NYS and honored to be one (1) out of twenty-nine (29) Native CDFI’s to be awarded in the NACA program. This program is funded through an annual appropriation from the United States Congress, and the awards are made each year through a competitive process that spans several months.

Lucille Brooks, Executive Director commented, “This new funding will assist SNIEDC in meeting the needs and demands of Seneca Entrepreneurs by increasing the volume of our financial products through commercial mortgages. SNIEDC begin offering Commercial Mortgages, which no traditional financial lender can do on territory due to tribal sovereignty. Because SNIEDC is chartered by the Seneca Nation, we are uniquely positioned to offer this product. SNIEDC’s Commercial Mortgage program will, for the first time, create a mechanism for using property on the territory as loan collateral. The availability of affordable and modern commercial space will stimulate new business growth and increase employment on the territory.”

SNIEDC is offering a Commercial Mortgage loan for business property acquisition of land and buildings, construction or renovations.

COMMERCIAL MORTGAGE LOAN
Minimum Maximum
Loan Limits $75,000 $375,000
Interest Rate 6.25% 10.25%
20-year maximum term

This extended loan term will allow Seneca business owners the flexibility to reduce their monthly debt payments over a longer period and provide a higher maximum loan. This loan product will enable more effective Commercial Development within the Seneca Nation Territories.

Another benefit of the Commercial Mortgage program is that a Seneca can now leverage their most valuable asset, their home, as collateral to obtain a SNIEDC business loan. This will allow Senecas to more effectively leverage their personal assets to increase their wealth.

Visit our website at www.sniedc.org or call our office at (716) 945-7148 to get our loan application or for further information.

 

Catch Your Dream, Business Survey

 

Catch Your Dream

With a Seneca Business Loan

Fill out our business survey by July 8th and you will be entered in a drawing for a chance to win a $50 .

Drawing will be July 11th for 8 chances to win!!!

Please visit the link below:

://www.surveymonkey.com/r/SNIEDC_Small-Biz_Survey

Hard copies of the business survey will also be available at the receptionist area in both Seneca Nation Administration Buildings.

2017 CDFI FUND GRANT AWARDEE

SNIEDC is pleased and honored to announce a Technical Assistance (TA) grant award of $150,000 for the 2017 funding round of the Native American Community Development Financial Institution Assistance (NACA) Program from the U.S. Department of Treasury’s CDFI Fund.   SNIEDC’s TA award will be used to provide operational support for capacity building to increase access to credit, capital, and financial services to Seneca entrepreneurs.

The NACA Program was awarded $15.6 million to 38 Native Community Development Financial Institutions (CDFI) across the country in this funding round.   This program is funded through an annual appropriation from the United States Congress, and the awards are made each year through a competitive process that spans several months.

Lucille Brooks, Executive Director commented, “This new funding will assist SNIEDC in ensuring the needs and demands of Seneca Entrepreneurs are being met through our loan products.  SNIEDC will be building internal capacity to include our newest product, commercial mortgages. “

SNIEDC began offering Commercial Mortgages, which no traditional financial lender can do on territory due to tribal sovereignty.  Because SNIEDC is chartered by the Seneca Nation, we are uniquely positioned to offer this product. SNIEDC’s Commercial Mortgage program will create a mechanism for using property on territory as loan collateral. The availability of affordable and modern commercial space will stimulate new business growth and increase employment on territory.

Another benefit of the Commercial Mortgage program is that a Seneca can leverage their most valuable asset, their home, as collateral to obtain a SNIEDC business loan. This will allow Senecas to more effectively leverage their personal assets to increase their wealth.

ESTABLISHED:

SNIEDC is a 501(c) (3) non-profit organization chartered in 1993 by the Seneca Nation of Indians Tribal Council. SNIEDC became certified as a Native Community Development Financial Institution (CDFI) to provide loan products and services to the Seneca membership in 2013. A CDFI is a specialized financial institution that works in market niches that are underserved by traditional financial institutions.