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.