FOR IMMEDIATE RELEASE
First Nations Oweesta Corporation awarded $100,000 to provide technical assistance to targeted Native CDFIs
LONGMONT, Colorado (September 15, 2011) – First Nations Oweesta Corporation announces it has been awarded a $100,000 grant from the USDA Rural Community Development Initiative (RCDI) to expand technical assistance services to established Native American Community Development Financial Institutions (CDFIs) in the Upper Plains and Pacific Northwest regions. The USDA RCDI program provides technical assistance and training funds to intermediary organizations to undertake housing, community facilities, and community and economic development projects in rural areas.
Since its inception more than 10 years ago, Oweesta has concentrated on expanding the number of new Native CDFIs, bringing the organizations from initial stages of creation toward full certification by the U.S. Department of the Treasury CDFI Fund. Today, there are 68 certified Native CDFIs, with another 60 in the development pipeline. This remarkable progress has been supported by Oweesta's Native CDFI technical assistance services, buoyed by the development of Native-specific curricula and training materials.
“In order to sustain the tremendous growth of the Native CDFI sector, Oweesta must focus some of its efforts on the advanced technical assistance that established and mature Native CDFIs require,” said Jon Panamaroff, executive director and senior vice president of First Nations Oweesta Corporation. Panamaroff also shared, “Through RCDI funding, Oweesta will offer its strengths and expertise as a Native CDFI and intermediary to meet this growing demand. Our goal is to create and implement a project model that can be achieved with established Native CDFIs.”
The established Native CDFIs that Oweesta will partner with on this program include Native-led nonprofit organizations that are working on their communities’ housing, economic and community development issues:
Pacific Northwest Native CDFI Partners:
· Chehalis Tribal Loan Fund (Oakville, Washington)· Warm Springs Community Action Team (Warm Springs, Oregon)
Upper Plains Native CDFI Partners:
· Four Bands Community Fund, Inc. (Eagle Butte, South Dakota)· Hunkpati Investments, Inc. (Fort Thompson, South Dakota)· Lakota Fund (Kyle, South Dakota)· Mazaska Owecaso Otipi Financial, Inc. (Pine Ridge, South Dakota)· Turtle Mountain Community Development Financial Institution (Belcourt, North Dakota)· White Earth Investment Initiative (Ogema, Minnesota)
The technical assistance services that will be provided for each partnering Native CDFI includes: creating business, strategic and marketing plans; financial management systems; effective loan management; legal infrastructure development; credit repair training; New Markets Tax Credit training; program evaluation; microloan program development; community engagement; board management and developing a Volunteer Income Tax Assistance (VITA) site.
CONTACT:
Jon Panamaroff, Executive Director & Senior Vice President
303-774-8838
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