NAFOA REQUEST: Seeking Projects in Indian Country in Need of Low Cost Loans
October 9, 2013
On September 30th (hours before the federal government shutdown) the Treasury Department's Community Development Financial Institution Fund (CDFI Fund) announced the first allocation of its new Bond Guarantee Program. This program allows a select group of Community Development Financial Institutions (CDFIs) to provide low interest loans to a group of projects. Specifically, the Treasury allocated a total of $325 million of authority to four-selected CDFIs. Those CDFIs will select a combination of projects to provide low-cost, long-term financing, to promote specific economic and community needs in low-income communities, which includes Indian Country. The terms of the funding are not fully specified, but can be thought of as loans with interest rates of approximately 3% to 4%, lasting up to 30 years.
The four-selected CDFIs who will be compiling the projects are:
- Enterprise Community Loan Fund
- Local Initiative Support Corporation (LISC)
- The Community Development Trust
- Clearinghouse CDFI
- Does your tribe have any potential projects, which serve your community and would be viable if they received a low-cost loan on these approximate terms?
- If your tribe also has an affiliated CDFI, is that CDFI aware of any projects that could potentially be eligible for such funding?
Please submit any projects to Josh Macfarlane, firstname.lastname@example.org.