COULEE DAM - The Northwest Native Development Fund (NNDF) has been awarded a $500,000 grant from Wells Fargo’s Open For Business Fund to help Washington businesses stay open in these times of COVID-19 and disastrous wildfires. The NNDF will use the funds to implement a unique “Small Business Mercy Loan” program.
“I cannot express how excited I am that Wells Fargo has selected the Northwest Native Development Fund for this round of funding,” said Ted Piccolo, Executive Director of NNDF. “We are going to immediately begin pushing to get these funds out and onto the streets, and dirt roads, of Indian Country in order to help Native-owned businesses bridge these tough times and rebound into the future stronger than ever before.”
The NNDF will provide working capital loans at 3 percent interest for small businesses. For businesses that have approved credit they will be able to secure these loans with their account’s receivables based on pre-COVID 19 income.
“This grant will bring an influx of capital and coaching to Native-owned businesses throughout the Northwest. The Open for Business Fund is another avenue of support and enlists the expertise of organizations like NNDF to urgently help small businesses recover and preserve the jobs they provide in their communities,” said Dwight Prevo, Wells Fargo’s Washington community development officer.
Wells Fargo launched the Open for Business Fund this summer as an approximately $400 million small business recovery effort across the U.S. to help entrepreneurs recover and rebuild.
If you are a small business in need of working capital or know of someone who is, then contact the NNDF to see if this new Mercy Loan product will help you.
The NNDF has provided over $8 million in small business loans to individuals in the logging, fishing, retail and construction industries and much more.