COULEE DAM – The Northwest Native Development Fund announced, Sept. 25, receipt of a $1,083,300 award to expand services and increase small business lending.
“We are happy, humbled and excited that the CDFI Fund saw fit to invest in our little company,” said Ted Piccolo NNDF Executive Director. “We have already provided over $8 million total dollars in small business financing and this award will help us leverage to larger financing dollars in order to fuel small businesses in Eastern Washington.”
In a press release, NNDF announced the funding will be used “to grow their lending capital fund and increase the current portfolio to $8 million dollars by the year 2022.”
The NNDF also provides credit builder loans for people who are struggling to increase their credit scores while avoiding predatory lending operations. They also provide free family budgeting workshops, small business marketing workshops and an extensive business planning course.
The funding, which is NNDF’s largest award to date, comes from the US Treasury CDFI Fund’s Native Initiatives, which looks to generate economic opportunity for native communities by supporting the creation and expansion of Native CDFIs like NNDF.