WASHINGTON (9/20/13)--Lakota FCU of Kyle, S.D., and The Queens FCU, Honolulu, Hawaii, are among the 35 organizations awarded a total of $12.4 million under the Treasury Department's Native American CDFI Assistance Program (NACA Program), according to an announcement Thursday.
Lakota is to receive $150,000 and The Queens is to receive $659,000.
The funds are intended to help awardees increase lending and financial services in Native American, Alaska native, and native Hawaiian communities throughout the United States.
"The Native American CDFI Assistance Program is providing critically needed funds for distressed Native and tribal areas, many of which lack traditional banking services," said Don Graves, Treasury Deputy Assistant Secretary for Small Business, Community Development and Housing Policy. "This latest round of awards will expand the capacity of native financial institutions to develop innovative economic development solutions for the businesses and individuals in their communities."
The awardees, all certified Native Community Development Financial Institutions (Native CDFIs) or organizations looking to become or create Native CDFIs, will receive a collective total of $12,451,015 in Financial Assistance and Technical Assistance awards.
Eighteen Native CDFIs will receive Financial Assistance awards, which are primarily used for financing capital. Seventeen organizations will receive Technical Assistance grants, which are usually used to acquire products or services, staff training, professional services, or other support.
Use the resource link to read more about the grants and technical assistance.