Northern Shores receives grant to boost business lending
Incorporated under the Little Traverse Bay Bands of Odawa Indians, Northern Shores provides business loans and business education services to entrepreneurs — both native and non-native — who are starting a business or who have an established business.
The recent funding award was provided to Northern Shores through the Native American Community Development Financial Institution Assistance Program, which is part of the U.S. Department of Treasury’s Community Development Financial Institution Fund. The program provided awards to 35 organizations nationwide for fiscal 2011.
“Receiving this large award through the Financial Assistance component of the NACA Program FY 2011 Round allows us to increase our lending maximum limits per client from $15,000 to $100,000, enabling us to assist a wider base of Northern Michigan entrepreneurs who are unable to obtain conventional loans to successfully operate in Northern Michigan,” said Lisa McComb, executive director of Northern Shores.
Northern Shores was one of 10 native organizations nationwide to individually receive the program’s top allotment of $725,000 this year, and the only native Community Development Financial Institution in Michigan to receive the financial assistance component in this year’s round of awards.
“This award is a result of years of hard work by numerous volunteers and staff in building a strong foundation for NSLF,” said Northern Shores chair Laura Blumberg. “I would like to thank the NSLF Board of Directors — Pat Dyer-Deckrow, Sue Goddard and Chasity Savage; along with Lisa McComb, the NSLF staff and numerous committee members for their continued contributions to NSLF.”
The U.S. Department of Treasury’s Community Development Financial Institution Fund awarded $11.85 Million to native institutions in the fiscal 2011 round of the Native American Community Development Financial Institution Assistance Program. Northern Shores Loan Fund Inc. received its first financial assistance award in this round. The local loan fund will be strengthening its economic development outreach through increased lending services and financial product development.
Northern Shores Loan Fund, Inc. has successfully loaned approximately $100,000 to local entrepreneurs and assisted over 200 entrepreneurs with business education since opening its doors in 2008. It serves Antrim, Charlevoix, Cheboygan, Emmet, Grand Traverse and Kalkaska counties.
Entrepreneurs in Northern Michigan in need of financial or business education assistance, contact Northern Shores at (231) 347-6753 for an appointment. More information is available online at www.northernshoresloanfund.org.