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$10 Million Award In Native American Assistance

Albuquerque, New Mexico – Speaking alongside U.S. Senator Jeff Bingaman (D-NM), the Director of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund), Donna J. Gambrell, announced today $10.26 million in financial and technical assistance awards through the Native American CDFI Assistance (NACA) Program. Hosted by the Indian Pueblo Cultural Center in Albuquerque, New Mexico, the event celebrated the 45 Native organizations nationwide that received awards in the 2010 round and drew attention to the growing importance of Native CDFIs in their communities and among policy makers.

The 2010 NACA award announcement recognized an unprecedented number of awardees across nineteen states and emphasized the CDFI Fund’s strong commitment to building the capacity of Native CDFIs to serve Native American, Alaska Native, and Native Hawaiian communities by improving economic opportunity.

“I am honored to announce the awardees under the 2010 round of the NACA program with Senator Bingaman in New Mexico at a time when Native CDFIs are seeing tremendous growth in their presence and impact,” said Director Gambrell. “With each NACA award round, and each new Native CDFI created, access to credit, capital and financial services in Native communities increases, opportunities expand and lives are positively affected. Today’s event adds further momentum towards overcoming the lending barriers in Native communities and towards the ambitious goals in the CDFI Fund’s comprehensive Native Initiatives Strategic Plan.”

The Obama Administration’s FY 2010 budget marked the first time funding for the Native Initiatives has been specifically included in a budget request to Congress. Expanded congressional support and concerted efforts by the CDFI Fund have supported rapid growth in the number of certified Native CDFIs, with the total number increasing over 20 percent in the past year to 57 in eighteen states.

“I’d like to welcome Director Gambrell to New Mexico and I applaud the Obama Administration for making this important announcement in our state. The economic downturn, which we’re finally emerging from, has hit American families hard – particularly families in Indian Country. As our economy grows stronger, we must ensure that no communities are left behind. The grants awarded today make important investments in the future of Indian Country by supporting housing initiatives as well as small businesses at a time when capital remains tight. These investments will pay off for years to come,” U.S. Senator Jeff Bingaman said.

About the Native Initiatives

The CDFI Fund's Native Initiatives work to increase access to credit, capital, and financial services in communities by creating and expanding CDFIs primarily serving Native communities. This is achieved through two principle initiatives: 1) a funding program – the NACA Program – targeted to increasing the number and capacity of existing or new Native CDFIs, and 2) a complementary series of training programs, called “Expanding Native Opportunities,” that seeks to foster the development of new Native CDFIs, strengthen the operational capacity of existing Native CDFIs, and guide Native CDFIs in the creation of important financial education and asset building programs for their communities.

To view the Native Initiatives Strategic Plan entitled, "Financing Native Leaders for Tomorrow" please click here.

2010 NACA Program Awards

For more information about these awards, or about the CDFI Fund and its programs, please visit the CDFI Fund's website at: http://www.cdfifund.gov.


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[CDFI-2010-24]



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