The Citizen Potawatomi Community Development Corporation (CPCDC)—one of the largest Native-owned community development financial institutions (CDFIs) in the nation—recently got a $700,000 infusion from the U.S. Department of the Treasury’s Community Development Financial Institutions Fund.
“We are delighted to receive this funding from the CDFI Fund,” said Shane D. Jett, CEO of CPCDC, in a statement. “This type of funding builds our capital base allowing us to achieve our mission of providing commercial loans to Potawatomi around the United States.”
The purpose of the CPCDC, founded in 2003 and headquartered in Shawnee, Oklahoma, is to supply financing for Native American businesses all over the state. The CPCDC supports building and growing tribal economies by providing financing for a variety of projects. The Potawatomi’s CDFI has supported the creation or retention of almost 1,600 jobs through more than 400 commercial loans to Native-owned firms. More than 9,200 tribal citizens have received business or financial training, Jett, a citizen of the Cherokee Nation, previously told Native Business Magazine. (Download the December 2018 Finance issue of Native Business Magazine to read our full interview with CEO Shane Jett.)
The CPCDC’s recent $700,000 award came from the CDFI Program and the Native American CDFI Assistance Program. CDFIs across the country help generate economic growth by leveraging federal and private-sector funds to provide opportunities within impoverished communities. The CPCDC is one of 302 CDFIs awarded funds through the fiscal year 2018. The U.S. Department of the Treasury’s CDFI Fund awarded more than $202 million overall.
The CDFI Fund also awarded $15.1 million for NACA Program Financial Assistance and Technical Assistance to 38 organizations in 16 states. The program creates and advances Native CDFIs like the one at Citizen Potawatomi Nation. Organizations funded through the NACA Program serve a wide range of Native American, Alaska Native and Native Hawaiian communities.
“The FY 2018 CDFI Program and NACA Program awardees will provide vital financial services and lending to low-income communities nationwide,” said CDFI Fund Director Annie Donovan, in a CDFI Fund press release. “The awards will also benefit Native Communities, areas of persistent poverty and individuals with disabilities.”