Northern Shores Loan Fund, Inc. Receives $725,000 CDFI NACA Award

Northern Shores Loan Fund, Inc. (NSLF) was one of only 35 organizations serving economically distressed native communities nationwide to receive an award made through the fiscal 2011 round of the CDFI Fund’s Native Initiatives Financial and Technical Assistance component; the Native American CDFI Assistance Program (NACA Program), announced by the U.S. Department of Treasury on August 24, 2011.

NSLF was also one of only ten native organizations to receive the largest funds individually at $725,000 from this round, as well as the only Michigan native CDFI to receive the Financial Assistance component of this round.

“Receiving such a large award through the Financial Assistance component of the NACA Program FY 2011 Round allows us to increase our maximum lending limits per client from $15,000 to $100,000 opening the doors for us to assist so many more Northern Michigan entrepreneurs who are unable to obtain conventional funding,” stated Lisa McComb, NSLF Executive Director.

“This has been a long time coming” stated NSLF Board Chair Laura Blumberg. “We will finally be able to assist tribal members in our service area at a larger level, stated Blumberg. “This award is a result of years of hard work by numerous volunteers and staff who have worked hard in building a strong foundation for NSLF. 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 CDFI Fund awarded $11.85 Million to Native CDFIs in the fiscal 2011 round of the NACA program. Northern Shores Loan Fund, Inc. received its first financial assistance award in this round and will now be able to make an even larger impact than it already has in the communities it serves by strengthening its economic development outreach.

Northern Shores Loan Fund, Inc. is incorporated under the Little Traverse Bay Bands of Odawa Indians and serves Antrim, Charlevoix, Cheboygan, Emmet, Grand Traverse and Kalkaska counties. NSLF provides business loans as well as business education services to entrepreneurs starting a business or who have an established business.