Northern Shores Loan Fund, Inc. Receives U.S. Department of Treasury Award
Northern Shores Loan Fund, Inc. was one of only 45 Native Community Development Financial Institutions (CDFIs) to receive funding in the 2010 round of the Native American CDFI Assistance (NACA) CDFI program, as announced by the U.S. Department of Treasury's CDFI Fund Director Donna J. Gambrell on Friday, April 30, 2010.
Northern Shores Loan Fund, Inc. (NSLF) is the recipient of $149,599 in Technical Assistance (TA) funding and the ONLY Native CDFI in Michigan to receiving funding through this program in 2010.
"This is an honor", stated Lisa McComb, Northern Shores Loan Fund, Inc. Executive Director, "and reaffirms that our mission to assist local entrepreneurs with developmental and lending services is filling a critical need throughout Northern Michigan."
Since opening its doors in 2008, NSLF has assisted over 80 entrepreneurs with developmental and lending services. Loan funding ranges from $500 - $15,000 for needs such as working capital, inventory and equipment purchases, as well as start-up expenses. Technical assistance is in the form of financial education, credit counseling, marketing development and business plan enhancement. "Northern Shores Loan Fund, Inc. has become the missing link for entrepreneurs in Northern Michigan by successfully assisting with job creation and retention efforts as well as new business development and growth, stated Laura Blumberg, Northern Shores Loan Fund Board of Directors Chair.