New Mexico Community Capital Receives New Funding to Help Build Tribal Businesses
May 3, 2010 | Press Release from New Mexico Community Capital
Friday, April 30, U.S. Senator Jeff Bingaman (D-NM) and the Director of the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund), Donna J. Gambrell, announced $10.26 million in financial and technical assistance awards through the Native American CDFI Assistance (NACA) Program. Hosted at the Indian Pueblo Cultural Center in Albuquerque, New Mexico, the event celebrated the 45 Native organizations nationwide that received awards in the 2010 competitive funding round and drew attention to the growing importance of Native CDFIs in their communities.
New Mexico Community Capital received $649,111 of this national funding to pilot a tribal business initiative under the direction of Fund Associate Shyla Sheppard. In the coming months, Ms. Sheppard will further assess tribal interest and priorities, refine the investment model, and source potential investment opportunities for the micro-equity fund.
The CDFI program invests in and builds the capacity of a nationwide network of community-based financial institutions with a primary mission of community development in economically distressed urban, rural and Native communities. The CDFI Fund receives applications on an annual basis and awards funds through a competitive process. For a complete list of award recipients and profiles, visit http://www.cdfifund.gov/.
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.
NMCC improves the lives of New Mexicans by investing financial and human capital in promising businesses, helping these businesses prosper and contribute to their communities. NMCC delivers on its mission through two operating arms: NMCC Management, LLC, and IMPACT-New Mexico Business Growth Services.