Harbor Springs, Michigan – November 4, 2009. Northern Shores Loan Fund, Inc. a new nonprofit Native American Community Development Financial Institution (CDFI) serving entrepreneurs in Charlevoix, Cheboygan and Emmet counties in Northern Michigan received the coveted distinction of being the first Native American Community Development Financial Institution in Northern Lower Michigan to receive certification status by the Department of Treasury’s Community Development Financial Institution Fund.
According to the CDFI Fund, a Certified Community Development Financial Institution is a specialized financial institution that works in market niches that are underserved by traditional financial institutions. CDFI’s provide a unique range of financial products and services to economically distressed target markets, such as flexible underwriting and risk capital for needed community facilities, commercial loans and investments to small start-up or expanding businesses in low income areas, as well as providing necessary client technical assistance. CDFIs include regulated institutions such as community development banks and credit unions, and non-regulated institutions such as loan and venture capital funds. CDFI certification is a designation conferred by the CDFI Fund and a requirement for accessing financial and technical award assistance from the CDFI Fund.
Northern Shores Loan Fund Inc. is incorporated under the Little Traverse Bay Bands of Odawa Indians (LTBB) and was a vision through its Economic Development Commission (EDC). After many years of developing a strong foundation for its launch, Northern Shores Loan Fund Inc., opened its doors in August 2008 and is making a large impact in Northern Michigan through providing lending and technical services to numerous local native and nonnative entrepreneurs struggling to exist in this economic downturn. Northern Shores Loan Fund, Inc. has assisted over 50 local entrepreneurs in retaining and creating jobs, maintaining and increasing their revenues, as well as promoting new business development in a very challenging market place.
According to Lisa McComb, Executive Director, “With the support of an experienced Board of Directors consisting of Laura Blumberg, Chair; Alan Proctor, Vice-Chair; Patricia Dyer-Deckrow, Secretary; Tim LaCroix, Treasurer; John Bott, Member and Susan Goddard, Member; Northern Shores Loan Fund, Inc. is able to assist local existing and potential entrepreneurs through loan and technical assistance that traditionally would have been met within the conventional financial sector. Due to the recent economic downturn which created tight underwriting requirements within traditional financing institutions, these challenged, yet financially healthy entrepreneurs are falling through the cracks. This could have long-term detrimental effects on our local economy without assistance through corporations such as Northern Shores Loan Fund, Inc. We are making a large impact in our local economies.” Northern Shores Loan Fund Inc. is a new 501(c)(3) CDFI Fund certified Native American microenterprise loan fund located in Harbor Springs, Michigan that serves both native and nonnative entrepreneurs of Northern Michigan with training, business incubation, and access to capital that fosters economic development for the Northern Michigan communities of Charlevoix, Cheboygan and Emmet counties.
CONTACT:Lisa McComb, Executive DirectorNorthern Shores Loan Fund, Inc.1131 W. Conway Road, Suite AHarbor Springs, Michigan 49740231-347-6753lmccomb@northernshoresloanfund.orgwww.northernshoresloanfund.org