Salamanca, NY- The Seneca Nation of Indians Economic Development Company (SNIEDC) is pleased to announce a Financial Assistance (FA) award notice of $200,000 for the 2018 funding round of Native American Community Development Financial Institution Assistance (NACA) Program from the US Department of Treasury’s CDFI Fund. The NACA Program provides FA awards to support the financing activities of certified Native Community Development Financial Institutions (CDFIs).
The NACA Program issued $15.1 million to 38 Native CDFIs across the country in 2018 funding round to support the Native community’s economic development activities. SNIEDC is the only Native American CDFI in NYS and honored to be one (1) out of twenty-nine (29) Native CDFI’s to be awarded in the NACA program. This program is funded through an annual appropriation from the United States Congress, and the awards are made each year through a competitive process that spans several months.
Lucille Brooks, Executive Director commented, “This new funding will assist SNIEDC in meeting the needs and demands of Seneca Entrepreneurs by increasing the volume of our financial products through commercial mortgages. SNIEDC begin offering Commercial Mortgages, which no traditional financial lender can do on territory due to tribal sovereignty. Because SNIEDC is chartered by the Seneca Nation, we are uniquely positioned to offer this product. SNIEDC’s Commercial Mortgage program will, for the first time, create a mechanism for using property on the territory as loan collateral. The availability of affordable and modern commercial space will stimulate new business growth and increase employment on the territory.”
SNIEDC is offering a Commercial Mortgage loan for business property acquisition of land and buildings, construction or renovations.
| COMMERCIAL MORTGAGE LOAN | ||
| Minimum | Maximum | |
| Loan Limits | $75,000 | $375,000 |
| Interest Rate | 6.5% | 10.5% |
| 20-year maximum term | ||
This extended loan term will allow Seneca business owners the flexibility to reduce their monthly debt payments over a longer period and provide a higher maximum loan. This loan product will enable more effective Commercial Development within the Seneca Nation Territories.
Another benefit of the Commercial Mortgage program is that a Seneca can now leverage their most valuable asset, their home, as collateral to obtain a SNIEDC business loan. This will allow Senecas to more effectively leverage their personal assets to increase their wealth.
Visit our website at www.sniedc.org or call our office at (716) 945-7148 to get our loan application or for further information.