Shoshone-Bannock Tribes Community Development Financial Institution
Fort Hall- On July 23, 2018, the Shoshone-Bannock Tribes Community Development Financial Institution (CDFI) received an unexpected donation for $25,000 from local residents Dave and Georgiana Jones.
Vice Chairman Ladd Edmo stated, “This kind donation will help provide more opportunity for our membership to become financially stable in our community and to eventually move forward with business entrepreneurship loans.”
Native American CDFI’s are a proven way for tribal communities to build self-sufficiency. The Tribes have been developing this CDFI to provide access to financing and capital for all Shoshone Bannock Tribal members as well as other Native Americans living on the Fort Hall Reservation. The goal is to build a strong economy and financial self-sufficiency. Initially the CDFI will provide small personal loans for emergencies, help borrowers improve credit, and to consolidate multiple loans from predatory payday lenders. The CDFI also provides financial education and one-on-one financial counseling.
The CDFI is under the direction of the Tribal Housing Opportunities Program (THOP) who received a $149,962 grant from the U.S. Department of Treasury to build the Shoshone-Bannock Tribes CDFI program and develop the asset-building programs that will help Tribal members.
“This $25,000 is greatly appreciated and will enable us to begin lending a lot sooner than anticipated. We were pleasantly surprised by the Jones’ generous donation and look forward to getting much needed Capital into the Fort Hall community. ” said Shalynn Kellogg, manager of the Tribal Housing Opportunities Program (THOP).
Currently, the Tribes CDFI is raising funds to be able to lend as well as establish policies and procedures to comply with both grant requirements and overall best practices in lending. The program is being tailored to the needs of the Shoshone-Bannock people with an emphasis on respect and fairness.
CDFI Developmental Specialist, Syd Hair, was overwhelmed with gratitude and stated, “This is a game changer and will allow us to move up our start date significantly as we have been working hard to get everything in place to serve the Shoshone-Bannock community.”
Financial education services for Tribal members are available immediately and beginning in October of 2018 Tribal members can apply for consolidated and mini-personal loans (to receive a loan the applicant must fulfill the financial education). For more information contact Syd Hair or Shalynn Kellogg contact 208-478-3914 or 208-478-3936.
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The THOP program is under the Tribes Planning Department and includes the following professional staff: Planning Director is Alonzo Coby, THOP Program Manager is Shalynn Kellogg, an expert in financial education, homeownership and small dollar loan products; the CDFI Development Specialist is Sydni Hair, who brings years of experience in lending and other programs in order to build the amount of available capital for the CDFI to lend; and the Tribal Budget Mortgage Counselor is Whitney Burns (tribal member) who is certified in financial management and will provide financial development services for the emerging CDFI.