News
The OCC’s District Report on New Opportunities for Banks
Business Planning and Financing for “Indianpreneurs©”
Paul Ginger: 312.360.8876
Norma Polanco-Boyd: 216.274.1247 x274
The Office of the Comptroller of the Currency
The American Indian Economic Development Fund (AIEDF) provides the American Indian community with gap financing, technical assistance, and business education to stimulate and develop entrepreneurial activities on and off reservations.
Since 1992, this St. Paul, Minnesota-based nonprofit organization has provided business development services and, in some cases, financing to enrolled members of federally recognized tribes in Michigan, Minnesota, North Dakota, South Dakota and Wisconsin. This nonprofit organization offers a 33-hour, culturally-relevant curriculum to help “Indianpreneurs©” – the term it uses for American Indian entrepreneurs- develop business plans and improve their management skills and personal financial literacy. AIEDF boasts a 92 percent completion rate for enrolled students and attributes this success to a culturally sensitive approach that incorporates Native American traditions and includes Indianpreneurs© as members of its faculty.
AIEDF is certified by the U.S. Department of the Treasury as a Native Community Development Financial Institution that provides technical assistance and financing to existing Native American businesses. Since 1992, AIEDF has provided $6 million in gap financing, through loans from $15,000 to $70,000 to Indianpreneurs© and leveraged $18 million in additional financing from banks, revolving loan funds, and other sources.
How can banks support AIEDF? Banks are encouraged to:
- Refer Native American business owners needing technical assistance to AIEDF
- Accept AIEDF loan referrals of Indianpreneurs© who have completed business plans
- Serve as faculty for its Indianpreneur© training program and to its loan committee
- Assist in structuring the AIEDF loan fund into commercial loans to Native American businesses
- Invest in the AIEDF loan fund and support the nonprofit organization with grants and other funding
For more information, contact David Glass at 651.917.0819
Newsletters
Download our First Quarter Newsletter (pdf)
Events
Indianpreneur© Business Class
The American Indian Economic Development Fund (AIEDF) will be holding its Fall Indian Entrepreneur Class at its headquarters: 831 Como Avenue St. Paul, MN 55103. This 33-hour class will meet Wednesday evenings from 6:00 p.m. - 9:00 p.m. beginning in September.
The AIEDF is a non-profit organization who is positioned to help American Indian entrepreneurs by providing individualized, culturally-relevant business education, along with counseling and mentoring throughout the loan process.
The Fund makes loans to men and women who are creating or expanding retail, services and manufacturing businesses - all of which hire American Indians as employees.
If you are interested in starting a business or expanding an existing business and would like more information about this course, please call 651.917.0819.
