[CircleUp] Native American Northern Michigan Community Lender Receives Department of Treasury Certification Designation

[Heidi Davis]

FOR IMMEDIATE RELEASE

 

Native American Northern Michigan Community Lender Receives 

Department of Treasury Certification Designation

 

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 Director

Northern Shores Loan Fund, Inc.

1131 W. Conway Road, Suite A

Harbor Springs, Michigan 49740

231-347-6753

lmccomb at northernshoresloanfund.org
<mailto:lmccomb at northernshoresloanfund.org> 

www.northernshoresloanfund.org <http://www.northernshoresloanfund.org> 

 

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