The Community Development Financial Institutions (CDFI) Fund, a part of the U.S. Treasury Department, announced that Lakota Funds was awarded $1,005,000 as part of their Native American CDFI Assistance (NACA) Program.
The award will fuel Lakota Funds’ lending program, which in turn channels funds in the form of agricultural, business, and artist loans throughout the Pine Ridge Reservation and surrounding areas.
“We’d like to thank the CDFI Fund for their continued support. Lending for the purpose of starting or growing businesses is really at the heart of our mission, and we look forward to seeing how those businesses increase income and employment opportunities for our families,” says Tawney Brunsch, Executive Director of Lakota Funds.
Lakota Funds was one of 38 organizations spanning 16 states that were awarded a total of $15.1 million through the CDFI Fund’s NACA Program, a program that was designed to facilitate the creation and advancement of Native CDFIs. As nonprofit loan funds, Native CDFIs have been recognized as effective drivers of economic growth in underserved populations.