NATIVE
AMERICAN DEVELOPMENT CORPORATION
NATIVE
AMERICAN SMALL BUSINESS
MICRO - LOAN PROGRAM
CAPITALIZATION:
The initial capitalization for the NADC Micro-Loan Program was with
$21,000 from the Billings Area Bureau of Indian Affairs to establish a loan
guarantee pool. These funds will be
leveraged with Program Related Investment (PRI) Funds from the Rural Development
& Finance Corporation of San Antonio, Texas and other funds.
PURPOSE:
The purpose of this program is to make business loans and provide
technical assistance to community-based, Native American organizations and
entrepreneurs who are seeking to improve their rural communities.
It's mission is to create or retain jobs in Native American communities
by helping organizations and entrepreneurs get the financing and technical
assistance they need to undertake business and community development activities
in their communities.
ELIGIBLE
APPLICANTS: Must be a
member or a descendant of a member of a state or federally recognized tribe,
living in the States of Montana or Wyoming.
POLICIES
/ TERMS:
Ø
Loan
limits: $500 - $25,000
per loan
Ø
Loan
terms: loan committee decision based on individual loan
Ø
Interest
rate: a fixed per annum finance charge equal to the prime rate of
calendar year in which
Ø
Collateral
required for all loans
DOCUMENTATION
REQUIRED:
Ø
Borrower's
written business plan;
Ø
Borrower's
personal federal tax returns for the last three years;
Ø
If
existing business, business' federal tax return for the last three years;
Ø
Borrower's
organizational documents (articles of incorporation, bylaws, shareholder
agreements, operating agreements, partnership agreements, etc);
Ø
If
required by law to obtain a business license, the Borrower must provide;
Ø
Borrower
may also be required to provide additional documentation, including evidence
that it owns the collateral that it will pledge as collateral for the Micro-loan
or copies of any leases in which it has an interest.
TECHNICAL
ASSISTANCE: Technical
assistance may be obtained through the Native American Small Business
Development Center located in this office, Billings or the local community
Tribal Business Information Center.
For more information please call the NADC Office at (406) 259-3804.