Native CDFI to Finance Economic Development Programs With $750K KeyBank Loan
Through a recent $750,000, five-year loan from Cleveland-based KeyBank, Indian Land Capital Company will assist more tribes throughout Indian country in acquiring lands for business development, housing and community-based infrastructure projects.
“With this loan, KeyBank continues its commitment to Indian country and belief in the ability of Indian people to manage resources to determine their own futures,” said Gerald Sherman, ILCC president. “I commend KeyBank for their leadership in this area and hope other major financial institutions will follow their lead in recognizing both the need and the opportunity of investing in Indian country.”
Indian Land Capital Company (ILCC) is a Native-owned and -managed American Indian Community Development Financial Institution— certified by the CDFI Fund of the U.S. Treasury Department—specializing in providing flexible loan options to Indian nations for tribal land acquisition. Since its 2005 inception—a collaborative effort between Indian Land Tenure Foundation and Native American Community Development Corporation—ILCC has facilitated over $8 million in loans to 8 tribes in 6 states and the return of some 30,000 acres of land to tribal control. ILCC currently is working on finalizing an additional three new loans to three tribes in three new states totaling nearly $3.5 million. Projects made possible through ILCC financing include expansion of a health care facility, construction of homes for tribal members, sustainable forest management, wetland restoration, and protection of sacred and cultural sites.
Key’s Native American Financial Services team offers one of the most robust financial platforms designed for Native American Nations and affiliated organizations, businesses and communities, with $1 billion in commitments and $1 billion in assets under management.
“As one of the first financial institutions to create a dedicated team serving the Native American market, KeyBank understands the importance of providing financing, liquidity and technical assistance to support economic development programs in traditionally underserved communities,” said Mike Lettig, national executive of KeyBank’s Native American Financial Services division. “We recognize ILCC for continuing to focus on developing solutions to direct much needed financing to Indian nations.”
To learn how KeyBank can help your Nation succeed, visit key.com/nativeamerican. Banking products and services are offered by KeyBank National Association. Key.com is a federally registered service mark of KeyCorp. © 2013 KeyCorp. KeyBank is Member FDIC.
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