Harbor Springs, Michigan – October 25, 2013. Northern Shores Loan Fund, Inc. (“NSLF”) a nonprofit Native American Community Development Financial Institution (“CDFI”) serving entrepreneurs in Alcona, Alpena, Antrim, Arenac, Bay, Benzie, Charlevoix, Cheboygan, Clare, Crawford, Emmet, Gladwin, Grand Traverse, Iosco, Isabella, Kalkaska, Lake, Leelanau, Manistee, Mason, Mecosta, Midland, Missaukee, Montmorency, Newaygo, Oceana, Ogemaw, Osceola, Oscoda, Otsego, Presque Isle, Roscommon, and Wexford counties in Northern Michigan received recently broadened its service area from nine counties to thirty-three and received re-certification as the only Native American Community Development Financial Institution in Northern Lower Michigan. NSLF received its re-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.
NSLF 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, NSLF, 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. NSLF has assisted over 109 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 Tim LaCroix, Executive Director, “With the support of an experienced Board of Directors consisting of Laura Blumberg, Chair; Patricia Dyer-Deckrow, Vice-Chair; Kent Bartell, Treasurer; Steve Sochay, Secretary; and Chasity Savage, Member; NSLF 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 NSLF. We are making a large impact in our local economies.”
NSLF is a 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 Alcona, Alpena, Antrim, Arenac, Bay, Benzie, Charlevoix, Cheboygan, Clare, Crawford, Emmet, Gladwin, Grand Traverse, Iosco, Isabella, Kalkaska, Lake, Leelanau, Manistee, Mason, Mecosta, Midland, Missaukee, Montmorency, Newaygo, Oceana, Ogemaw, Osceola, Oscoda, Otsego, Presque Isle, Roscommon, and Wexford counties.
Tim LaCroix, Executive Director
Northern Shores Loan Fund, Inc.
1131 W. Conway Road, Suite A
Harbor Springs, Michigan 49740