The Sequoyah Fund has learned that we have been awarded an $875,000 grant to expand our services and increase the volume of our small business lending. We will use the $875,000 award to grow our lending capital fund and implement a new “Credit Builder” loan program for members of the Eastern Band of Cherokee Indians.

We are happy about this news, and humbled that the CDFI Fund believes so strongly in what we are doing here in Cherokee. We are excited that we will be able to increase the level of business lending in and around Cherokee, and we are especially excited to start our Credit Builder program to help more enrolled members increase their credit scores so they can access more and cheaper financial services.

These funds will provide credit builder loans for people who are struggling to increase their credit scores while avoiding predatory lending operations. We also provide free budgeting workshops, budget and credit counseling, small business workshops, and other programs to assist small businesses and individuals. Additionally, we administer the Authentically Cherokee program and the REAL Entrepreneurship® program. We have made over 450 loans in our twenty-year history, totaling over $17 million in local investments in small businesses and housing improvement.

The CDFI Fund’s Native Initiatives generates economic opportunity for Native Communities by supporting the creation and expansion of Native CDFIs like The Sequoyah Fund though the Native American CDFI Assistance Program (NACA Program), Financial Assistance (FA) program, and Capacity Building Initiative trainings. The Native CDFIs, in turn, help to create jobs, establish or improve affordable housing, and provide accessible financial services and counseling within their communities.

Awarded funds should be disbursed to us in March, 2019, and loans will be available shortly thereafter. We will be sure to announce when we begin accepting Credit Builder loan applications.