NiiJii Capital Partners, Inc. (NiiCaP) has received a U.S. Department of Housing and Urban Development Rural Housing and Economic Development Grant for $300,000 to expand its services on the Menominee, Mole Lake, and Lac du Flambeau Indian Reservations in Wisconsin. NiiCaP, a U.S. Treasury Certified Community Development Financial Institution (CDFI) provides financial products and services to eligible businesses and entrepreneurs in its Target Market.
The mission of the NiiCaP is to provide loans and related services including technical assistance and training to underserved persons with the goal of job creation, client wealth accumulation, and growing sustainable local economies. The current service area for NiiCaP is within the Menominee, Mole Lake, and Lac du Flambeau Indian Reservations in Wisconsin. Eligible recipients of NiiCaP services are Tribal members or businesses that will create employment opportunities within the Target Market.
The $300,000 grant will provide $150,000 to expand technical assistance and training to assist in creating new businesses and expand existing businesses. In addition, NiiCaP will receive an injection of $150,000 of new loan capital to finance for-profit business activity.
Since certification as a CDFI in May, 2007 NiiCaP has disbursed $220,000 in loans to create or expand 18 businesses and created over 40 jobs in its Target Market. Lending activity in this area of traditional high unemployment, low income, and limited access to capital has made a significant impact on the local Reservation economies.
The grant will provide technical assistance to past loan clients to help overcome obstacles in business management. Business retention is important since all loan payments are revolved into new loans. Loan payments are than reinvested in new loans to create jobs, client wealth accumulation, and promote a sustainable local economy.
Eligible projects are located within the Target Market area. Borrowers must demonstrate that 75% of the employment benefits flow to the residents of the Target Market consisting of the Reservations of the Lac du Flambeau Chippewa, Mole Lake Sokaogon Chippewa and Menominee Indian Tribes. Customers who are eligible to apply for a loan from NiiCaP are starting, sustaining or expanding a business if it is owned or managed by Native residents or creates or maintains jobs for Native residents.
For further information on NiiJii Capital Partners, Inc. contact the Keshena office, located in the Menominee Business Center, at (715)799-4806.