Native American Bank Receives $50 Million in Tax Credit Allocation
–News Direct–
The U.S. Department of the Treasury awarded Native American Bank the authority to raise $50 million in financing for low-income Native American communities.
The award is part of a $5 billion New Markets Tax Credit (NMTC) allocation authority package announced last week by the Treasurys Community Development Financial Institutions Fund. NAB is one of only 102 Community Development Entities among 197 applicants that applied for allocation authority to receive an award.
CDEs use allocation authority to attract private sector investments in disadvantaged communities who lack access to the long-term investment needed to support economic growth through new businesses and increased jobs. The program is an efficient and effective mechanism for infusing up-front capital in areas that need it most.
This award will help Native American Bank provide much needed gap financing to Tribal enterprises and projects owned by individual tribal members for projects predominantly located on reservations, trust lands or other Federal Indian areas, said Joel Smith, senior vice president and chief credit officer of Native American Bank. NMTCs are a critical funding tool for these projects and businesses that often have been unable to launch due to lack of resources. We are grateful for the opportunity to put the credit to work for our Tribal communities.
In 2022 alone, the NMTC program supported 297 projects in highly disadvantaged communities. These projects attracted $6.7 billion of investment and utilized $3.2 billion of NMTC allocation. One example of community beneficial impact driven through these investments is the creation of more than 52,800 jobs.
NAB will be targeting these kinds of opportunities for Native American and Tribally owned projects in several areas across the U.S. For more information about NAB, visit www.nativeamericanbank.com.
About Native American Bank
The Banks primary mission is to assist American Indian (AI)/Alaskan Native (AN) individuals, nonprofits and enterprises reach their goals by providing affordable and flexible capital. To accomplish this, NAB concentrates on pooling economic resources to increase AI/AN economic independence by fostering a climate of self-determination in investment, job creation and sustainable development.
Contact Details
Native American Bank
Joel Smith, SVP Chief Credit Officer
+1 303-988-2727
View source version on newsdirect.com: https://newsdirect.com/news/native-american-bank-receives-50-million-in-tax-credit-allocation-190179105
Native American Bank
COMTEX_441090940/2655/2023-09-27T14:23:16
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