Lower Brule Community Development Enterprise (LBCDE) Wins New Markets Tax Credit Allocation
Lower Brule, SD (May 1, 2011) – Lower Brule, SD (May 1, 2011) – Lower Brule Community Development Enterprise (LBCDE), a federally-certified CDFI and CDE, wholly-owned by the Lower Brule Sioux Tribe (LBST), located in South Dakota, has received a New Markets Tax Credit (NMTC) allocation of $18 million. The award was made by the US Department of the Treasury Community Development Financial Institutions (CDFI) Fund under the 2010 competitive allocation round. The award will serve to provide loans, including those with equity-like features, to both real estate and non-real estate businesses. The NMTCs will be paired with leveraged debt, and the combined financing will target projects and businesses located on tribal lands throughout predominantly non-metropolitan counties in Indian Country. The goal of the financing is to maximize job creation, encourage private investment, initiate community development, and increase economic opportunity for Native Americans.
LBCDE received significant strategic advice and assistance from Native American Capital, LLC ( NAC ). NAC is a Native American-controlled professional advisory services firm that supports innovative tribal financing programs, creating tribal business infrastructure, and economic development in Indian Country.
Contact: Joe Falkson
jfalkson@nativeamericancapital.com
(703) 587 8908
