Novogradac is a national accounting firm that is a leader in the New Markets Tax Credit (NMTC) industry. In June 2023, Novogradac awarded Lower Brule Community Development Enterprise (LBCDE) an honorable mention for its NMTC financing of the Goodwill Industries Campus in Louisville KY. .
LBCDE is a Native American CDFI sponsored by the Lower Brule Sioux Tribe of South Dakota. The Lower Brule Sioux Tribe reservation is home to approximately 1,500 people and has a high poverty rate. LBCDE works to improve the economic conditions of the reservation by providing loans, grants, and technical assistance to Native businesses and entrepreneurs.
Native American Capital is a Native American owned financial consultancy that specializes in providing NMTC (New Markets Tax Credits) financing to businesses and organizations located in low-income communities. In 2023, Native American Capital closed a $10 million NMTC deal in Kentucky that will be used to finance the development of a new mixed-use project in Louisville.
Goodwill collaborated with several entities for their project, comprising two investor partners, Old National Bank and US Bank, and six Community Development Entities (CDEs).
Funding for a part of the project was made possible by the New Market Tax Credit Program. The CDEs included Lower Brule as well as the following investors/CDEs:
These investors and CDEs contributed to Goodwill’s New Market Tax Credit Allocation.
Before advancing its Opportunity Campus plans in West Louisville, Goodwill undertook a six-month community outreach effort. This was designed to understand locals’ views on the area’s merits, challenges, needs, anticipated hurdles for Goodwill, and how Goodwill can be a considerate neighbor. Due to the pandemic, interactions were limited, but roughly 3,000 responses were received via various channels, including online surveys, virtual meetings, and direct mail, from October 2020 through March 2021. Participants included a diverse range of stakeholders, whose varied responses reflected diverse experiences and perspectives on West Louisville’s future.
Native American Capital is your trusted partner in navigating the unique financial landscape of tribal communities and native businesses. We specialize in unlocking access to crucial resources and stimulating growth.
