Small Business Credit Initiative Loans
The State Small Business Credit Initiative (SSBCI) loan and collateral support financing is targeted to Native American-owned or controlled businesses located within the White Earth Reservation and the State of Minnesota. The White Earth Investment Initiative (WEII) will fulfill the lending role in the SSBCI program on behalf of the White Earth Band of Ojibwe, which retains administrative oversight. WEII is a nonprofit and a designated Community Development Financial Institution by the U.S. Department of the Treasury. It operates a business lending program headquartered on the White Earth Reservation.
If you’re interested in a State Small Business Credit Initiative loan, contact us using the online form below.
Eligibility Details
Eligible Borrowers:
- Businesses located on the White Earth reservation
- Businesses owned/controlled by Native Americans in Minnesota
Eligible User Of Funds:
- Start-up costs
- Working capital
- Equipment
- Inventory
- Purchase, construction or renovation of real estate (must be majority owner occupied)
Financing / Loan Terms
Financing For Small Business (target is less than 500 employees; must be less than 750 will all affiliates except those owners and controlled by a tribal government):
- Portion of funding for very small businesses (fewer than 10 employees)
- All applications are subject to WEII’s Lending Policy and WEII’s loan underwriting procedures
- Approval based on availability of funding
- Certain businesses prohibited
- Other limits apply
Loan Terms:
- Loans of up to $1 million
- Fixed intererst rate’ rate based on underwriting plus 5% reduction for White Earth tribal member-owned and controlled businesses
- Collateral – required
- Working capital loans
- 1-year term
- Inventory and equipment loans
- 3- to 10-year term
- Real estate loans
- Up to a 10-year term (may have longer amortization period with balloon payment due in ten years)
