Areas Served: On or near the Leech Lake Indian Reservation
The purpose of the Small Business Development Fund (SBDF) is to maximize the potential of Leech Lake Band member entrepreneurs by providing services and financial support that complement and expand their business opportunities, business start-ups or the expansion of an existing business.
The SBDF is established to promote self-sufficiency and improve the quality of life for Band members while diversifying the Leech Lake Band of Ojibwe’s economy.
Loan Program – Micro Loan – $5,000 or less – small cottage industries – Macro Loan Up to $75,000 Eligibility Requirements All enrolled Band members are eligible for SBDF services, with eligibility requirements as follows:
¢ The principal owner or applicant’s enrollment status as a Leech Lake Band member must be verified.
¢ The business being started or expanded must be at least 60% owned, controlled and actively managed by the enrolled Band member.
¢ The business must be established on or near the Leech Lake Indian Reservation (Districts I, II, and III).
Near the reservation means within a reasonable radius of a district and must service or patronize customer’s on-reservation.
¢ Enrolled band member must be 20 years of age or older.
¢ Is a for-profit business.
¢ Must provide a comprehensive business plan for a macro loan, a business proposal for a micro loan and an updated business plan for an expansion loan.
Contact InformationLeech Lake Bank of Ojibwe
Address: P.O. Box 1902
City: Detroit Lakes
State: Minnesota
Website:
http://www.mniba.org/download/LLBOSBDF.pdf
Leave a Reply