The Four Bands Community Fund is celebrating a milestone as it reaches the $1.5 million mark in business loans provided to Native Americans living outside reservations across the state. The organization expanded its target market two years ago from those living on the Cheyenne River Sioux Reservation to a broader client base statewide.
Although the smoothie may not be a traditional Lakota drink, it’s been a staple for Michelle Antone in her business “Edible Arrangements’ – in Rapid City.
“Once people come in for a smoothie…they’re hooked,” explains Antone. “ So…we have regulars that come in every day and get their healthy-meal-on–the–go smoothie and that’s their lunch. We serve people in the morning for their breakfast smoothies, so…they’re slowly getting to understand what we do and who we are and the product that they get.”
Antone is originally from the Cheyenne River Sioux Reservation. She spent years in the health care field before pursuing her dream to run her own business. One year after opening Antone is pleased with her success and says Four Bands Community Fund was a huge help.
“They secured my financial being for the first year and so I’m not sure I’d be where I am right now if it wasn’t for them,” Antone ecalls.
The majority of businesses funded by Four Bands are sole proprietorships with an average maximum of 10 employees. Kristen Stambach is Director of Lending at Four Bands.
“There’s a lot of Native Americans that don’t have access to mainstream capital…mainstream financial institutions,“ Stambach explains. “They can’t get access to capital for their businesses…especially start-ups. Those are a lot riskier. And typical…traditional lenders aren’t going to…they really don’t want to take that risk in lending to them.”
Four Bands is certified by the U.S. Treasury Department, but not federally regulated. As a result, says Stambach, Four Bands Community Fund can focus on increasing access to capital for low-income entrepreneurs. That means the lending institution can be more flexible to clients’ needs.
Stambach adds that since its inception in 2000, the non-profit has dispersed more than $10 million in business loans to Native Americans.
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