Eagle Butte, S.D. – Four Bands Community Fund, a non-profit community loan fund, is celebrating a milestone as it reaches a total of $1.5 million in loans deployed to support over 60 Native American-owned small business start-ups and expansions throughout the state.  The organization expanded its target market two years ago to serve all tribal members residing in South Dakota. Previously, they only served the Cheyenne River Sioux Reservation.

“Since we have increased the service area of our lending program, we have seen a strong demand from Native entrepreneurs. We have also realized that there are a lot of tribal members that don’t have access to traditional lenders,” says Kristen Stambach, Director of Lending at Four Bands.

Stambach says most reservations are in isolated locations without local banks nearby. She explains, “For someone with limited experience in dealing with mainstream financial institutions, a business loan application can be intimidating.”

For Michelle Antone (Cheyenne River Sioux), it was the “easy-to-do-business-with” factor that drew her to Four Bands when she was seeking start-up capital for her business, Edible Arrangements, in Rapid City. “They definitely made the whole application process easier, walked me through it, and helped me prepare the financial plans,” she says.

Edible Arrangements offers a variety of unique fresh fruit gift ideas that are hand crafted in the store. As a result of opening and thriving, the business has created approximately 10 jobs for local residents. Stambach points out, “In addition to job creation, local businesses also generate revenue in the way of sales tax, which furthers economic growth.”

Antone just celebrated Edible Arrangement’s one year anniversary, and feels that having Four Bands as a lender was one of her best decisions. Like many other business owners, Antone has encountered challenges along the way. However, she is glad that securing capital wasn’t one of them. She says, “Four Bands was really a life saver.  They set me above what I needed to be as far as being financially stable.”

 
Stambach says that as a nonprofit organization, Four Bands is different from traditional banks. Although certified by the U.S. Department of Treasury, they are not federally regulated. “Our program design is mission-oriented and focused on increasing access to capital for low-income people. In general we have more flexible and patient capital, which means we can meet our clients at their level.”

Most businesses that Four Bands funds are sole proprietorships, and range anywhere from hair salons and eateries to construction companies and vending machine rentals. “We are really open to innovative business ideas – things that aren’t necessarily typical,” says Stambach. She adds, “Small businesses are the backbone to our economy. We believe in the entrepreneurs we serve, and are glad that our lending program plays a part in supporting our growing communities.”

About Four Bands Community Fund: Four Bands Community Fund, a nonprofit organization established in 2000, continuously strives to create economic opportunity on the Cheyenne River Indian Reservation by helping people build strong and sustainable small businesses and increase their financial capability to enter the financial mainstream. Our programs and services translate the traditional Lakota values of self-sufficiency, wise resource management, and a spirit of entrepreneurship into practical applications for today’s modern Native American communities. As a certified Native community development financial institution (CDFI), our programs and services are designed to empower our community members to achieve prosperity, whether it is through developing a new business or increasing personal financial skills.