Citi announces Native American entrepreneurship, education grants

Citi Announces Funding Grants from Citi and the Citi Foundation to Support Native American Education and Entrepreneurship in South Dakota

$280,000 in Grants Fund Small Business Development, College Scholarships, Financial Literacy and Education Initiatives

Value of Citi and Citi Foundation Grants to South Dakota Exceed $25 Million

CRAZY HORSE, S.D.--(BUSINESS WIRE)-- Citi today unveiled a package of grants from Citi and the Citi Foundation to support small business growth and education for Native Americans in South Dakota. The grants are valued at $280,000 and will be distributed to nonprofits that provide support services to Native Americans in the state. The funding will provide scholarships to select students to attend tribal colleges, support financial literacy and training programs, fund teacher positions on remote reservations and help establish new lending sources on tribal lands to support microenterprise and small business development.

“As an active participant in the local community for nearly three decades, Citi is proud to help Native American communities in South Dakota grow and prosper through entrepreneurship and education,” said Citi Chief Executive Officer Vikram Pandit.

Citi is a major local employer in South Dakota with approximately 3,000 employees in the state and business operations that include Citi Cards, Citicorp Trust South Dakota and CitiFinancial. In 2008, Citi and the Citi Foundation contributed approximately $2 million to eligible nonprofit organizations in the state and Citi employees volunteered more than 30,000 hours.

The nonprofits selected to receive grant money from Citi and the Citi Foundation include the American Indian College Fund, First Nations Oweesta Corporation, Four Bands Community Fund, The Harvest Initiative, Teach for America-South Dakota, Youth & Family Services, Lakota Fund and Crazy Horse Scholarship Fund. The grants will be awarded during an afternoon press conference at the Crazy Horse Memorial later today.

Specifically, the Citi and Citi Foundation grants will support the following:

American Indian College Fund (AICF) – $75,000 from the Citi Foundation to fund 20 scholarships for Native American students attending South Dakota’s three tribal colleges. Since 2003, the Citi Foundation’s partnership with AICF has provided more than 150 scholarships for Native American students in South Dakota.
First Nations Oweesta Corporation – $50,000 from the Citi Foundation to provide technical assistance to existing and proposed community development financial institutions (CDFIs) and asset-building programs that serve low-income individuals and families on Indian reservations in South Dakota and neighboring states.
Four Bands Community Fund – $35,000 from the Citi Foundation to support and educate small businesses on the Cheyenne River Indian Reservation in need of bookkeeping and other financial management assistance, as well as to fund a college intern to work in community development on the reservation.
Harvest Initiative Fund – $25,000 from Citibank South Dakota to expand access for entrepreneurs on the Crow Creek Indian Reservation to mainstream financing and enhance lending sources. The central South Dakota reservation spans Buffalo County, the nation’s poorest county by per capita income.
Teach for America-South Dakota – $25,000 from Citibank South Dakota to help fill teaching positions on the Pine Ridge and Rosebud reservations, where school districts struggle to fill dozens of teacher vacancies.
Youth & Family Services – $20,000 from the Citi Foundation to implement a financial education program for 600 underprivileged children in the YFS Girls Incorporated, YFS Child Care and YFS Boys Health programs. In addition, at least 100 parents and 150 YFS staff at the Rapid City-based nonprofit will increase their understanding of economic concepts to help them make better financial decisions.
Lakota Fund – $25,000 from the Citi Foundation to support the Building Lakota Family Assets Program, which will provide financial literacy, homebuyer education and small business planning courses for residents of the Pine Ridge Indian Reservation.
Crazy Horse Memorial Foundation - $25,000 from Citibank South Dakota to fund 25 $1,000 scholarships for Native American students to attend tribal or state colleges, universities, nursing schools or vocational-technical schools located in South Dakota.
Prior to the press conference, Mr. Pandit participated in a roundtable discussion in Sioux Falls with Mayor David Munson, who discussed the results of revitalization efforts in the city’s Pettigrew Heights neighborhood. Citi has provided a $5 million line of credit to Sioux Falls, which the city is using to acquire and sell dilapidated properties to developers for approved projects, including affordable housing for low-income seniors and retail services. In addition, the Citi Foundation and Citi have provided nearly $200,000 in grants to tear down numerous dilapidated and vacant homes and establish the Pettigrew Heights Housing Resource Center in the city’s Bowden Youth Center.

About Citi

Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com.

About The Citi Foundation

The Citi Foundation is committed to enhancing economic opportunities for underserved individuals and families in the communities where we work throughout the world. Globally, the Citi Foundation is focusing its giving on Microfinance and Microentrepreneurship, which helps individuals become economically self-sufficient; Small and Growing Businesses, leading to economic expansion and job creation; Education, which prepares young people for personal and professional success; Financial Education, which helps individuals make informed financial decisions; and the Environment with a focus on sustainable enterprises that generate jobs and stimulate economic growth while preserving the environment. Additional information can be found at http://www.citigroupfoundation.com/.