Lower Brule, SD (May 1, 2011) – Lower Brule Sioux Tribe (LBST), a federally-recognized Indian Tribe located in South Dakota, has received a New Markets Tax Credit (NMTC) allocation of $18 million. The allocation was received through the Lower Brule Community Development Enterprise, LLC (LBCDE), the Tribe’s certified community development entity. The award was made by the US Department of the Treasury Community Development Financial Institutions (CDFI) Fund under the 2010 competitive allocation round. The award will serve to provide loans, including those with equity-like features, to both real estate and non-real estate businesses. The NMTCs will be paired with Tribal Economic Development Bond (TEDB) leveraged debt, and the combined financing will target projects and businesses located on tribal lands throughout predominantly non-metropolitan counties in Indian Country. The goal of the financing is to maximize job creation, encourage private investment, initiate community development, and increase economic opportunity for Native Americans.
Upon receiving the award, LBST Chairman Michael Jandreau remarked that, “the Lower Brule Sioux Tribe is pleased to be only the second American Indian tribe to receive a direct NMTC allocation from the CDFI Fund. The size of the award—$18 million—will enable us to implement a number of our own business investment plans; in addition, because ours is the only tribe to be granted the entire United States as its service area, we will support worthy projects sponsored by other tribes throughout Indian Country.”
The Lower Brule Sioux Tribe received significant strategic advice and assistance from Native American Capital, LLC ( NAC ). NAC is a Native American-controlled professional advisory services firm that supports innovative tribal financing programs, creating tribal business infrastructure, and economic development in Indian Country.
Contact: Joe Falkson