Independent Banker - April 2023 - 69

Next: Moments from ICBA LIVE 2023 
" This [treatment facility project] dovetails exactly
with what we intend to do and support in the
community. This also wasn't a one-off type of
transaction; it's about building relationships
rather than handling a transaction. "
-THOMAS D. OGAARD, NATIVE AMERICAN BANK
reservation itself faces challenges
associated with characteristics
that similar reservations face
when it comes to limited job
opportunities-and opportunities
in general-for reservation and
community members. "
Putting federal programs to work
Thomas D. Ogaard, Native American
Bank's president and CEO, says
the bank got involved when it was
approached by the Native tribe who
had already secured a new markets
tax credit (NMTC) allocation but
could not find a willing lendor. This
incentivizes community development
and economic growth using tax
credits that attract private investment
to distressed communities.
Native American Bank made a
$10 million loan for the treatment
facility that was secured by a
leasehold deed of trust and included
both the NMTC component and a
USDA loan guarantee.
" [The NMTC investor was] familiar
with the work we've done in Indian
country in the past, " says Ogaard,
" and on other projects that combined
the new market tax credits and the
USDA guarantee. "
Native American Bank's part of
the project took about 10 months to
complete and kicked off with a site
visit. It then progressed through the
many steps required to secure the
NMTCs and the USDA guarantee.
Along with understanding the
project's financial implications and
funding programs, Native American
Bank also took the time to learn
more about the tribe itself, its needs
and challenges, and what life on a
reservation entails. It also worked
with Bremer National Bank, the
investor that put cash equity into
the project. " Because of our previous
work in this area, we were excited to
have the opportunity come to us and
to potentially work more with the
TMBC in the future, " says Ward.
A vanguard for similar projects
Once completed, the 80-acre
site will offer both inpatient and
outpatient services and incorporate
16 residences and a health clinic.
The clinic will incorporate traditional
practices focused on healing and will
factor in the tribal community's own
recovery and healing processes. It's
expected to open within two years.
" The clinic will provide support
in treating behavioral disorders, "
says Ward, " while also offering
the traditional approaches that
TMBC would practice in terms of
addressing disorders. "
A groundbreaking ceremony
took place in November 2022, and
construction is now underway for the
new facility. Vice President Kamala
Harris and Janet Yellen, secretary
of the Treasury, recognized Native
American Bank's efforts during their
remarks at the 2022 Freedman's Bank
Forum and the 2022 White House
Tribal Nations Summit.
According to Ogaard, the treatment
facility project " simply fits " with the
community bank's direction as a
mission-oriented financial institution
that's dedicated to bringing access to
financial services and capital in Indian
country. " This dovetails exactly with
what we intend to do and support in
the community, " he adds. " This also
wasn't a one-off type of transaction;
it's about building relationships rather
than handling a transaction. "
In fact, Native American Bank
is already working with three
other borrowers on projects that
will include a health clinic and/or
behavioral health component.
According to Ward, these projects
will combine NMTC equity and USDA
guarantees. " The Turtle Mountain
project is just the first of several
similar treatment center projects, " she
adds. " Tribes have a concerted interest
in providing these types of services to
their communities and, in some cases,
outside of their communities. We're
here to find solutions for those types
of opportunities. " 
Bridget McCrea is a writer in Florida.
QUICK STAT
31,000
The number of members of the
Turtle Mountain Band of Chippewa
Source: North Dakota Studies
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Independent Banker - April 2023

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