Independent Banker - September 2021 - 32

PORTFOLIO
President and CEO Thomas
Ogaard (right) of Native
American Bank says federal
funding for community
development financial
institutions will drive the
bank's long-term growth.
◎FOCUS CDFIS
Federal funding is
propelling CDFI growth
Congress recently passed an infusion of stimulus dollars for community
development financial institutions. These two new funding programs
are preparing community bank CDFIs for huge growth opportunities.
By Beth Mattson-Teig
ommunity development fi nancial
institutions, or CDFIs, are poised
to capture billions in new federal
funding that could be transformative for
community bank CDFIs and the lowand
moderate-income communities
they serve.
The additional funding is a result
C
of the fl urry of fi scal stimulus that
the government has injected into
the economy in the wake of the
COVID-19 pandemic. " This kind
of support is exceptional and may
be a once-in-a-lifetime opportunity
to access additional funding, " says
Thomas Ogaard, president and CEO
of $165 million-asset Native American
Bank in Denver. " We are absolutely
going after the support that Congress
has passed. "
Ogaard expects the money to fuel
growth and lending capacity for
Native American Bank-a CDFI-not
only in the near term, but over the
next decade. The community bank's
mission is to provide access to capital
for Native tribes, tribal corporations,
Alaska Native corporations and Native
American customers. Its current loan
pipeline spans nearly $120 million,
and 95% of its lending is done on or
near tribal reservations, which include
some of the poorest areas of the
country. The bank is especially focused
on projects that off er access to healthy
foods, housing, land acquisition and
nongaming hospitality projects.
32 Q ICBA Independent Banker Q September 2021
Photo: Erin Lassahn

Independent Banker - September 2021

Table of Contents for the Digital Edition of Independent Banker - September 2021

Table of Contents
Independent Banker - September 2021 - Cover1
Independent Banker - September 2021 - Cover2
Independent Banker - September 2021 - Table of Contents
Independent Banker - September 2021 - 2
Independent Banker - September 2021 - 3
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Independent Banker - September 2021 - Cover3
Independent Banker - September 2021 - Cover4
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