Mission Statement: As a development finance organization the California
Native Entrepreneurs Opportunity Fund (CNEOF) will promote
financial independence and self-reliance for Native families,
their connection to Native culture, and strengthen tribal
governments. Services Offered:
- Referral to specific Business
Training Programs and Technical Assistance
- Business networking and sharing
of information
CNEOF Eligibility Requirements to Qualify for
a Loan:
- Must be a U.S. Federally recognized
American Indian: With Tribal and/or B.I.A. documentation.
- Must have successfully completed
an Entrepreneur Training Program, recognized by CNEOF.
Exception: Existing Businesses of 3 or more years.
- Must have an up-to-date Business
Plan—for both start-up and existing businesses.
- Must be a Native owned business
of 60% or more.
- Business must be located in
the state of California .
- Loan must be within the criteria
set up in the loan products offered by CNEOF.
- Applicants must reside in the
CNEOF service areas. Exception: CIMC Entrepreneur
Graduates.
CNEOF BUSINESS LOAN PRODUCTS: MICRO LOAN -- $500.00 - $2,500.00 Start-up businesses to purchase equipment, inventory
or working capital. $50.00 Loan Application fee, if Pre-Qualifying Application
is approved for eligibility. MINI LOAN -- $2,501.00 - $25,000.00 Start-up and Existing Businesses to purchase equipment,
inventory or working capital. $100.00 Loan Application fee, if Pre-Qualifying Application
is approved for eligibility. SMALL LOAN -- $25,001.00 - $50,000.00 Existing Businesses to purchase equipment, inventory,
working capital, or a business real estate acquisition.
$200.00 Loan Application fee, if Pre-Qualifying Application
is approved for eligibility. A ‘No FEE' Pre-Qualifying Application form is required
from all potential Loan Applicants to determined eligibility. 6 month - 36 month loan payback time-frames have been
set, to replenish the ‘revolving loan fund'. Community Development Financial Institutions
Project In September 1994, the U.S. Congress mandated that the
Community Development Financial Institutions (CDFI) Fund
(authorized by the Riegle Community Development Regulatory & Improvement
Act of 1994) conduct a study of lending and investment
practices on Indian reservations and other lands held
in trust by the United States . Specifically, Congress
mandated that the study identify barriers to private
financing, identify the impact of such barriers on access
to capital and to credit for Native peoples, and provide
options to address these barriers. Since the November 2001 release of its Native American
Lending Study , the CDFI Fund has embarked on a number
of initiatives designed to overcome barriers preventing
access to credit, capital and financial services in Native
communities. Through these initiatives, the CDFI Fund
provides direct monetary awards and training, through
contractors, aimed at increasing the number and capacity
of existing or new CDFIs serving Native communities. In response to identification of needs by aspiring Native
entrepreneurs for year-round technical support to grow
their businesses, and ‘seed-money' financing to start
their businesses, and/or to leverage larger loans from
lending institutions, the California Indian Manpower
Consortium, Inc. (CIMC) initiated its CDFI Project. These
needs were identified while conducting the “CIMC Leadership
Development for Entrepreneurial, Small Business and Economic
Development” course for Native individuals in California
. In 2004, the entrepreneurship training co-coordinators
attended the introductory workshops and then applied
for and received a ‘mini-grant' to prepare an application
to the CDFI Fund and to prepare Articles of Incorporation,
Bylaws, Revolving Loan Fund Manual, and Deposit Agreements
with participating lending institutions for CIMC's proposed
CDFI, “California Native Entrepreneurs Opportunity Fund,
Inc.” CIMC also applied for technical assistance and
for funds to implement this CDFI. Through the CDFI Fund's Expanding Native Opportunity:
Native Communities Financing Initiative, CIMC had the
opportunity to receive intensive classroom training focused
on the successful creation of a Native CDFI followed
by free on-site technical assistance from the First Nations
Oweesta Corporation and the Opportunities Finance Network
(formerly known as the National Community Capital Association).
CIMC received notice in September 2005 of its CDFI grant
in and has been in the process of implementing its CDFI
with ongoing technical support. CIMC Entrepreneur Training Program |
