How Access to Financial Tools is Impacting the Pine Ridge Reservation

The Lakota Federal Credit Union conducted a survey of its members last summer and found that there has been an increased uptake in use of financial tools by the people of the Pine Ridge Reservation. 31% of people surveyed say they now have a savings account for the first time ever. In addition, about a third of credit union members are spending less money and time traveling to do their banking, and as a result are saving more.

Credit Creates Opportunity

White Earth Investment Initiative’s Opportunity Auto low-income vehicle ownership program helped tribal member Rachael. Rachael had bad credit due to the expenses related to the illness and death of her small child, for which she was not financially prepared. Rachael needed a reliable vehicle to maintain her two jobs and was interested in the Opportunity Auto program. Rachael completed a one on one budget class, qualified for down payment assistance and purchased the vehicle she needed. Rachael was also able to set aside $10.00 per month for future repairs!

Bringing $ Back to Native Communities During Tax Time

Last tax season, members of the Great Plains Native Asset Building Coalition, a group of organizations and institutions that work to expand asset development strategies in low-income Native American communities, announced the collective impact of their free tax preparation sites, also known as Volunteer Income Tax Assistance (VITA) sites. The Cheyenne River, Crow Creek, and Pine Ridge Reservation VITA sites, operated by IRS-certified volunteers, processed 879 tax returns, bringing $2.2 million in refunds back to their reservation communities and saving tax payers an estimated $220,000 in preparation fees.

Young Native Intern Prepares 431 Tax Returns on Cheyenne River

During the 2014 tax season Jesse Carlson, a young entrepreneur and 2013 graduate from Dupree High School, staffed the Volunteer Income Tax Assistance (VITA) site hosted by Four Bands Community Fund in Eagle Butte, South Dakota. She and another Four Bands staff member prepared 431 tax returns, resulting in $1.1 million being refunded to residents of the Cheyenne River Indian Reservation.

Taylor Lawrence Increases Credit Score by 81 Points

Here’s how she did it: 2 financial education courses, 2 small dollar consumer loans, and 2 debt consolidation loans.

Taylor has been working with Four Bands Community Fund since 2012 in order to build her personal financial management knowledge and gain experience with the responsible use of credit. She is on her way to her major financial goal of purchasing a home in 2017. She is setting a positive example for her 4-year-old daughter, Betty, who will grow up in a home of her own learning about the wise use of money.

Mother of 4 Makes Positive Financial Changes

A desperate mother of four applied for a loan from Citizen Potawatomi Community Development Corporation to fix her washing machine and lawn mower. She didn’t know it was a step that would change her financial future. She says, “They helped me put a plan together to get above water and out of debt within a few years. They also helped me create a realistic budget and a strategy for increasing my credit score.” Over the next few years, this mom raised her credit score by over a 100 points, went back to school, and raised her income by almost $10,000.

Children’s savings accounts help kids start life right!

Denise Red Owl is making the investment in future generations. Denise Red Owl enrolled her son and grandson in Lakota Funds’ Child Development Account Program. Presley and Shaun, even at ages 6 and 7, are in a position to learn more, save more, and earn more than their parents and grandparents.

Creative Financing Plants Seeds for Community Revitalization

The small town of Whiteclay, Nebraska lies just outside of the boundaries of the Pine Ridge Reservation in southwestern South Dakota. It is infamous for its liquor stores and some of the highest rates of alcohol sales per capita in the nation. With a population of 14 and average sales of 13,000 cans of beer a day, it has become a site of frequent protests and controversy. However, it is also the location where Martin Pilcher is realizing his entrepreneurial dream with the purchase of Arrowhead Foods, a grocery store and deli.

Aaron Runs After Utilizes Credit Builder Loan as Stepping Stone to Homeownership

Does your credit score really matter? Yes! Take it from Aaron Runs After, a client of Four Bands Community Fund on the Cheyenne River Sioux Reservation. He used his Credit Builder Loan as a stepping stone to homeownership. As a father of five, Aaron wished to make a permanent home that his children would enjoy, but he knew his credit score was a barrier in reaching that goal. He decided to use the Four Bands Credit Builder Loan to consolidate and pay off multiple debts and was able to increase his credit score by an astounding 90 points in the first year. He now owns a four bedroom home that his children can enjoy.

Kindergarten Student Begins Saving for College

Abigail Haas, a student at Red Cloud School in Pine Ridge, South Dakota, opened a savings account through Lakota Funds’ Child Development Account Program, a unique matched savings program that focuses on building the family core. She and the rest of her family attend quarterly meetings where they participate in financial literacy and family building activities. Abigail will also receive monthly lessons that teach her about saving and how to be responsible for her account.

Abigail’s parents plan to make annual withdrawals from the account to help pay for school clothes and supplies but will set aside half of the savings for Abigail’s college education. By the time she graduates college, Abigail will be in a position to successfully move on to higher education.

Keweenaw Bay Indian Community Accesses EITC

In 2015, the Keweenaw Bay Ojibwa Housing & Community Development Corporation trained 174 community members through their Financial Assets & Training Program. As a result, community members improved their skills in the topic areas of budgeting, banking, credit, insurance, home buying, home ownership, and accounting. In addition, KBOHCDC provided tax preparation through their VITA program, which saved low-income working families thousands of dollars in tax preparation fees while maximizing their returns through the use of the EITC. KBOHCDC is gearing up its VITA program to serve even more clients in 2016.

Savings Program Makes Homeownership Dream a Reality

As part of our campaign for National Financial Literacy Month, we have an amazing story to share with your about a Crow Creek tribal member that made her homeownership dream a reality by working with one of our Network members, Hunkpati Investments.

Airryn Big Eagle says that before working with Hunkpati Investments, she didn’t save money and was never taught how to manage her finances, which ultimately resulted in damaged credit. “I was living paycheck to five days before my next paycheck.”

Bad Debt is History, Thanks to Financial Coaching

As part of our campaign for National Financial Literacy Month, we have an inspirational story to share with your about a Pokagon Band citizen that was able to build an emergency savings fund, open a savings account, and pay down $7,000 in credit card debt – all in five months – with the help of one of our Network members, Chi Ishobak.