For Immediate Release December 1, 2010
Contacts:
Susan Hammond, Executive Director, Four Directions Development Corporation
207-866-6545
Rev. Jill Saxby, Executive Director, Maine Council of Churches
207-772-1918
PRESS RELEASE
Four Directions Development Corporation Receives National Honor for Service to Maine Native Communities
Four Directions Development Corporation (FDDC), a Native community development financial institution (CDFI) was honored in recognition of its commitment to excellence in the Native CDFI industry. Susan Hammond, Executive Director of FDDC, accepted the Circle of Honor Award in November 2010 at the Native CDFI Awards Ceremony San Francisco, CA. The 7th Annual Native CDFI Convening was hosted by Opportunity Finance Network (OFN) and First Nations Oweesta Corporation.
Four Directions was nominated for the Award by the Maine Council of Churches, partners in the 2003-2007 “Giving Winds Campaign.” Starting with a $25,000 low-interest loan from the Council, the Campaign raised over $615,000 in unsecured, interest-only notes from Maine denominations, local churches and individuals, funds that were matched through a federal grant program.
The Circle of Honor Award recognizes a Native CDFI that is successfully increasing access to capital and financial resources in Native communities by developing innovative loan products, promoting community development and overcoming challenges. Located in Orono, Four Directions serves the four tribes in Maine: the Passamaquoddy Tribe, the Penobscot Indian Nation, the Houlton Band of Maliseets, and the Aroostook Band of Micmacs. As both a housing and small business lender, Four Directions has loaned more than $7 million to more 150 tribal families since opening its doors in 2002.
Four Directions was selected from a highly competitive group of Native CDFI nominees and was awarded for demonstrating strong financial performance, diversification of funding sources and ability to develop innovative partnerships and programs to bring increased access to capital to Native people in their target market. The Maine Council of Churches nominated FDDC because of its very positive experience with the two organizations’ unusual partnership. The Rev. Jill Job Saxby, the Council’s Executive Director, said, “when Four Directions and the Council first met in 2003, neither had ever undertaken anything like this, but we opened doors to new relationships between the tribes and participating churches. With FDDC’s expertise, hard-work and vision, we built a solid foundation on which our diverse communities can build in years to come.”
Also presented was the Visionary Leader Award for Outstanding Achievement, recognizing a person who has made a long-term contribution to the Native CDFI industry and whose efforts make them an inspiration for others. In 2006, Susan Hammond was the first person to receive the Visionary Leader Award.
“The Circle of Honor Award and the Visionary Leader Award shine a light on those who demonstrate excellence in serving low-wealth and low-income communities in Native markets,” said Mark Pinsky, President and CEO of Opportunity Finance Network. “We are delighted to partner with First Nations Oweesta Corporation to support the important work of Native CDFIs, especially during this great recession.”
Upon receiving the 2010 Circle of Honor Award, Ms. Hammond thanked Four Directions’ many partners including the Maine Council of Churches and those who took part in its Giving Winds Campaign. She said, “This faith community fund-raising campaign was critical to our ability to diversify our sources of operating funds and loan capital. Today, as these loans begin to reach maturity, every contributor has agreed to continue the terms-- a 100% renewal rate for this loan capital to date.”
Rev. Saxby added, “Recently, MCC decided to renew its five year loan to FDDC on the same terms, as an expression of our continued faith in their mission and effectiveness. Now we’re urging others to do the same – and encouraging churches and individuals who did not participate then to get involved now. It’s an investment that is not only safe in a fiscal sense, but rewarding in a moral sense, as people learn, outmoded assumptions die, and new relationships are born.”
For more information on FDDC, you can call 207-866-6545 or please visit its website at www.fourdirectionsmaine.org.
