Program
Rationale
Whether
members of a community want to start a business, buy a home, or simply pay off
their debts, personal financial literacy is the first step to gaining
control over their financial future. Native people in Maine
have always managed resources wisely, whether it was catching salmon or eels,
hunting for moose and
deer, or
trapping beaver for furs.
The Four Directions Development
Corporation Financial Literacy program is intended to help
Native communities and
their
members adapt traditional skills to the wise management of financial resources.
Skills
ContentThe
Financial Literacy program being developed by Four Directions Development
Corporation is designed to
facilitate small group discussions and promote learning about the following
personal financial skills:
Relationship of personal finances to a healthy, self-reliant tribal
economy
Developing a spending plan (small business and/or personal budgets)
Working with checking and savings accounts
Understanding credit and credit reports
Accessing credit for homeownership, small business, and personal finance
The
curriculum will use traditional Native practices as the foundation for building
personal financial literacy. To ensure that the curriculum and materials
are relevant to the participants, the traditional Native practices
will
be adapted to the unique culture, history, and stories of each community.
Program
Delivery
The
program will consist of two weekend sessions, to be offered at each of the
five tribal reservations in Maine over the
course of each program year. FDDC will work with housing and/or economic
development personnel in each
community to identify an appropriate workshop site (community center, school,
conference room), and to arrange for the necessary meals or
snacks for participants.
Program
Costs
FDDC
would like to offer the Financial Literacy Program at minimal cost to
participants, and is in the process of raising funds from the Maine tribes and
other sources to cover the cost of curriculum development,
instructors, materials, and similar costs associated with this program.
Homebuyers EducationPROGRAM
"Pre-purchase counseling and education is designed to better prepare families
for the responsibilities of homeownership by explaining the home buying and
financing process, encouraging financial planning and money management, and
going over home maintenance and repair issues and concerns." (Freddie Mac study
by Abdighani Hirad "A Little Knowledge is a Good Thing: Empirical Evidence of
the Effectiveness of Pre-Purchase Homeownership Counseling'" May 2001)
Homeownership education explores mortgage loan
options, selection and maintainance of a home, the professional services that
are part of a home buying experience, and mortgage foreclosure. Four Directions
Development Corporation works with CAP agencies to refer clients to homebuyer
education, and to offer courses at the reservations.
Business Program services
Four Directions Development Corporation was created to
meet the needs of tribal business owners. The Business Division of Four
Directions consists of two primary components, Business Counseling, and
Commercial Lending. The business counseling program offers a broad array of
services:
One on one business skills and assessment counseling
Business plan classes
and training
Strategic planning
Credit report review
Marketing plan development
Tribal Development services
We provide our clients with the support needed to
move them through the business development process - from concept to product or
service. We also provide ongoing support for the life of the business.
Additionally, we help facilitate discussions with outside agencies and
organizations in order to provide the business owners with every opportunity to
access all of the resources available to them.
Business
Program Lending
FDDC offers several small to medium business loan
programs. Loans are available for equipment, inventory, working capital,
accounts receivable, and real estate. Four Directions provides either directly
or under a system of referals to other agencies, services that are accessible
and enable capital resources to effectively meet the needs of tribal members.
Giving
Winds Capital Campaign
This campaign is supported by the Maine Council of Churches and is
designed toraise $1 million in funds to match federal funding that capitalizes
Four Directions' loan program. The funds will be used to provide home and
business loans in the Native American community. See additional information by
clicking this infolink.
Four
Directions Development Corporation
20
Godfrey Drive, Orono, Maine 04473 •
(207)
866-6545
