DENVER, Colo. — Native American Bank (NAB) announced it has provided a long-term loan to support several initiatives of Midi Enterprises, LLC. Midi Enterprises is a business and economic development company working domestically and abroad. It was founded in 1990 by the Mandan, Hidatsa and Arikara Nation (MHA Nation) in central North Dakota on the Fort Berthold Indian Reservation.
The funding will support development of new federal government business opportunities which will bring Midi Enterprises’ employment level to more than 500 jobs. Midi Enterprises has a native preference in hiring and a goal to increase their Native workforce by 20% per year for the immediate future. The funding will also provide working capital and support refinancing of long-term debt.
“This financing is the kind of deal that Native American Bank is uniquely built to handle,” said Payton Batliner (Cherokee Nation of Oklahoma), SVP and Chief Lending Officer, Native American Bank. “Midi sought traditional funding for quite some time, which resulted in challenging agreements with usury interest rates. NAB’s deep understanding and experience in working with tribal corporations positioned us to meet their needs in a way that’s much more beneficial to tribal members.”
MHA Nation is a founding shareholder of Native American Bank. Because of NAB’s exemplary work in Indian Country economics, Midi, and its subsidiary companies, will also bring primary depository relationships to the bank.
“The impact of this financing can’t be overstated,” said Midi Enterprises CEO Clarence O’Berry (Sisseton-Wahpeton Oyate Sioux Tribe). “Midi Enterprises’ activities create a platform for training and employment of tribal members in business management, federal contracting and entrepreneurship. Midi has a long history of supporting U.S. government national and international priorities; and always stands ready to support tribal communities back home where we can, in one such case, an alternative energy development project.”
The loan will carry a 90% guaranty from the Office of Indian Economic Development (OIED), sometimes known as the Bureau of Indian Affairs Loan Guaranty Program. Midi Entreprises has a long track record of success as a Small Business Administration federal contractor.
Contact:
Veronica Lane, Native American Bank
Vice President, Marketing Director
[email protected]
720-963-5515
About Native American Bank
Chartered as a national community development focused bank, Native American Bank, N.A. is also a certified Community Development Financial Institution (CDFI). It is committed to being a self-sustaining CDFI and is the first national American Indian-owned community development bank in the country. Native American Bank supports the communities that it services, and it received an “outstanding” score on the most recent Community Reinvestment Act (CRA) exam. Learn more at www.nativeamericanbank.com.
About Midi Enterprises, LLC
Midi Enterprises (formerly Mandaree Enterprises) was founded in 1990 as a business arm of the MHA Nation. From humble beginnings on the Fort Berthold Reservation in North Dakota, it has grown into a family of companies that serves 20 federal agencies with operations in 27 U.S. states, Washington, D.C., Puerto Rico, the U.S. Virgin Islands and South Korea. Learn more at https://www.mellc.co/.