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Q: How do you qualify for a loan?
Q: If I am not a member of the Oglala Sioux Tribe can I qualify?
Q: I don’t live on the Reservation but am an enrolled
member; can I get a loan?
Q: I have bad credit; does that automatically disqualify me
for a loan?
Q: Do I need collateral to get a loan?
Q: What can I use as collateral?
Q: What can loan proceeds be used for?
Q: What interest rate can I expect to pay if approved?
Q: How do I start the application process?
Q: How do you qualify for a loan?
A: In order to qualify for a loan we
will look at the following criteria:
• Are you a member of the Oglala Sioux Tribe?
• Do you reside on the Pine Ridge Indian Reservation?
• Is your business currently located on the Pine Ridge Indian Reservation?
• Credit history
• Verified capacity to repay loan.
Q: If I am not a member of the Oglala
Sioux Tribe can I qualify?
A: The Lakota Funds is chartered by the Oglala
Sioux Tribe which states borrowers must be an enrolled member
of the tribe. However if you do not meet this
requirement an exception could be made if a co-signer or co-borrower is
an enrolled member.
Q: I don’t live on
the Reservation but am an enrolled member; can I get a
loan?
A: You and your business must reside
within the boundaries of the Pine Ridge Indian Reservation
or in a qualifying area that can be explained by the staff
at the Lakota Funds.
Q: I have bad credit; does that automatically disqualify
me for a loan?
A: No! Many of our clients have poor credit
or no credit history. Our staff will work with you in rebuilding
your credit record. If your record is poor, we may
ask that you get a cosigner. WBI Success Coaches are here to equip you with
the tools to repair your credit.
Q: Do I need collateral to get a loan?
A: Yes, collateral
will probably be required. The amount and term of the loan
will determine the type and value of collateral necessary. Business loans
are not grants, therefore if for some reason you cannot repay
the loan, Lakota
Funds will need to be repaid by the sale of the collateral.
Q: What can I use as collateral?
A: We can use a vehicle,
business equipment, livestock, real estate, and other items
of value that you own and can provide clear title. If you
are planning
to use your loan to buy additional equipment or vehicles, we can use the
new purchase as collateral, as well. All collateral must be
accessible from the
Oglala Sioux Tribe.
Q: What can loan proceeds be used for?
A: Loan proceeds will
be preapproved and disbursed by the loan officers and may
be used to:
• Purchase inventory, materials and/or equipment
• Purchase real estate
• Renovate/upgrade
• Working Capital
• Debt Restructure
Q: What interest rate can I expect to pay if approved?
A:
The interest rate is determined by the borrower’s risk
rating. Risk
rating is determined by evaluation of the borrower’s 4 C’s: capacity,
character, collateral, and cash flow.
Q: How do I start the application process?
A: Click here to
apply! You can get started and come back later to finish
as long as you do it within 30 days. After that, you get to
start all over!
Or, if you are not comfortable doing the online
application you can print out the application and then send
or bring it in; or call 455-2500 and ask
for assistance.
If you are not ready to apply and need some help developing your business
plans first, you can also ask for that assistance by calling
455-2500 and talking
with a Success Coach or Loan Officer.
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