Lakota Funds Individual Development Account, Coaching, and Lending Create Opportunities for 
Client
Iris Gay wanted to increase her output of quilts from her home based business. She knew what she needed to do it to—a quilting machine that would be simple to operate and only cost a few thousand dollars. She knew that Lakota Funds had the ideal asset building programs to do this. First, she committed to increasing her own financial literacy and her knowledge of how to run a business by systematically saving in the Individual Development Account (IDA) program. There she not only built her personal financial capital by getting an infusion of dollars from the two to one match Lakota Funds provided her, but she also attended financial literacy, credit repair, and business planning sessions and discussion groups with other savers. Tonia Young, Business Success Coach, guided her through this step on her way to success.
Next, through the business planning course she began developing plans for her business and began developing a loan application. David White Bull became her Success Coach on this leg of her journey. When her IDA account was built up to the point she could make a substantial down payment on the machine, she applied for a loan under the micro lending category that only requires a cash flow projection, credit score, some collateral, along with business and personal financial records and her personal guarantee to be reviewed by the loan staff and the Executive Director. With her IDA funds and her personal integrity and commitment, it was a slam dunk.
Iris Gay, first time borrower of Lakota Funds, is using her loan proceeds and the money she earned through the Individual Development Account (IDA) savings program to purchase a high quality quilting machine to enhance productivity in meeting the demands of her customers and potentially attract new clients. Iris has been making quilts of excellent craftsmanship by hand for over 20 years. Iris is the first IDA participant to use proceeds to start up a business. Iris pledges, “To provide high quality machine quilting at reasonable prices.”
To order her quilts or to discuss your needs for a particular design and colors, call her at 605-455-2981.
