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Saturday
5/17/2008 7:00:46 PM |
Banking and Financial Services
In order for Native communities to effectively control, manage, leverage, increase, retain, utilize, or create assets, they must have access to capital. Lack of access to capital and lack of basic financial services have long been a problem in Native and reservation communities. The reasons for this are many. On a macro level, banks have been hesitant to work with reservation communities and land that is in trust status cannot be used for collateral on loans, resulting in a barrier to accessing credit. Because of a lack of access to credit through conventional means, predatory lending, or credit from high-cost or exploitive lenders is common in low-income reservation communities. Pawn shops and high-interest credit dealers are common.
The Native Assets Research Center conducts research on a broad range of issues related to banking and financial services, including access to capital, predatory lending, and financial literacy. The Native Assets Research Center also works with First Nations Oweesta Corporation (FNOC) on a range of issues related to banking and financial services. For more information about First Nations Oweesta Corporation, click here.
Related Publications
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We believe, that when armed with appropriate resources, Native peoples hold the capacity and ingenuity to ensure the sustainable economic, spiritual, and cultural well being of their communities.
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