Across the United States today, numerous Native Community Development Financial Institutions (CDFIs) work to promote economic development and financial inclusion within tribal communities. CDFIs provide access to financial services like affordable loans, savings accounts, and financial education for both individuals and businesses, helping create jobs and supporting local economies.
On the Olympic Peninsula’s southwest coast, the TAALA Fund is a Native CDFI that works to support communities within the Quinault Indian Reservation. Founded in 2010, the TAALA Fund has gained support from a number of organizations, including Bank of the Pacific. In fact, Brook Lilley – manager for Bank of the Pacific’s Ocean Shores and Taholah branches – recently joined the TAALA Fund’s board of directors.
“I want to use my background in banking to help folks out,” says Lilley, a longtime Ocean Shores community member and banking professional. Her experience with Bank of the Pacific is coming in handy: Brook helps the TAALA Fund board review loan applications.
“Those loans – and other TAALA Fund resources – are making a truly positive impact in people’s lives,” Lilley adds. Several community members have recently become small business owners, thanks to the TAALA Fund. In addition, a handful of TAALA Fund users have opened up savings accounts through Bank of the Pacific.
TAALA Fund and the Cedar Root Business Center
Nora Mix, TAALA Fund’s executive director, says there’s a fair amount of inequality when it comes to certain populations receiving lending.
“TAALA Fund, in partnership with Bank of the Pacific, has been really working to make it a less intimidating process for banking and lending,” Mix says. “They’ve been a really amazing community support for us.”
The fund’s first executive director, Natalie Charley, played a central role in founding the TAALA Fund, which derives its name from “Táala,” a Quinault word for money, wealth and prosperity. The fund was officially certified by the U.S. Department of Treasury in 2012 and operates as a 501(c) (3) non-profit.
Among its initiatives is the Cedar Root Business Center, which offers comprehensive support for creative and entrepreneurial Indigenous projects throughout Grays Harbor County. The center provides everything from financial counseling and networking opportunities to lending, planning guidance and tax services for small business owners.
In addition, the center hosts seasonal markets – known as Seabrook Saturday Markets – which promote local artists and provide them a platform to show and sell their creations. Mix says Cedar Root also tries to host artists’ tables at other local community events.
Loans, Credit and Savings With TAALA Fund
One reason Mix became interested in being part of the TAALA Fund’s mission was her own experience as a victim of predatory lending early in life. “The access the fund provides to financial education, capital and lending support is a true blessing to many members of the Quinault Nation,” Mix says.
“Many people have come through TAALA Fund to improve their credit and better understand their financial situation,” she continues. “We want to empower generational wealth and financial stability.”
For some residents, credit issues often leave them unable to secure auto loans through traditional financial institutions. However, through the TAALA Fund, customers can work with their loan officers to obtain the cash – and the wheels – that are critically important for transportation to school and work in rural areas.
Mix’s own son, now in his mid-20s, was helped by such a loan several years before she became executive director. He lacked established credit at the time, making a reasonable interest rate challenging to find.
“He actually went through TAALA Fund to get his loan – his first purchased car – and he’s almost paid it off now,” Mix says. “It was a really huge accomplishment for him.”
Applications for credit building, small business, and home improvement loans can also be made through the TAALA Fund. Helping clients start a savings account is another aspect of the fund, according to Mix, and customers can work towards opening an account with the TAALA Fund’s help and their financial institution of choice.
Put simply, the TAALA Fund’s mission of uplifting the community through financial resources provides the hope people need to follow their path.
“You can’t really figure out what you want to do long-term when you’re struggling day-to-day,” Mix says. “TAALA Fund really helps get that part under control, so people can go out and achieve their goals.”
You can learn more, by visit the Bank of the Pacific website.
Ocean Shores and Taholah locations
Ocean Shores Branch
145 W Chance a La Mer N.W., Ocean Shores
360.289.2405
Taholah Branch
1214 Aalis Drive,Taholah
360.276.4411
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