2007 Annual Report Executive Summary
Four Corners Enterprise Community (4CEC)
During 2007 Lorenzo Max continued as Executive Director of the 4CEC. Under his guidance, further progress was made in the US Treasury Department Native Community Development Financial Institution (Native CDFI) certification process. Certification of Bik’eh Hozho Community Development Corporation (Bik'eh Hozho CDC), the emerging Native CDFI organized by 4CEC in 2006, will help ensure the Enterprise Community’s sustainability beyond the end of the ten-year grant period. In 2007 Mr. Max also retained his position as Executive Director of Bik’eh Hozho CDC and continued to focus the resources still available under the remaining grant years in support of viable businesses within the Enterprise Community. Extensive revisions, and updates to the online benchmark management system were made in August 2007as progress on existing benchmarks proceeded.
The most significant progress was made on the following: Administration of the Four Corners and preparations for the 10-year program close out including: Assessment of completion of all benchmark projects to determine the program’s impact. As a part of this effort, 4CEC staff made site visits and corresponded with clients by phone, email and traditional mail in order to establish the current status of all benchmarks. 4CEC believes it is important to note that since its designation as an Enterprise Community the organization has distributed more than $435,000 to local entrepreneurs and businesses within the service area. In turn these individuals and business have succeeded in leveraging that investment into approximately $180 million that has been used to improve the economy of the Four Corners Enterprise Community designated service area. Moreover, every time a facility is constructed or a small business owner adds new jobs in the community, 4CEC has demonstrated the programs impact. The CDC Board of Directors approved the organizations: 1) Fundraising Plan, 2) Lending Policies, and 3) Loan Application Forms. The CDC staff successfully packaged the organization’s loan committee and approved the first Bik’eh Hozho CDC loan. Due to the progress made during CY 2007, Bik’eh Hozho CDC anticipates receiving certification as a Native CDFI in FY 2009. The 4CEC is confident that the organizations past activities will guide and enhance the success of the Bik’eh Hozho CDC revolving loan program. Staff continued to attend training seminars as part of an ongoing effort to develop the necessary skills, knowledge, and expertise to implement the CDC Revolving Loan Fund. Seminars attended by staff included a Native Financial Skills Initiative training (a comprehensive financial education training and technical assistance program for Native communities) and an Individual Development Accounts Workshop. Staff also participate in numerous teleconference training including: 1) Earned Income Tax Credits in Native Communities: 2) Planning Your Local EITC Participation and Creating/Sustaining Partnerships; 3) Community Credit Union; 4) Native American Finance Conference; 5) 2007 Economic Development Conference; 6) Shonto Community Development Corporation’s Strategic Work Session; and, 7) Page Tourism Conference.