DNC panel gives $2M toward minority loans
Rocky Mountain News
Wednesday, August 8, 2007
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The Democratic National Convention Committee said it has deposited $2 million in Denver-based Native American Bank.
The deposit will allow the bank to provide additional loans in minority communities and continue to do business with minority-owned business enterprises, the committee said.
Native American Bank, owned by 26 federally-recognized Indian tribes, had $74.7 million in deposits March 31, according to reports to banking regulators.
The Democratic National Convention Committee says it has made a practice of depositing a portion of its federal grant funds in minority and woman-owned banks in the city where the Democratic National Convention is being held. The funds will be held in a non-interest bearing account and remain with Native American Bank until being withdrawn in one lump sum several months before the convention.
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