$280,000 in Grants Fund Small Business Development, College Scholarships,
Financial Literacy and Education Initiatives
Value of Citi and Citi Foundation Grants to South Dakota Exceed $25 Million
CRAZY HORSE, S.D.--(Business Wire)--
Citi today unveiled a package of grants from Citi and the Citi Foundation to
support small business growth and education for Native Americans in South
Dakota. The grants are valued at $280,000 and will be distributed to nonprofits
that provide support services to Native Americans in the state. The funding will
provide scholarships to select students to attend tribal colleges, support
financial literacy and training programs, fund teacher positions on remote
reservations and help establish new lending sources on tribal lands to support
microenterprise and small business development.
"As an active participant in the local community for nearly three decades, Citi
is proud to help Native American communities in South Dakota grow and prosper
through entrepreneurship and education," said Citi Chief Executive Officer
Vikram Pandit.
Citi is a major local employer in South Dakota with approximately 3,000
employees in the state and business operations that include Citi Cards, Citicorp
Trust South Dakota and CitiFinancial. In 2008, Citi and the Citi Foundation
contributed approximately $2 million to eligible nonprofit organizations in the
state and Citi employees volunteered more than 30,000 hours.
The nonprofits selected to receive grant money from Citi and the Citi Foundation
include the American Indian College Fund, First Nations Oweesta Corporation,
Four Bands Community Fund, The Harvest Initiative, Teach for America-South
Dakota, Youth & Family Services, Lakota Fund and Crazy Horse Scholarship Fund.
The grants will be awarded during an afternoon press conference at the Crazy
Horse Memorial later today.
Specifically, the Citi and Citi Foundation grants will support the following:
* American Indian College Fund (AICF) - $75,000 from the Citi Foundation to fund
20 scholarships for Native American students attending South Dakota`s three
tribal colleges. Since 2003, the Citi Foundation`s partnership with AICF has
provided more than 150 scholarships for Native American students in South
Dakota.
* First Nations Oweesta Corporation - $50,000 from the Citi Foundation to
provide technical assistance to existing and proposed community development
financial institutions (CDFIs) and asset-building programs that serve low-income
individuals and families on Indian reservations in South Dakota and neighboring
states.
* Four Bands Community Fund - $35,000 from the Citi Foundation to support and
educate small businesses on the Cheyenne River Indian Reservation in need of
bookkeeping and other financial management assistance, as well as to fund a
college intern to work in community development on the reservation.
* Harvest Initiative Fund - $25,000 from Citibank South Dakota to expand access
for entrepreneurs on the Crow Creek Indian Reservation to mainstream financing
and enhance lending sources. The central South Dakota reservation spans Buffalo
County, the nation`s poorest county by per capita income.
* Teach for America-South Dakota - $25,000 from Citibank South Dakota to help
fill teaching positions on the Pine Ridge and Rosebud reservations, where school
districts struggle to fill dozens of teacher vacancies.
* Youth & Family Services - $20,000 from the Citi Foundation to implement a
financial education program for 600 underprivileged children in the YFS Girls
Incorporated, YFS Child Care and YFS Boys Health programs. In addition, at least
100 parents and 150 YFS staff at the Rapid City-based nonprofit will increase
their understanding of economic concepts to help them make better financial
decisions.
* Lakota Fund - $25,000 from the Citi Foundation to support the Building Lakota
Family Assets Program, which will provide financial literacy, homebuyer
education and small business planning courses for residents of the Pine Ridge
Indian Reservation.
* Crazy Horse Memorial Foundation - $25,000 from Citibank South Dakota to fund
25 $1,000 scholarships for Native American students to attend tribal or state
colleges, universities, nursing schools or vocational-technical schools located
in South Dakota.
Prior to the press conference, Mr. Pandit participated in a roundtable
discussion in Sioux Falls with Mayor David Munson, who discussed the results of
revitalization efforts in the city`s Pettigrew Heights neighborhood. Citi has
provided a $5 million line of credit to Sioux Falls, which the city is using to
acquire and sell dilapidated properties to developers for approved projects,
including affordable housing for low-income seniors and retail services. In
addition, the Citi Foundation and Citi have provided nearly $200,000 in grants
to tear down numerous dilapidated and vacant homes and establish the Pettigrew
Heights Housing Resource Center in the city`s Bowden Youth Center.
About Citi
Citi, the leading global financial services company, has approximately 200
million customer accounts and does business in more than 140 countries. Through
Citicorp and Citi Holdings, Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and services,
including consumer banking and credit, corporate and investment banking,
securities brokerage, and wealth management. Additional information may be found
at www.citigroup.com or www.citi.com.
About The Citi Foundation
The Citi Foundation is committed to enhancing economic opportunities for
underserved individuals and families in the communities where we work throughout
the world. Globally, the Citi Foundation is focusing its giving on Microfinance
and Microentrepreneurship, which helps individuals become economically
self-sufficient; Small and Growing Businesses, leading to economic expansion and
job creation; Education, which prepares young people for personal and
professional success; Financial Education, which helps individuals make informed
financial decisions; and the Environment with a focus on sustainable enterprises
that generate jobs and stimulate economic growth while preserving the
environment. Additional information can be found at
http://www.citigroupfoundation.com/.
Citi
Jerry Nachtigal, 605-331-2798
Copyright Business Wire 2009
