your internet resource on facebook on twitter on Google+ on soundcloud
phone: 202 630 8439
Dynamic Homes
Advertise on Indianz.Com
Home > News > Headlines
Print   Subscribe
Lac Vieux Desert Band bolsters lending business with acquisition of service firm

Filed Under: Business | Technology
More on: economic development, internet, james williams, lac vieux, michigan, online lending

The Lac Vieux Desert Band of Lake Superior Chippewa Indians was featured in An Unlikely Solution, a film about the online lending industry in Indian Country. Still image from An Unlikely Solution

The Lac Vieux Desert Band of Lake Superior Chippewa Indians in Michigan has acquired a company that has provided services to its online lending operation.

As part of the deal, the tribe is paying seven figures up front for Bellicose Capital and will make annual payments for up to seven years. The purchase gives the tribe more control of its lending business, which represents a major part of its economy.

"This transaction is, without question, the most important economic development in the history of our tribe," Tribal Chairman James Williams, Jr., said in a press release. "It is always a testament to our growth as a tribe and as entrepreneurs when we are able to complete transactions like the purchase of Bellicose. It shows the world that we have laid the foundation – through knowledge, training, and infrastructure investments – to further the livelihoods of our tribal citizens."

Bellicose Capital was providing a wide range of services to the tribe's lending operation. According to the press release, those services include credit modeling, risk assessment and auditing.

This purchase has positioned us to strengthen our tribe, enhance our reservation, preserve our culture, operate our government, and provide educational, medical, and social services to our most vulnerable members and the children of our community." Williams said. "It will be a great personal legacy for all those involved."

The lending business, which goes by the name Castle Payday, provides jobs on the reservation and supports health, education, per capita payments and other programs. According to The Washington Post, which ran a front page story on the operation last March, 42 percent of the tribe's budget comes from online loans.

The Tribal Financial Services Regulatory Authority is responsible for developing laws and regulations for the lending operation.

Related Stories:
Lac Vieux Desert Band won decision affecting car title loan firm (09/29)
Jane Daugherty: Tribal e-commerce continues to draw scrutiny (03/26)
James Williams: Lac Vieux Desert Band regulates online lending (03/06)
Lac Vieux Desert Band relies on revenue from lending business (03/02)
Tribes withdraw Internet lending lawsuit after losing decision (11/04)
Law Article: Clash of competing sovereigns in tribal lending case (10/06)
NAFSA puts a positive spin on decision in tribal lending lawsuit (10/02)
2nd Circuit rebuffs tribal online lenders in dispute with New York (10/01)
Tribes seek expedited appeal in New York online lending suit (10/08)
Judge rebuffs tribal online lenders in case against New York (10/01)
Tribal online lenders off to court in lawsuit against New York (09/11)

Copyright © Indianz.Com
More headlines...
Stay Connected:
On Facebook

On Twitter

On Google+

On SoundCloud
Local Links:
Federal Register | Indian Gaming | Jobs & Notices | In The Hoop | Message Board
Latest News:
Federal court blocks attempt to condemn lands on Navajo Nation (5/26)
Bill removes blood quantum requirement for Five Civilized Tribes (5/26)
Mark Trahant: Voting is just sooo hard in the era of Donald Trump (5/26)
Ryan Benally: Bears Ears was false promise for Native Americans (5/26)
Adrian Jawort: Should non-Natives ever write about our people? (5/26)
Native turnout fails to sway closely-watched election in Montana (5/26)
Eastern Cherokee council ousts chief for only 2nd time in history (5/26)
Standing Rock Sioux Tribe into election season with crowded field (5/26)
Lacrosse documentary 'Pride of a Nation' opens to strong reviews (5/26)
Seminole Tribe working hard to rid new casino of Trump's influence (5/26)
Lawmakers once again seek fixes to 'broken' Indian Health Service (5/25)
Secretary Zinke headed to National Congress of American Indians (5/25)
Bureau of Indian Affairs opens listening sessions on reorganization (5/25)
Kevin Washburn: Indian Country feels the pain with Donald Trump (5/25)
Yakama Nation landowners weigh offers as buy-back winds down (5/25)
Flandreau Santee Sioux Tribe cannabis consultant found not guilty (5/25)
Secretary Zinke plans to work with tribes on drilling push in Alaska (5/25)
Republican candidate to replace Ryan Zinke charged with assault (5/25)
Democrats drop Andrew Jackson from name of event in Arkansas (5/25)
Chickasaw Nation breaks ground on $10M casino by Texas border (5/25)
Washoe Tribe celebrates 1st anniversary of unique gaming facility (5/25)
Keweenaw Bay Indian Community shares update on casino work (5/25)
Trump administration ready to let Cobell program run out of funds (5/24)
Northwest tribes slam Trump's budget for cuts to Indian programs (5/24)
Cheyenne River Sioux Tribe finds one bright spot in Trump's budget (5/24)
Pascua Yaqui Tribe reports jury conviction of non-Indian offender (5/24)
YES! Magazine: Native birthing center maintains tribal traditions (5/24)
Peter d'Errico: Founding Fathers conspired to take land from tribes (5/24)
Eastern Cherokee chief questions fairness of impeachment hearing (5/24)
Another guilty plea in theft of gaming funds from Winnebago Tribe (5/24)
Tribes clear legislative hurdle in bid for new casino in Connecticut (5/24)
President Trump confirms Indian Country's worst fears with budget (5/23)
Office of Special Trustee pitches lower budget as 'taxpayer' savings (5/23)
Steven Newcomb: Monuments to white supremacy harm our people (5/23)
Two more spills of oil from Dakota Access Pipeline in North Dakota (5/23)
Native woman in skirt and sandals wins ultramarathon in Mexico (5/23)
Brothers from Huichol Tribe murdered as drug war rages in Mexico (5/23)
Iowa Tribe misses deadline again to launch internet poker project (5/23)
Mississippi Choctaw citizens request vote on $25M casino project (5/23)
Aquinnah Wampanoag Tribe must wait to restart work on casino (5/23)
Documents show few meetings between Secretary Zinke and tribes (5/22)
Landowners on 2 reservations in Nebraska receive buy-back offers (5/22)
Human Rights Complaint: 'We are only letting the white people in' (5/22)
Mark Trahant: Funds for Indian health in danger under Republicans (5/22)
more headlines...

Home | Arts & Entertainment | Business | Canada | Cobell Lawsuit | Education | Environment | Federal Recognition | Federal Register | Forum | Health | Humor | Indian Gaming | Indian Trust | Jack Abramoff Scandal | Jobs & Notices | Law | National | News | Opinion | Politics | Sports | Technology | World

Indianz.Com Terms of Service | Indianz.Com Privacy Policy
About Indianz.Com | Advertise on Indianz.Com

Indianz.Com is a product of Noble Savage Media, LLC and Ho-Chunk, Inc.