Tuesday, October 18, 2011

New Loan Opportunities for Leech Ojibwe

Minnesota Secretary of State Mark Ritchie will sign the Joint Sovereign Filing Systems Joint Powers Agreement with the Leech Lake Band of Ojibwe on Friday, October 21 in the State Capitol Rotunda at 2 p.m.

This Uniform Commercial Code joint powers agreement will help reduce lending barriers American Indian tribes, tribal entities, tribal member-owned businesses, and American Indian consumers encounter when seeking financing by creating a legal infrastructure for securing transactions with off-reservation commercial lenders and businesses.

The joint powers agreement should allow members of the Leech Lake Community to more easily access capital and provide greater economic opportunities beneficial to the whole state.

Once signed, the Leech Lake Band of Ojibwe will have access to Minnesota’s Uniform Commercial Code (UCC) filing system which will serve as the registry for tribal liens. By using the state’s UCC system lenders would be assured of stability and security within tribal loan practices and laws.

Secretary Ritchie says the agreement will encourage new business development and employment growth. oportunities

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