Native American Bank has provided a long-term loan to support expansion and refinancing initiatives for Midi Enterprises, LLC, a federal contracting and economic development company owned by the Mandan, Hidatsa and Arikara Nation.
The financing will support development of new federal government contracting opportunities for Midi Enterprises and its subsidiaries. The company said the expansion could increase total employment to more than 500 jobs. The loan will also provide working capital and refinance existing long-term debt.
Midi Enterprises CEO Clarence O’Berry said the financing will support the company’s role as a training ground for tribal members entering business management and federal contracting.
“The impact of this financing can’t be overstated,” O’Berry said in a statement. “Midi Enterprises’ activities create a platform for training and employment of tribal members in business management, federal contracting and entrepreneurship.”
The loan carries a 90% guarantee from the Bureau of Indian Affairs Office of Indian Economic Development, which is designed to expand access to capital for Native-owned businesses and tribal enterprises.
MHA Nation is a founding shareholder of Native American Bank. As part of the financing, Midi Enterprises and its subsidiary companies will also establish primary depository relationships with the bank.
Founded in 1990 as the business arm of MHA Nation, Midi Enterprises operates a family of companies providing construction, facilities management, IT, logistics and administrative services to federal agencies and commercial clients. The company reports operations in 27 states as well as Washington, D.C., Puerto Rico, the U.S. Virgin Islands and South Korea.
Its federal contracting customers have included agencies across the defense and civilian sectors, including the Department of Defense, the U.S. Army Corps of Engineers, the Bureau of Indian Affairs and the Environmental Protection Agency.
