The U.S. Department of the Treasury has announced a significant milestone, approving over $500 million in State Small Business Credit Initiative (SSBCI) Capital Program applications from Tribal Nations. This investment is considered the largest federal support for small businesses in Indian Country to date.
The Treasury has approved up to $86.9 million for the Cherokee Nation and eight additional applications totaling an extra $15 million. This initiative aims to leverage up to $5 billion in additional financing to aid Native entrepreneurs and small businesses.
Overall, 235 Tribal Nations have been approved for up to $523 million in Tribal Capital Program allocations. These funds are intended to enhance access to capital, encourage private lending and investment, and provide crucial support for tribal economies.
Vice President Kamala Harris expressed pride in the approval of over $500 million in funding for Native American small businesses, emphasizing that these investments will help entrepreneurs grow their businesses and contribute to economic development.
U.S. Deputy Secretary of the Treasury Wally Adeyemo stated that this announcement reflects the Biden-Harris Administration's commitment to investing in Tribal Nations' economies and supporting small business growth.
Cherokee Nation Principal Chief Chuck Hoskin Jr. highlighted that this partnership with the U.S. Treasury would enable Cherokee Nation to work with financial institutions to provide capital access for Native-owned businesses across various stages of their life cycle.
Chickasaw Nation Governor Bill Anoatubby mentioned that this award would benefit Chickasaw business owners by expanding their access to capital and connecting them with essential services like legal and financial advisory.
U.S. Congresswoman Sharice Davids noted that providing easier access to capital through resources like the SSBCI Program will empower Native entrepreneurs for generations. Similarly, Congresswoman Teresa Leger Fernández emphasized that investing in Native American-owned small businesses fosters local job creation and builds family wealth.
The Cherokee Nation plans to utilize the SSBCI program flexibilities on its reservation, covering 14 counties in Oklahoma, offering capital and technical assistance through a loan participation program.
Additionally, competitive technical assistance awards through the SSBCI Investing in America Small Business Opportunity Program (SBOP) were announced for both Cherokee and Chickasaw Nations, each receiving $2 million. The initiatives aim at connecting underserved small businesses with industry experts and fostering collaboration with local financial institutions.
The SSBCI program includes over $500 million dedicated to supporting Tribal small business financing programs as part of its one-time allocation effort. It represents a major step towards empowering Tribal economies through enhanced access to capital.
The American Rescue Plan reauthorized SSBCI with nearly $10 billion allocated nationwide to support entrepreneurship and democratize access to capital across states, territories, and Tribal governments.
