Treasury Awards $8.6 Million to Tribes to Boost Small Business Growth
As part of the U.S. Treasury's State Small Business Credit Initiative (SSBCI), $8.6 million has been awarded to tribal governments across the nation. This significant funding aims to support small business development within tribal communities, enhancing economic growth and fostering self-sufficiency in Indian Country.
The SSBCI, initially launched during the Great Recession, has provided a total of $1.5 billion in funds to tribal governments, states, and territories in this latest iteration. The program helps create access to capital through grants, loans, and credit-support programs for small businesses. These funds are vital for supporting entrepreneurship, particularly in underrepresented and underserved areas.
According to Treasury officials, this is the last major round of SSBCI funding, with a focus on creating long-term economic impact for tribal communities. Over 20 tribal governments have now received funding, with many tribes already allocating resources to support Native entrepreneurs in industries ranging from agriculture to technology.
Impact on Cherokee Nation
While not explicitly named in this round of funding, the Cherokee Nation has historically been a leader in leveraging federal and tribal resources to promote small business growth. Programs like the Cherokee Nation Small Business Assistance Center provide grants, technical support, and low-interest loans to tribal citizens, aligning with the SSBCI’s goals.
What's Next?
As the SSBCI winds down, tribal governments and Native entrepreneurs are preparing for a shift in funding opportunities. Advocacy efforts are underway to ensure similar initiatives continue in the future. For now, tribal communities are encouraged to take full advantage of the SSBCI funds to support innovative small business initiatives and strengthen local economies.
Stay tuned to Cherokee 411 for updates on tribal funding and entrepreneurial stories that showcase the ingenuity and resilience of the Cherokee people.
