The Cherokee Nation has been awarded more than $86 million in federal funding for Nativeowned small business lending.
Cherokee Nation Principal Chief Chuck Hoskin Jr. first announced the historic agreement between the tribe and the U.S. Department of the Treasury during his State of the Nation address in August. The U.S. Treasury formally announced the funding last week.
“We often say that small businesses are the lifeblood of local economies, and that is certainly true today. Through this historic partnership with the U.S. Treasury, Cherokee Nation will partner with financial institutions to provide Native-owned businesses access to capital for the start-up or expansion,” Chief Hoskin said. “These funds will help to create community-based jobs and needed capital for businesses that are in all stages of their life cycle. Together with the additional services and resources we are able to provide Cherokee citizens, I know this historic funding is going to bring a wave of new opportunities for Cherokee families.”
Through the State Small Business Credit Initiative (SSBCI), Cherokee Nation will work with financial institutions to offer loans of up to $5 million to qualifying small businesses for uses such as working capital, franchise fees, and equipment acquisition; inventory or services used in the business’ production, manufacturing or delivery of the business’ goods or services; or the purchase, construction or renovation of an eligible place of business.
“I often say that we can measure our success as a tribe by looking at our individuals and the opportunities they have. That is certainly the case with these federal dollars and the opportunity they will provide by supporting small, Cherokeeowned businesses and jobs for Cherokee families,” said Deputy Chief Bryan Warner. “We can pave the way for those who want to be an entrepreneur, who want to show their families a new way to live and perhaps in some instances, help to break generational trauma. Anytime we are given the opportunity to help strengthen our Cherokee citizens and families, we are going to take it.”
Cherokee Nation Commerce Services is on track to issue the first SSBCI loan within the next 75 days and will also begin providing technical assistance to Native-owned businesses including financial management, accounting, and legal services.
“Today’s announcement demonstrates the Biden-Harris Administration’s historic commitment to investing in the economies of Tribal Nations and creating opportunities for their citizens,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “Small businesses are critical to long-term economic development, and today’s announcement will help thousands of entrepreneurs access capital that will help them expand and grow.”
The U.S. Department of the Treasury also recently selected Cherokee Nation to receive $2 million in tribal grant funds through the Small Business Opportunity Program (SBOP) to support small businesses in Northeast Oklahoma, supplementary to the Biden-Harris Administration’s larger SSBCI.
Cherokee Nation Commerce Services will lead the Cherokee Nation efforts, helping to build the economic security of Cherokee Nation citizens through small-business development.
For more information, contact Cherokee Nation Commerce Services at 918-453-5536. Learn more about Commerce Services by visiting www.cherokee.org/ all-services/commerceservices/.
