The funding will provide capital and technical assistance for start-up companies.
Vice President Kamala Harris recently announced that the Department of the Treasury has approved over $500 million in business credit loans for small businesses in Tribal Nations. The investment will support startup businesses in over 235 Tribal Nations, allowing entrepreneurs to grow their operations through technical assistance, new employees, and a host of other approved improvements. $86 million of this funding was approved for the Cherokee Nation reservation, which covers 14 counties in Oklahoma.
Vice President Harris said, “These investments increase access to capital and expand economic opportunity in tribal communities. With this funding, these entrepreneurs will be able to access the technical assistance they need in order to hire more employees, grow their businesses, and advance innovation, which – in turn – grows our economy as a whole.”
Deputy Secretary of the Treasury Wally Adeyemo said, “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.”
“We often say that small businesses are the lifeblood of the local economy in Cherokee communities across the reservation, and that is certainly true today,” said Cherokee Nation Principal Chief Chuck Hoskin, Jr. “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 across the Cherokee Nation Reservation.”
As the Lord Leads, Pray with Us…
- For the president, vice president, and administration officials as they support Native American economic opportunities.
- For Deputy Secretary Adeyemo to seek God’s guidance as he fulfills his role in the Treasury Deparment.
Sources: Department of the Treasury
