November 14, 2024

Saclung

The Future of Business, Today

Red Lake Nation to receive $3.3 million for small business development

Red Lake Nation to receive .3 million for small business development

WASHINGTON, D.C. —

U.S. Sen. Tina Smith

recently announced federal funding to be awarded to

Red Lake Nation

and the Lower Sioux Indian Community for small business development.

According to a release, the funding was given through the Small Business Credit Initiative, which was reauthorized and expanded by the American Rescue Plan. The tribes will use the funding to help small businesses access credit.

“Access to capital is essential to the economic health and growth of tribal communities in Minnesota and across Indian Country,” Smith said. “Native-owned small businesses face disproportionate obstacles when trying to secure capital to develop and grow their businesses, especially in rural areas like Red Lake and Lower Sioux. Tribes know best what works for their communities, and this funding will help tribal economies to grow and thrive.”

According to the Treasury Department, Red Lake Nation will use $3.3 million for two programs administered by Red Lake, Inc. including a loan guarantee program and an equity funds program.

The guarantee program will provide credit support for tribal-owned and member-owned construction companies to obtain the surety bonds needed to compete for large construction projects, including federal construction contracts.

The equity funds program will provide affordable access to capital for Tribal small businesses and allow for tribal participation in equity financing opportunities, the release added.

“This investment will help the Red Lake Nation achieve a vision of economic independence as well as continue to fuel the growth of our tribal economy that also benefits rural communities across Minnesota,” Red Lake Inc. CDO Jake Robinson said. “This change would not be possible without the advocacy and efforts of Sen. Smith and Sen. Klobuchar.”

Our newsroom sometimes reports stories under the byline “Pioneer Staff Report.” This byline is used when reporters rewrite basic news briefs that originate from official sources, such as an email or press release that requires little or no reporting.

Other times, this byline is used when a news story includes numerous authors or when the story is formed by aggregating previously reported news from various sources. If outside sources are used, it is noted within the story.

For questions about a staff report, call (218) 333-9796 or email [email protected].


link

Copyright © All rights reserved. | Newsphere by AF themes.