- Details
- By Erin Tapahe
- Economic Development
MESA, Ariz. — The National Center for American Indian Enterprise Development is leveraging a $300,000 grant from KeyBank to expand its Native Edge Institute (NEI) training events in eight states.
To complement the business development training and services, the funding also will empower Native Edge Finance CDFI to make 20 small business loans to Native-owned companies in Alaska, Washington, Oregon, Idaho, Utah, Colorado, Michigan, and New York.
Chris James, president of the National Center for American Indian Enterprise Development, said a majority of the money from the grant will support Native small businesses affected by COVID-19. The National Center plan to offer 15 NEI training event, whether in-person or virtually, throughout the year.
“A lot of this funding is going to support businesses who were affected by COVID-19 and provide them the resources to continue business operations during the pandemic,” James told Tribal Business News.
The National Center started the NEI program in 2018, also with initial support from KeyBank.
According to James, KeyBank is a key partner in the success of the Native Edge Institute, which offers free training courses to eligible small businesses.
“Indian Country is a really safe place to do business because there’s a high degree of integrity and there’s an ownership to the economic independence that tribes and businesses are attempting to accomplish in making more capital,” said Mike Lettig, national executive for the Keybank Native American Financial Services. “The better the community is, the better the businesses are in making a difference and the impact the community has.”
Native Edge Institute is designed to provide training, one-on-one experience and technical assistance. James saaid the one-on-one experience is important because it provides the clients attending NEI the opportunity to ask tough questions they might not in a group setting.
“COVID-19 has changed the way we do business with Native Edge Institute but we’ve developed systems so we can have it all virtual or hybrid, but still have a one-on-one experience,” James said. “It really helps open (clients’) minds.”
The National Center opts to hold Native Edge Institute events in areas with a large Native American population and works with a host tribe, depending on the location. The organization tailors the training specifically to the needs of the small businesses in each location.
NEI has held previous events in Alaska, Washington, Colorado and New York, but the KeyBank funding will allow for the expansion into Oregon, Idaho, Utah and Michigan.
As well, the loans from Native Edge Finance CDFI could go a long way in addressing the chronic lack of access to capital in Native American communities.
According to Lettig, small businesses often have a difficult time gaining access to capital but organizations like the National Center and programs like Native Edge Institute help provide the training and guidance that best serves Native entrepreneurs and tribes.
“We’re providing support to organizations like the National Center because they have a structure that’s focused on bringing a number of resources to Native small businesses,” Lettig said. “The National Center has established a great infrastructure and they have a higher degree of success for helping multiple small businesses.”
The COVID-19 pandemic has negatively affected small businesses nationwide. In particular, Native small businesses have experienced revenue losses throughout the pandemic, which shuttered portions of the economy for weeks on end with various measures intended to stop the spread of the virus. A study from the National Center found a majority of clients experienced a minimum of 20-percent loss in revenue in 2020. James says the National Center plans to send additional surveys out to clients to see how their businesses are doing during the third wave of the pandemic.
Additionally, the National Center is planning for its annual Reservation Economic Summit, scheduled for May 2022 at Caesar’s Palace in Las Vegas, Nev. The four-day event provides training and tracks in economic development, business development, entrepreneurship, agriculture, gaming and the business of health care.
