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- By Tribal Business News Staff
- Economic Development
The U.S. Small Business Administration (SBA) has announced $7 million in grants to 28 organizations, including three Native-led and Native-serving organizations: the Native CDFI Network, the Chehalis Tribal Loan Fund, and the Institute for Native Pacific Education and Culture (INPEACE).
The Program for Investment in Microentrepreneurs (PRIME) grants are designed to support disadvantaged microentrepreneurs and microenterprise development organizations through training, technical assistance, access to capital, and program development, according to an SBA statement.
The Native CDFI Network (NCN), based in Washington, D.C., received the largest grant of $400,000, which will be matched by $200,000 in non-federal funding. The funding will be utilized to build the capacity of Native community development financial institutions (CDFIs) through comprehensive training programs, improved access to capital, and in-person gatherings such as regional meetings and NCN’s Annual Summit, according to a statement in NCN’s weekly newsletter. These initiatives are designed to strengthen connections among NCN members, investors, and supporters, fostering a robust network dedicated to empowering Native communities.
The Chehalis Tribal Loan Fund, an individual Native CDFI based in Oakville, Washington, received an $80,000 grant award that will be matched by $80,000 in non-federal funding. The nonprofit loan fund offers a variety of financial services to Native Americans, including small and micro-business loans as well as technical assistance services such as Indianpreneurship and business planning.
The Institute for Native Pacific Education and Culture (INPEACE), based in Kapolei, Hawaii, received a $300,000 grant award, which will be matched by $151,721 in non-federal funding. INPEACE’s Center for Entrepreneurship recently inaugurated a new physical hub in Kalaeloa, offering a dedicated space where aspiring and seasoned entrepreneurs can access co-working spaces, individual workstations, and various resources to bolster business expansion efforts. Additionally, INPEACE launched the ‘Ōpio Ventures program, extending services to youth aged 10 to 17 from single-parent households. This program aims to nurture entrepreneurial spirit among participants through tailored workshops, excursions, and mentorship opportunities, according to the group’s website.
SBA Administrator Isabel Casillas Guzman emphasized the importance of these grants in supporting mission-oriented nonprofit organizations across America that are advancing the Biden administration’s efforts to fill capital gaps.
“These 28 community organizations will help the SBA strengthen its network of local, trusted partners who can level the playing field for the smallest of small businesses, especially those in underserved communities, so they can realize their American dreams of business ownership and create jobs and produce for our economy,” Guzman said in a statement.
The 2024 PRIME grants range from $83,000 to $400,000 and typically require at least 50% in matching funds or in-kind contributions. Grant funds will be made available on September 30, and the project period for each grant is one year.
