RED LAKE — Red Lake Nation is set to receive federal funding to support small business development in their communities.
The tribe will use the funding to help small businesses access credit, which Minnesota Sen. Tina Smith said can be difficult in Indian Country.
Tribal communities are systemically under-banked, making it nearly impossible for small businesses to obtain the financing they need to grow.
“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," Smith said.
"Tribes know best what works for their communities, and this funding will help Tribal economies to grow and thrive.”
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Tribal governments can remove these barriers by working directly with businesses in their communities.
The funding was awarded through the Small Business Credit Initiative, which was reauthorized and expanded by the American Rescue Plan.
"An investment like SSBCI 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," stated Jake Robinson of Red Lake Inc. in a news release.
Red Lake Nation will use more than $3.3 million for two programs administered by Red Lake Inc.
One is a loan guarantee program to provide credit support for tribal- or member-owned construction projects.
The other is an equity funds program, which provides affordable access to capital for tribal small businesses.