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U.S. DEPARTMENT OF THE TREASURY
Treasury Department Announces First State Small Business Credit
Initiative Awards to Tribal Governments for Small Businesses, Part
of Biden Administration’s Investing in America Agenda
June 26, 2023

Federal funding through the State Small Business Credit Initiative represents the largest and most
expansive one-time investment for Tribal governments for small business financing
Today’s announcement is a key part of the Biden-Harris Administration’s historic investments in
Indian Country, detailed in a new White House fact sheet
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for
up to $73 million in funding allocated to 39 Tribal governments under the American Rescue Plan’s
State Small Business Credit Initiative (SSBCI), part of President Biden’s Investing in America
agenda. This funding is part of the largest and most expansive one-time investment for Tribal
governments for small business financing in the history of the nation.
“For the past two and a half years, the Biden-Harris Administration has committed to
strengthening its relationship with Tribal nations to support Tribal economic growth and selfdetermination,” said Deputy Secretary Wally Adeyemo. “Today's announcement is an historic
investment in Tribal entrepreneurship, small business growth, and innovation as a part of
President Biden’s Investing in America agenda. This funding will help reduce barriers to capital
access for Tribal communities which have historically experienced limited federal investment in
economic development.”
“The funding announced today has the potential to serve as a lifeline for Native Americans, who
experience a poverty rate twice the national average,” said Chief Lynn Malerba, Treasurer of the
United States, citing the 2018 United States Commission on Civil Rights Broken Promises report
. “Today’s plan approvals will enable Tribal government, Native-owned, and other businesses
within a Tribe’s jurisdiction to support and sustain a small business ecosystem that creates
economic opportunities for Tribal citizens and their surrounding local and regional communities.”
The American Rescue Plan (ARP) reauthorized and expanded SSBCI, which was originally
established in 2010 and was highly successful in increasing access to capital for small businesses
and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion

to states, the District of Columbia, territories, and Tribal governments to increase access to capital
and promote entrepreneurship, especially in traditionally underserved communities as they
emerge from the pandemic. Of note, the ARP includes the first-ever inclusion of dedicated, direct
support to Tribal governments under SSBCI, with allocations totaling more than $500 million
available for historic support for Tribal small businesses and enterprises. This funding will not only
benefit Tribal communities and Native entrepreneurs but will also create critical jobs and
economic opportunities for workers and businesses in surrounding areas.
The following descriptions highlight three of the plans that Treasury has approved for these Tribal
nations:
Up to $2 million to the Menominee Indian Tribe of Wisconsin (MITW). The MITW’s SSBCI
program will build on the Tribe’s lending experience to take on capital access barriers in a
county with a poverty rate approximately double the state’s average. The SSBCI program will
partner with lenders—including a Native CDFI—to support small businesses owned by Tribal
members, chartered by the Menominee Tribe, or located on the Menominee reservation.
Up to $22 million to 25 Tribal governments applying jointly through the Affiliated Tribes
of Northwest Indians Economic Development Corporation (ATNI-EDC). ATNI-EDC will
operate SSBCI programs on behalf of the 25 Tribes—spread across California, Oregon,
Washington, Idaho, and Arizona—many in rural communities with limited access to capital.
The programs will support Native American entrepreneurs, Tribal enterprises, and the
development of Tribal business credit ecosystems. Supporting Tribal governments as they
form consortia in order to more effectively operate new credit initiatives at scale was a key
outcome of Tribal consultations in the design and administration of these new SSBCI
resources.
Up to $1.4 million to the Yurok Tribe of California, the largest in the state, to operate new
loan participation programs, including in conjunction with the Tribe’s Native CDFI. The Alliance
CDFI was created by the Yurok Tribal government to address the lack of access to financial
services in a remote community with high poverty rates. The programs will serve small
businesses owned by Tribal members as well as Tribal enterprises.
A full list of today’s awards, with additional program descriptions, is available here.
Today's announcement is just one example of how the Treasury Department has significantly
increased its engagement with Tribes and worked across the Biden-Harris Administration to
augment the impact of investments in Indian Country. Key Treasury Department actions impacting
Indian Country include:

Visiting the Rosebud Sioux Tribe in South Dakota, marking the first time a Treasury Secretary
had visited a Tribal Nation
Swearing in Lynn Malerba, Lifetime Chief of the Mohegan Tribe, as the first Native American
Treasurer of the U.S. and standing up the Department’s first-ever Office of Tribal and Native
Affairs, which to date has hosted over 45 formal consultations and over 300 information and
training sessions with Tribes to support an equitable and swift pandemic recovery and invest
in long-term prosperity in Tribal communities
Leading the implementation of key ARP funding for Tribal communities, as outlined in this
Treasury Department report

– including the $20 billion in State and Local Fiscal Recovery

Funds (SLFRF) allocated to over 579 Tribal governments, which represents the largest-ever
single infusion of federal funding into Indian Country
Making the two largest infusions of federal capital to Native-serving CDFIs in the history of the
Department’s Community Development Financial Institutions Fund (CDFI Fund), which
consisted of nearly $55 million provided through the CDFI Rapid Response Program to deliver
immediate assistance in Native communities impacted by the COVID-19 pandemic, and $46
million awarded to 30 Native CDFIs through the Equitable Recovery Program, strengthening
the ability of these institutions to aid low- and moderate-income Native communities in their
recovery from the COVID-19 pandemic and invest in long-term prosperity
Joining the White House Council on Native American Affairs (WHCNAA), which President Biden
restored in his first year in office to elevate the voices of Native Americans in the Administration
and help foster an all-of-government approach to working on Tribal issues. This includes the
Access to Capital Initiative, established by WHCNAA and a multi-agency team including the
Treasury Department, which aims to increase the awareness, access, and utilization of
financing opportunities for Tribal nations.
A new White House fact sheet detailing the Biden-Harris Administration’s historic investments in
Tribal communities is available here.
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