Small businesses are getting a big boost thanks to a new policy from the Biden Administration.
SBA Launches Game-Changing Program for Native American Businesses
Native American-owned small businesses across the nation have just got a massive boost, thanks to a new program announced by the U.S. Small Business Administration (SBA).
The NATEP Initiative
The Native American Trade Expansion Program (NATEP) is set to provide up to $240,000 in grants to help these Native American entrepreneurs take their businesses global.
Economic Storms and Silver Linings
Florida might be reeling from weather disasters, but Native American communities across the nation are facing their own economic storms. This money could have a huge impact on small businesses on tribal lands that have been fighting to stay afloat and grow.
Planting Seeds of Sustainable Growth
It will help create real, sustainable economic opportunities in communities that desperately need them.
Guzman’s Vision
SBA Administrator Isabel Casillas Guzman – who’s the voice for over 33 million small businesses in President Biden’s Cabinet – is excited about the potential impact.
Powering U.S. Global Competitiveness
“With the launch of the Native American Trade Expansion Program, we can help Native American entrepreneurs grow their businesses through exports abroad. The more than 341,000 Native American-owned small businesses can help us lift communities and power U.S. global competitiveness for a brighter future for us all,” Guzman said.
Who’s Eligible?
So, who can get their hands on this money? The eligibility criteria are pretty straightforward. Your organization needs to be located in or near tribal lands or primarily provide services to Native American-owned businesses.
From For-Profit to Nonprofit
Both for-profit and nonprofit entities can apply – so small businesses, trade associations, educational institutions, and Native Community Development Financial Institutions are all in the running.
The Three-Year Rule
The biggest condition is that you need to have been around for at least three years and show that you’ve got a track record of helping Native American small businesses.
Making Every Dollar Count
The NATEP isn’t just about handing out cash to anyone – it’s designed to make a real difference.
The 85% Rule
That’s why applicants must prove that at least 85% of the grant funds will go directly to support new-to-export and market expansion Native American small businesses.
Going Global
That support could include helping businesses take part in foreign trade missions, getting products translated for international markets, and even designing international marketing media. The aim is to open up new opportunities and markets for these businesses.
The Application Deadline
If you’re a Native American-owned business or an organization that supports them, mark your calendar. The deadline to apply is coming up fast – July 31 at 11:59 p.m. EDT.
The Office of Native American Affairs
The SBA’s Office of Native American Affairs (ONAA) has been working hard to support Native American entrepreneurs for years. The ONAA has sponsored workshops, roundtables, and consultations and provided a lot of much-needed support and expertise. The NATEP is just the latest in a long line of efforts to help these businesses succeed.
A Drop in the Bucket or a Game-Changer?
Of course, not everyone is 100% on board. Some critics argue that this is just a drop in the bucket compared to what’s needed to tackle the systemic challenges faced by Native American entrepreneurs. But the general consensus is that this is a good start. For the small businesses that get these grants, it could be a game-changer.
Navigating the Application Process
To apply, you need to head over to www.Grants.gov and submit your application. You’ll need a cover letter, technical proposal, budget information, certifications, forms, assurances, and any relevant attachments or exhibits. It might seem like a lot, but the payoff could be huge.
The Small Business Administration
The SBA has been a lifeline for small businesses since 1953. It gives money and support through loans, contracts, and grants.
70 Years of Small Business Support
The ONAA plays a crucial role in making sure Native American entrepreneurs have access to all these resources, helping their businesses grow in the U.S. and around the world.
Seize the Moment
If you’re a Native American-owned business or an organization that supports them, don’t let this opportunity pass you by. Apply now and take your business to the next level.
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Featured Image Credit: Shutterstock / Monkey Business Images.
The content of this article is for informational purposes only and does not constitute or replace professional financial advice.
