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From Native News Online staff
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Earlier this week, U.S. Treasury Secretary Lynn Malerba visited Alaska to meet with Alaska Native leaders as part of her first official visit to an Alaska Native tribe.
Chief Malerba’s visit was dedicated to the recent announcement of up to $83 million in State Small Business Credit Initiative (SSBCI) funding for a consortium of 125 Alaska tribes. This investment is funded through the Biden-Harris administration’s American Rescue Plan (ARP) and supports the largest tribal SSBCI consortium in the country. It is part of the most comprehensive investment in small business financing for tribal governments in history. Through the consortium, 125 tribes will gain access to critical resources for the economic development of Alaska’s tribal economies. The funds are expected to leverage up to $830 million in additional private investment across the state and in tribal businesses.
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During the visit, Treasurer Chief Malerba participated in a panel discussion in Anchorage, Alaska, hosted by the Alaska Federation of Natives to discuss the economic challenges facing Alaska Native communities. The Treasurer also traveled to meet with Chickaloon Village, a rural Alaska Native tribe. This visit included a tour of the tribe’s facilities funded by ARP programs. The Treasurer was accompanied by Rohit Chopra, Director of the Consumer Financial Protection Bureau.
The treasurer concluded her visit with a roundtable discussion with lenders and investors at the University of Alaska Anchorage, which is managing the financing on behalf of the tribal consortium.
With this latest SSBCI announcement, the Treasury Department has now approved up to $415 million in SSBCI applications to assist more than 220 tribes through the SSBCI Small Business and Tribal Enterprise Capital Program.
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