SSBCI Support For Indigenous Entrepreneurs and Businesses Now Available Through DAWN Program
Northspan’s program Driving Access to Wealth & Networks (DAWN) is now providing support for the State Small Business Credit Initiative (SSBCI) and accepting applications from members and first descendants of the following three tribal governments:
- The Bois Forte Band of Chippewa
- The Fond du Lac Band of Lake Superior Chippewa
- The Grand Portage Band of Lake Superior Chippewa
Northspan has contracted with the three Bands to offer SSBCI support to both startups and existing businesses. Eligible applicants can qualify for technical assistance and support through every step of the loan process from application through the loan duration. Both for-profit and nonprofit organizations can apply to connect with lending options and choose a lead lender, which could be a bank or other non-profit or governmental partner. Within the SSBCI framework, the tribal government can either participate with the funder of the business’s choice, or act as guarantor.
Interested applicants can get started with SSBCI on the DAWN program website: dawnmn.org/ssbci
“The SSBCI is a great funding option, but like a lot of loan programs, it can also be very complex to navigate,” said Northspan President & CEO Elissa Hansen. “Northspan helps by handling the administrative side. We can communicate with the government on behalf of applicants, conduct feasibility studies, work with our SBDC partners to make sure the numbers are solid, and help the applicant connect with the right people to get projects across the finish line.”
Other SSBCI options are also available to entrepreneurs and businesses. For example, the Red Lake Band of Chippewa Indians of Minnesota also has an SSBCI program for members. See all Tribal government approvals here: Treasury Department: State Small Business Credit Initiative Tribal Government Approvals – Indianz.com
In addition to the programs described above, the DAWN program also offers technical assistance to underserved entrepreneurs funded by MBDA’s Capital Readiness Program. In 2021, the American Rescue Plan reauthorized the SSBCI with nearly $10 billion in funding. $125 million was designated for the U.S. Department of Commerce Minority Business Development Agency (MBDA). MBDA’s Capital Readiness Program awarded Northspan $2 million in funding over a four-year period to help underserved entrepreneurs grow and scale their businesses.
“The Capital Readiness Program marks both the largest investment to support underserved entrepreneurs in U.S. Department of Commerce history and the incredible commitment by the Biden-Harris administration to closing the economic opportunity gap in our nation,” said Deputy Under Secretary of Commerce for Minority Business Development Eric Morrissette. “Through this landmark program, MBDA provides the resources and tools necessary for businesses to access capital, ensuring that prosperity is within reach for all entrepreneurs.”
As a hub for regional funding sources, Northspan can point you in the right direction for financing based on the unique needs of the project you have in mind. Learn more at SSBCI – DAWN MN or call (218) 481-7737 for further information on SSBCI and other funding options.
“One of the ways we’ll be doing that through the DAWN program is by helping businesses as they launch or scale their operations, whether they’re seeking capital through SSBCI or other public and private sources,” said Elissa Hansen, President & CEO of Northspan which powers the DAWN Program. “More broadly, we’ll also continue to work with a wide array of partners on improving our entrepreneurial ecosystem to ensure the region works together to meet all entrepreneurs where they are and support them at all stages of their journeys.”
You can view this press release and past media releases on the Northspan blog.
For more information, please contact President & CEO of Northspan and DAWN Program Manager Elissa Hansen at ehansen@northspan.org.
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Driving Access to Wealth & Networks (DAWN) is a Northspan program dedicated to helping entrepreneurs and businesses access capital and make connections so they can launch and scale in the Northland. The DAWN program region includes Aitkin, Carlton, Cook, Itasca, Kanabec, Koochiching, Lake, Mille Lacs, Pine, and St. Louis Counties and the Native Nations of the Bois Forte Band of Chippewa, Fond du Lac Band of Lake Superior Chippewa, Grand Portage Band of Lake Superior Chippewa, Leech Lake Band of Ojibwe, Mille Lacs Band of Ojibwe, and Red Lake Nation. Learn more at dawnmn.org.
Northspan is a nonprofit consulting firm based in Duluth. With a vision to engage and elevate, the Northspan mission is to be expert navigators, transforming ideas into accomplishments. Learn more at northspan.org.