Targeted grant programs are designed to assist Native Americans in establishing or expanding small business enterprises. In order to obtain this type of funding, an individual must be enrolled with a tribal nation. Enrollment means that the individual officially must be recognized as a member of a Native American tribe or the business must be certified as a targeted small business before applying for or receiving funds under this program.
Generally, funds provided under this program will be in the form of low interest loans. However, if a business can show that a grant is necessary to leverage either SBA or conventional bank financing, a grant may be considered. Grant funds may be considered taxable income by the Internal Revenue Service and the Department of Revenue and Finance and therefore, a 1099 form may be issued.
There are three major parts to the attached application such as personal information, personal financial information and business pr oposal. Each section must be filled out completely in order to be considered for funds. Applicants must submit six-month balance sheet and income statements and tax returns if business is in existing. No application will be funded 100% by targeted small business funds and the business owner must also inject cash in an amount that is at least 10% of the total project costs.
Applicants must score a minimum of 60 outs of a possible 100 points in order to be recommended for funding. Points are awarded based of the information contained in the
application according to the following criteria-business plan (20 points), financial plan (20 points) ,financial need (20 points),market plan (5 points),management expertise (20 points), loan repayment (10 points) and nontraditional (5 points possible
American Business Enterprise Centers are established each year in different parts of the country, including Native American tribal lands. These centers target economically disadvantaged areas with comprehensive financial assistance, including targeted grants to minority-owned business enterprises, including businesses owned by the Native Americans.
The U.S. Department of Commerce maintains a variety of different grant programs for minority populations, including Native Americans. The most common type of program that provides Nativ e American small business grants is what best is described as "zone grant funding" or economic zone targeted funding. Through this type of grant program, the Department of Commerce establishes a geographic area in need of economic assistance and enhancement. For example, a particular Native American reservation may be established as an economic zone targeted for grant assistance. A local agency is provided grant funding directly from the Department of Commerce. In turn, the local agency provides pass-through grant funding to individual Native American small businesses in the established economic development zone.
Specific Tribal Grants are administered by local tribal governments for getting revenue generated on Native American tribal lands as well as mineral leases in some states like Alaska. Tribal-sponsored small business grant programs tend to be receptive to a wide range of business concepts provided the owner is enrolled in the tribe and will employ other t ribe members.
Small Business Grant Source:
Learn the application procedures, various funding sources for specific types of businesses and eligibility criteria for small business grants. You can find the most comprehensive information on availing of small business grants by visiting this online guide on grants here
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