The funding supports prevention and treatment services
U.S. Department of the Interior
WASHINGTON – Assistant Secretary – Indian Affairs Tara Mac Lean Sweeney announced today that the Office of Indian Energy and Economic Development (IEED) has awarded business development grants totaling $400,000 to 12 federally recognized American Indian and Alaska Native tribes.
The awards from IEED’s Native American Business Development Institute (NABDI) Feasibility Study Program will enable tribal leaders to better evaluate and identify viable economic opportunities for their communities.
“These grants are an important tool for tribal leaders to use in scoping out or planning how to develop their tribes’ economic assets to benefit their communities,” Sweeney said. “This year’s grants will fund feasibility studies covering a wide range of economic development projects that have the potential to create, develop, diversify and strengthen tribal economies for their recipients.”
NABDI awards fund feasibility studies that weigh the viability and risks of an economic development project, opportunity, enterprise, or business or the practicality of a technology a tribe may choose to pursue. The studies may be used to determine the likelihood of success for businesses in specific American Indian and Alaska Native communities.
When performed by a reputable third party, an economic development feasibility study also can be used to help persuade lenders and investors to provide financial backing. A study that concludes a project is worthwhile and financially sustainable can often fulfill many of the lender’s or investor’s due diligence requirements by answering questions about a project’s chances of success, resulting in a more rapid loan approval or better loan terms. Feasibility studies can also be used to examine the credibility of a project promoter and claims made regarding a specific project.
Grants are awarded on the basis of a proposal’s potential to create jobs for tribal members and stimulate economies in Native American communities. During this year’s NABDI funding cycle, IEED received 50 proposal requests totaling $2,423,687.
The grant recipients and award amounts announced today are:
The Assistant Secretary – Indian Affairs oversees the Office of Indian Energy and Economic Development, which implements the Indian Energy Resource Development Program under Title V of the Energy Policy Act of 2005. IEED’s mission is to foster stronger American Indian and Alaska Native (AI/AN) communities by helping federally recognized tribes develop their renewable and nonrenewable energy and mineral resources; increasing access to capital for tribal and individual American Indian- and Alaska Native-owned businesses; assisting tribes in building the legal infrastructure necessary for their economic progress; and enabling tribally and individual AI/AN-owned businesses to take advantage of government and private sector procurement opportunities.
Visit the Indian Affairs website for more information about IEED programs and services.
The funding supports prevention and treatment services
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