This week, U.S. Treasurer Chief Lynn Malerba visited Alaska to meet with Alaska Native Tribal leaders in her first official visit to an Alaska Native Tribe.
Chief Malerba’s visit celebrated the recent announcement of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. Funded by the Biden-Harris Administration’s American Rescue Plan (ARP), this investment supports the nation’s largest Tribal SSBCI consortium and is part of the most expansive investment in small business financing for Tribal governments in history. Through the consortium, 125 Tribes will access critical economic development resources for Alaska’s Tribal economy and the funds are anticipated to catalyze as much as $830 million in additional private sector investment across the state and in Native-owned businesses.
During the visit, Treasurer Chief Malerba attended a roundtable discussion in Anchorage, Alaska which was hosted by the Alaska Federation of Natives to discuss economic challenges impacting Alaska Native communities. The Treasurer also traveled to meet with Chickaloon Village, a rural Alaska Native Tribe. This visit included a tour of Tribal facilities funded with ARP programs. The Treasurer was joined by Consumer Financial Protection Bureau Director Rohit Chopra.
The Treasurer concluded her visit with a roundtable with lenders and investors at the University of Alaska Anchorage which is administering the funding on behalf of the Tribal consortium.
With this recent SSBCI announcement, Treasury has now approved SSBCI applications for up to $415 million to support more than 220 Tribes through the SSBCI Capital Program for small businesses and Tribal enterprises.
Under Treasury Secretary Janet L. Yellen’s leadership, the Department has significantly increased its engagement with Indian Country to strengthen relationships with Tribes and better understand and respond to the needs of Tribal governments. This visit engagement includes visits to Indian Country by senior Treasury officials, including the Secretary, Deputy Secretary, General Counsel, and the Treasurer. The Department has facilitated key investments under the Biden-Harris Administration in Tribal communities, including deploying $30 billion to support Tribes through various federal programs, including $20 billion through the State and Local Fiscal Recovery Funds (SLFRF).