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## Navajo Nation Washington Office receives $89 million funding

### Originally Published: January 9, 2024 7:47 a.m.

The Navajo Nation Washington Office has announced the receipt of nearly $89 million in funding through the expanded State Small Business Credit Initiative, as part of the American Rescue Plan Act. This substantial funding will be utilized to implement transformative programs aimed at providing support to Navajo small businesses and tribal enterprises, as reported by the Office of the President and Vice President on January 5.

The funding will be allocated towards the operation of a loan guarantee program and a loan participation program, specifically tailored to target eligible Navajo small businesses that demonstrate the potential for job creation for tribal members, both within and outside the Navajo Nation.

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## Potential Impact and Support for Navajo Small Businesses

According to Navajo Nation President Buu Nygren, the SSBCI award represents a significant step in fulfilling the promise to support small businesses. The administration is committed to creating an environment conducive to entrepreneurship, allowing the Navajo people to access the necessary resources for contributing to a robust and diverse economy.

The sectors expected to benefit from this initiative include construction, business services, energy, agriculture, and art, as highlighted by Justin Ahasteen, Executive Director of the Navajo Nation Washington Office. The funding serves as a foundational support for these industries, enabling them to not only survive the aftermath of the pandemic but also to thrive and expand, ensuring inclusivity in the Navajo Nation’s economy.

## Leveraging Regional Business Development Offices

President Nygren emphasized the importance of leveraging the Navajo Nation’s network of five Regional Business Development Offices to enhance small business lending on Navajo. These development offices will play a crucial role in identifying businesses requiring support, thereby ensuring that the SSBCI funds are effectively allocated to maximize economic development opportunities across the diverse communities of the Navajo Nation.

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## Empowering Local Businesses and Promoting Economic Growth

Tony Skrelunas, Executive Director of the Navajo Nation Division of Economic Development, expressed the Nation’s readiness to lead by example in promoting sustainable economic growth. The funding will empower local businesses, create job opportunities, and pave the way for future generations to achieve success and prosperity.

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*Information provided by the OPVP.*

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