New Grant Funding for Native American-Owned Small Businesses
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The U.S. Small Business Administration (SBA) has announced a new grant program called the Native American Trade Expansion Program (NATEP) to support Native American-owned small businesses. The program aims to provide up to $240,000 in grants to help these businesses expand their exporting opportunities.
The grants are intended to fund activities like participation in foreign trade missions, foreign market sales trips, website/product translation, and international marketing. To be eligible, organizations must be located near tribal lands, have at least 3 years of experience serving Native American small businesses, and demonstrate a track record of providing assistance.
SBA Administrator Isabel Casillas Guzman emphasized the Biden-Harris Administration's commitment to increasing economic opportunities for tribal communities and supporting Native American entrepreneurship through this new initiative. The program aligns with the SBA's efforts to ensure Native American-owned businesses have full access to its development and expansion resources.
The application deadline for the NATEP grants is July 31, 2024. This funding opportunity represents the SBA's continued focus on empowering underserved small business owners and helping them grow through exporting and international expansion.
Key Takeaways:
Here are the 5 main ideas or key thoughts from the text:
1. The U.S. Small Business Administration (SBA) has announced a new funding opportunity for Native American-owned small businesses under the pilot Native American Trade Expansion Program (NATEP).
2. The NATEP program aims to provide up to $240,000 in grants to support the expansion of exporting opportunities for Native American-owned small businesses.
3. To qualify for this funding, organizations must meet criteria such as being located near Tribal lands, having operational experience, and demonstrating a track record of assisting Native American small businesses.
4. The selected eligible small businesses will receive funds to support participation in foreign trade missions, foreign market sales trips, website and product translation, and international marketing media design.
5. Applicants must allocate at least 85% of the proposed federal award directly toward benefiting New-to-Export Native small businesses (NTE) and Market Expansion Native small businesses (ME).
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