BY TRIBAL BUSINESS NEWS STAFF JANUARY 18, 2021
The Bureau of Indian Affairs at the Department of the Interior wants to encourage tribes to promote economic development projects in Opportunity Zones with a new round of grant funding.
Via the BIA’s Office of Indian Energy and Economic Development, the agency approved $762,346 in Native American Business Development Institute (NABDI) grants across 14 federally recognized tribes and tribal entities, according to a statement.
The grants will help the tribes fund feasibility studies on a range of economic development projects, businesses and technologies to be located within Opportunity Zones.
An Opportunity Zone is an economically distressed community where investors who set up Opportunity Funds may be eligible to receive preferential tax treatment under certain circumstances. Opportunity Funds can be structured as a corporation or a partnership specifically to invest in Opportunity Zones.
“Since their inception in 2007, NABDI feasibility studies have created blueprints for business projects in Indian Country and Alaska,” Assistant Indian Affairs Secretary Tara Katuk Sweeney said in a statement. “This year, we broadened their value for tribes by focusing on attracting private investment.”
The NABDI grantees are:
- Angoon Community Association (Alaska), $37,600
- Aroostook Band of Micmacs (Maine), $26,400
- Chippewa Cree Tribe (Montana), $35,000
- Delaware Nation (Oklahoma), $42,000
- Nez Perce Tribe (Idaho), $75,000
- Northwestern Band of the Shoshone Nation (Utah), $75,000
- Oglala Sioux Tribe (South Dakota), $59,250
- Passamaquoddy Tribe (Maine), $43,696
- Pueblo of Laguna (New Mexico), $41,000
- Rosebud Sioux Tribe (South Dakota) $75,000
- Sault Ste. Marie Tribe of Chippewa Indians (Michigan), $70,000
- Seminole Tribe of Florida, $52,000
- Standing Rock Sioux Tribe (North Dakota), $58,100
- White Mountain Apache Tribe (Arizona), $72,300