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By Native News Online Staff
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Navajo Nation President Buu Nygren wants to help hundreds of Navajo businesses grow through a new loan program. Chairman Nygren made $7 million in funding available to small businesses through two loan programs offered by innovative nonprofit business accelerator Change Labs in Tuba City.
On Monday, Change Labs signed an agreement with the Navajo Small Business Credit Initiative. The initiative is a partnership between the Navajo Division of Economic Development, the Navajo Chamber of Commerce and the Navajo Regional Business Development Office.
“I’m really looking forward to seeing small businesses thrive, new ones being created and existing ones no longer feeling forgotten,” said President Nygren. “We want businesses to grow and become bigger, to hire more people. We’re trying to change the narrative by investing in our own communities.”
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Heather Fleming, executive director of Change Labs, said she hopes to help more than 100 Navajo small businesses.
“With the ($7 million) in Navajo business loans, we anticipate serving approximately 180 Navajo borrowers with loans as small as $10,000 and as large as $1 million,” he said.
“We will work directly with food vendors, artists, nonprofit leaders and construction companies,” he added.
Over a 10-year period, the Navajo Nation will provide $87 million to Diné business owners through the federal government’s State Small Business Credit Initiative. The Division of Economic Development received the first installment of $26 million.
From this funding source, $7 million has been allocated to Change Labs to boost its efforts to support small businesses.
Change Labs will begin processing loan applications through the loan guarantee and loan participation program this month and will continue accepting applicants through 2027. Loans from $10,000 to $1 million are available to invest in small businesses.
Change Labs offers a variety of services, including mentoring, training, and access to capital to help people start and grow successful businesses.
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