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- By Native News Online Staff
Navajo Nation President Buu Nygren wants to help hundreds of Navajo businesses grow through a new loan program. President Nygren made $7 million in funding available to small businesses through two loan programs offered by the nonprofit, innovative business accelerator Change Labs in Tuba City.
He signed on Monday an agreement between Change Labs and the Navajo Small Business Credit Initiative. The initiative is a partnership among the Navajo Division of Economic Development, the Navajo Chamber of Commerce and the Navajo Regional Business Development Office.
“I am really looking forward to small businesses thriving, new ones starting, changing existing ones from feeling they were forgotten,” President Nygren said. “We want business to grow and become bigger, to hire more people. We’re trying to change the narrative by investing in our own communities.”
Heather Fleming, executive director for Change Labs, said she expects to help more than 100 small Navajo businesses.
“With the ($7 million) in loans for Navajo businesses, we're anticipating serving approximately 180 Navajo borrowers with loans as small as $10,000 and as large as $1 million,” she said.
“We will work directly with food vendors, artists, nonprofit leaders and construction firms,” she added.
Over a 10-year period, the Navajo Nation will give $87 million to Diné business owners from the federal government’s State Small Business Credit Initiative. The Division of Economic Development received the first installment of $26 million.
Of this funding source, $7 million has been allocated to Change Labs to push its small business support efforts forward.
Change Labs will start to process loan applications through the loan guarantee and the loan participation program this month and will continue to accept applicants through 2027. Loans are available from $10,000 to $1 Million to invest in small businesses.
Change Labs offers a range of services, including mentorship, training and access to capital to help individuals start and grow successful businesses.
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