Tribes invest in reservation entrepreneurs
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MISSION VALLEY — In an effort to support local economic growth, the Confederated Salish and Kootenai Tribal Council is investing in reservation entrepreneurs for the second straight year.
According to a press release, the Confederated Salish and Kootenai Tribes’ economic development office received a grant from the Montana Department of Commerce Indian Country Economic Development Program. S & K Holding Company employee Steve Clairmont said the Tribal Council is tasked with determining where the money will be spent.
Last year, the grant went to fund a new program called the Indian Business Assistance Project on the Flathead Reservation. According to project manager Janet Camel, “Our goal is to improve economic conditions on the Flathead Reservation and for tribal members.”
To realize this goal, the IBAP will be providing small grant amounts ranging from $2,000 to $7,000 each. This money may be used for the purchase of new equipment, business expansion and the development of a new product line. Grants require the business be majority tribal owned and have a minimum one-to-one dollar match from the business owner. The match can be cash, loan funds or in-kind. In-kind matches include supplies, equipment, inventory, tools or services.
Last year’s program awarded five $7,000 grants, one $6,000 grant and four smaller grants. Clairmont, bound by a client confidentiality agreement, could not comment on several companies that received the grants, as they had not yet opened.
However, two businesses that had received grant money and expanded with success were South Lake Taxi in Polson and Hunter Towing and Hauling in Pablo.
“These are competitive grants,” Camel said, adding that the deadline for applications is fast approaching.
Grant applications will be accepted until Sept. 20. Interested parties can pick up application packets from Camel or Clairmont.
According to the press release, “grants will be ranked according to five criteria: quality of the application, business experience of the applicant, financial projections, the business marketing plan, and quality of the match.”
In addition, all applications must include the following: a proposal that states the amount of funding requested and its purpose; a description of the business, product or service, its market, customers and competition; a personal profile outlining the background and experience of each of the principals in a resume format; and a business summary that includes a marketing plan, outlines the business strategy for the next three years, and a three-year cash projection.
If any loan is included as match, the application must also include a loan repayment plan or schedule, and copies of papers that support the information and collateral used to obtain the loan (i.e. leases, contracts, invoices, vendor quotes, letters of reference, personal or business assets such as inventory, equipment, accounts receivable, real estate and automobiles.) Applicants also need to provide documentation of CSKT enrollment, tax returns for the last two years, if available, and financial statements, both personal and business.
“Essentially, this is for funding that will create jobs,” Clairmont said. “I can’t take credit for any of this; these entrepreneurs are doing all the hard work. We just assist them with the technical aspects.”
