WINDOW ROCK, AZ – Navajo Nation President Buu Nygren made $7 million in funding available to small businesses through two loan programs offered by the non-profit business accelerator Change Labs in Tuba City. Nygren signed 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,” said President Nygren. “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 are anticipating serving approximately 180 Navajo borrowers with loans as small as $10,000 and as large as $1 million,” said Fleming. “We will work directly with food vendors, artists, non-profit leaders and construction firms.”
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.
According to Tony Skrelunas, Director for the Navajo Division of Economic Development, there are about 5,000 small businesses across the Navajo Nation. The division has a source list of registered businesses that updates monthly, he said.
“The $7 million being sent to Change Labs is critical to diversify the Navajo economy and keep Navajo dollars on the Navajo Nation,” said Skrelunas. “These guarantee programs have been shown to really work.”
