Business development fund created for Crow Creek Reservation

FORT THOMPSON, S.D. – The Harvest Initiative, Inc. unveiled a business development fund to provide a grant to assist a current Native American business or a new Native American business owner on the Crow Creek Reservation. The application period will run through March 20. The award recipient will be announced in April.

The entrepreneur awarded the equity grant will receive up to $7,000 to fund either a business startup or to grow their business.

The Harvest Initiative Business Development Fund, or Harvest Fund, was created to address the critical lack of owner’s equity available for entrepreneurs on the Crow Creek Reservation. Owner’s equity is defined as the money invested by an owner in his or her own business. Unlike non-Native small business owners, traditional forms of equity from home ownership, family and friends are often not available to the Indian business owner at Crow Creek for various economic reasons.

“The Harvest Fund will fill a gap that exists for prospective entrepreneurs on the Crow Creek Reservation,” said Harvest Initiative President Lynn Graves. “We hope the fund will help level the playing field for entrepreneurs on the reservation and create more access to traditional off-reservation financial resources.”

The money awarded by the Harvest Fund can be used for several purposes including the purchase of new equipment or creation of new product lines. The fund requires a dollar to dollar collateral match which can be satisfied with committed loan funds or in kind matches such as inventory, supplies, equipment, tools or vehicles that are part of the activity of the business.

The Harvest Fund is open to enrolled members of federally recognized tribes residing on the Crow Creek Reservation.

First Dakota National Bank of Chamberlain will take part in the project and will review applications of potential business owners along with other community members. Participation by groups like First Dakota is integral to a local understanding of the business needs of the Crow Creek community.

The Harvest Fund is modeled after a successful program created by the Montana Department of Commerce called the Montana Indian Equity Fund. Future equity grants from the Harvest Fund may be announced as funds are made available.

For more information or to request an application, contact the Director of Operations for The Harvest Initiative, Inc. Jason Yates at (605) 870-6196 or PO Box 175, Fort Thompson, S.D. 57339.