TAHLEQUAH, OK — Starting your own business is a dream that the Cherokee Nation’s Micro Enterprise Adult/Youth Opportunity Loan Funds can help make come true.

“This is a great opportunity for communities,” said Lahoma Davidson, Portfolio Manager. “If you have a business idea and area willing to take the time to get the ball rolling, I encourage you to apply.”

The loan programs are available through the tribe’s Small Business Assistance Center (SBAC). The SBAC provides Cherokee Nation citizens with technical, informational and financial assistance to help establish small businesses and to enhance economic growth among citizens and communities.

“The Micro Enterprise Adult/Youth Opportunity Loan Funds were created to assist low income Native Americans with the funding and assistance to start, expand or stabilize a small business,” said Davidson. Even young entrepreneurs can find some needed assistance.

Zach Gann, a senior at Sequoyah Schools, participated in the program to expand his existing cattle business.

“The loan helped me to extend my business, which produces more money for me to prepare for my college education and future,” said Gann. “This has been a great opportunity for me because it has allowed me to look ahead into my future as an adult. It has been a real learning experience.”

Zach’s mother, Jodie Gann, feels like the program is beneficial to Zach’s future, too.

“As a young man, he is now the owner of several head of livestock,” said Gann. “Zach is learning the responsibilities of caring for the animals and the financial responsibilities associated with obtaining a loan. He is a very motivated young man and determined to make a great future for himself.”

Participants must be a citizen of a federally recognized Native American tribe, live within the 14-county jurisdictional area of the Cherokee Nation, be at least 13 years of age and meet low income guidelines as defined by HUD.

Applicants must complete a written business plan to be considered for the funding, must have experience owning their own business and be in a position to contribute to the starting cost of their business with a cash investment, training or experience. Applicants under 18 must have a parent complete a credit application and sign the loan agreement.

The maximum loan amount is $25,000 and the maximum loan term is 10 years. Agricultural loan applications will be considered. Interest rates are set at the current New York Prime for applicants ages 25 and over and at New York Prime less three percent for participants ages 13-25, fixed for the term of the loan.

For Zach, the experience has been productive, and he encourages other young people and adults to take part in the loan program.

“I would encourage other Native Americans to take part in the program” said Gann. “It’s a great deal because of the low interest rate and the employees at the SBAC are very helpful. For me, the loan has helped me to learn how to become self-sufficient and has been a real confidence builder.”

For more information about the Micro Enterprise Adult/Youth Opportunity Loan Funds, contact (918) 453-5536.