The St. Regis Mohawk Tribe of New York has started a loan fund to help small businesses on the reservation.
The Akwesasne Revolving Loan Fund will offer five-year loans will be for $1,000 to $10,000. Seed money came from $75,000 from the Department of Agriculture and $25,000 from the tribe.
"Banks were historically reluctant to take a security holding in the business because the business is located on the reservation. This bridges that gap," Steven B. Cook, the tribe's director of economic development, told The Watertown Daily Times.
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Tribal loan fund set up
(The Watertown Daily Times 8/19)
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