U.S. Treasurer Chief Lynn Malerba visited Alaska this week to meet with Alaska Native Tribal leaders, marking her first official visit to an Alaska Native Tribe.
Chief Malerba’s visit highlighted the recent announcement of up to $83 million in State Small Business Credit Initiative (SSBCI) funds for a consortium of 125 Alaska Tribes. Funded by the Biden-Harris Administration’s American Rescue Plan (ARP), this investment supports the nation’s largest Tribal SSBCI consortium and represents a significant investment in small business financing for Tribal governments. The consortium will provide 125 Tribes with essential economic development resources, potentially catalyzing up to $830 million in additional private sector investment across the state and in Native-owned businesses.
During her visit, Chief Malerba attended a roundtable discussion in Anchorage hosted by the Alaska Federation of Natives, addressing economic challenges impacting Alaska Native communities. She also traveled to Chickaloon Village, a rural Alaska Native Tribe, where she toured facilities funded by ARP programs. Consumer Financial Protection Bureau Director Rohit Chopra accompanied her on this tour.
The Treasurer concluded her visit with a roundtable at the University of Alaska Anchorage involving lenders and investors. The university is administering the funding on behalf of the Tribal consortium.
With this SSBCI announcement, Treasury has now approved applications for up to $415 million to support more than 220 Tribes through the SSBCI Capital Program for small businesses and Tribal enterprises.
Under Treasury Secretary Janet L. Yellen’s leadership, the Department has increased its engagement with Indian Country to strengthen relationships with Tribes and better respond to their needs. This includes visits by senior Treasury officials such as the Secretary, Deputy Secretary, General Counsel, and Treasurer. The Department has facilitated key investments under the Biden-Harris Administration in Tribal communities, including deploying $30 billion through various federal programs like $20 billion via State and Local Fiscal Recovery Funds (SLFRF).
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