Dear Tribal Leaders & Enterprise Operators:
In our experience working with state, municipal, and tribal governments, we have found a successful program called the Public Works and Economic Adjustment Assistance Program, which is utilized at the regional level.
Regional governing entities develop a comprehensive economic development strategy that highlights the need and identifies certain strategies and projects that can help their communities improve their economic conditions.
Typically, it is applied to communities that are distressed economically due to changes in the industries that support the local economy, or major disruptions caused by natural disasters.
Tribes can capture these opportunities and use this funding to stimulate economic development and the tribe’s business community. It is very versatile in terms of scope and can be used for planning and strategy.
Say your tribe has been working with the regional council of governments on a certain initiative or economic effort, but COVID-19 is accelerating the need for that economic effort, tribes can use the grant funding to update their strategy.
The funding can be used for planning or to fund projects that are ready to be implemented, like infrastructure development (broadband and internet connection) on tribal communities, which are mainly rural.
There might be projects that are being looked at but there’s no funding to expand broadband capability, right now would be the time to apply for one of these grants with EDA and use that funding to update the infrastructure.
The same could be said for any type of project that has a direct impact on economic development such as water and road projects. Maybe there is an infrastructure project for industrial development, you name it, it can be utilized for that.
Also, the business community can capitalize by funding existing business incubators or to start a business incubator program and a loan program if the tribe does not have one.
Once that is funded, tribes can develop entrepreneurs within your tribe and incubate their business. They can contract with the tribe to do several COVID-19 related services or perform services related to CARES Act spending.
This way, tribes do not have to outsource services and talent from off the reservation. This is part of creating and stimulating and keeping that money circulating within the tribes and that making a greater impact. Tribes that have a tax revenue system can generate tax revenues that go back to the tribe’s treasury.
McCabe CPA & Consulting Group LLC has economic development professionals on our team that can provide technical assistance in a variety of areas pertaining to COVID-19 and the CARES Act.
As pertains to EDA and other grants, we can review strategic plans for economic development, and we find compatible grants to help realize those projects. If there is no strategic plan, we can help develop one quickly so that they can benefit from these grant programs.
When it comes to applying for this funding, we can help put together documentation, spreadsheets, charts, and the numbers that go into that grant application to help obtain it successfully.
For more information, contact us to schedule a consultation. We would love to speak with you!
Juan Massey, Principal Member