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TAHLEQUAH, OK - The Cherokee Nation of Oklahoma will lend $1 million to rural Oklahoma (CNO) businesses through the United States Department of Agriculture’s intermediary re-lending program. Under the program, rural businesses can borrow money from the Cherokee Nation at the prime interest rate. Earnings and loan payments will go back into the Cherokee Nation revolving loan fund to finance new loans to other businesses.

Today, Tuesday, October 16, USDA Rural Development presented a ceremonial check to Chad Smith, Principal Chief of the Cherokee Nation of Oklahoma. "The goal of this program is to provide employment opportunities in rural northeastern Oklahoma," Smith said. "This is part of our continuing effort to be good neighbors and work with businesses in the area to encourage economic development."

"We appreciate a partnership with the Cherokee Nation", said Charles Rainbolt, state director of USDA Rural Development. "I commend the Cherokee Nation for their initiative and concern for economic development in this area."

USDA Rural Development’s Intermediary Re-lending Program helps public bodies, nonprofit corporations and federally recognized Indian nations finance and facilitate the development of small and emerging private business enterprises located in rural areas.

The service area for this program includes Adair, Cherokee, Craig, Delaware, McIntosh, Mayes, Muskogee, Nowata, Ottawa and Sequoyah counties. Rogers, Tulsa, Wagoner, and Washington counties did not meet USDA guidelines to be included in the program.

For more information on the loan program, call Melissa Young at the CNO, phone: (918) 456-0671 (ext.2939).