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TAHLEQUAH, OK - The Cherokee Nation recently announced the development of the Cherokee Nation Small Business Assistance Center, formerly known as the Cherokee Nation Credit and Finance Department. The Small Business Assistance Center will function similar to the former Credit and Finance Department, but officials hope that the new name will draw more attention to the fact that the department is available to assist tribal members with opening or expanding small businesses.

"The new name more accurately describes the services that we offer," said Shay Smith, administration officer for the Small Business Assistance Center.

The Cherokee Nation Small Business Assistance Center offers loans, small business loans, information on opening a small business, and administers the Individual Development Account program for Cherokee tribal members.

The Cherokee Nation grants loans to tribal members or employees of the Cherokee Nation for various purchases or to use in an emergency situation. Small business loans may be used to get started with your small business or expand an existing small business. Small business loan amounts vary from $500 to $150,000 depending on the need of the business.

The Individual Development Account program is a savings program for individuals to acquire assets and learn good savings habits. The money saved must be used to purchase a new home, rehabilitate an existing home, open a small business, or to pursue higher education. Once the tribal member has completed the two-year program, the Cherokee Nation will match the funds the participant has saved. During the course of the program, participants are required to attend classes on saving and managing money wisely.

"The Individual Development Account program rewards regular monthly savings by working families whom are trying to build their first home, rehabilitate an existing home, start a micro-enterprise, or obtain post-secondary education or training for themselves, their spouse, or their children," Smith said.

For more information on the Cherokee Nation Small Business Assistance Center call 918-456-0671 (ext.2536), or 1-800-256-0671 (ext. 2536).