U.S. Treasurer Lynn Malerba Visits Alaska for Historic Tribal Economic Investment

This week, U.S. Treasurer Chief Lynn Malerba embarked on her first official visit to an Alaska Native Tribe, marking a significant milestone in the Biden-Harris Administration’s commitment to supporting Tribal economies. Chief Malerba’s visit highlighted the recent announcement of up to $83 million in State Small Business Credit Initiative (SSBCI) funds designated for a consortium of 125 Alaska Tribes.

The SSBCI funds, provided through the American Rescue Plan (ARP), represent the largest Tribal SSBCI consortium in the nation’s history. This historic investment aims to boost Alaska’s Tribal economy by offering essential economic development resources. The funds are projected to stimulate up to $830 million in additional private sector investment across the state, benefitting Native-owned businesses and enhancing economic opportunities for Alaska Tribes.

During her visit, Treasurer Chief Malerba participated in a roundtable discussion in Anchorage, hosted by the Alaska Federation of Natives. The discussion focused on the economic challenges facing Alaska Native communities. The Treasurer also traveled to Chickaloon Village, a rural Alaska Native Tribe, where she toured Tribal facilities funded by ARP programs. She was joined by Rohit Chopra, Director of the Consumer Financial Protection Bureau, during this segment of the visit.

The visit concluded with a roundtable meeting with lenders and investors at the University of Alaska Anchorage, which is managing the SSBCI funding on behalf of the Tribal consortium.

The announcement of this SSBCI funding adds to the Treasury Department's ongoing efforts to support Tribal communities. To date, Treasury has approved SSBCI applications totaling up to $415 million to assist more than 220 Tribes through the SSBCI Capital Program for small businesses and Tribal enterprises.

Under the leadership of Treasury Secretary Janet L. Yellen, the Department has significantly expanded its engagement with Indian Country. This includes increased visits by senior Treasury officials to better understand and address the needs of Tribal governments. The Biden-Harris Administration has facilitated substantial investments in Tribal communities, including $30 billion in federal support, with $20 billion allocated through the State and Local Fiscal Recovery Funds (SLFRF).

Treasurer Malerba’s visit underscores the administration’s commitment to strengthening relationships with Tribal nations and ensuring meaningful investments in Tribal economic development.