The Poarch Band of Creek Indians will receive a $58,831 grant to help establish a revolving loan fund (RLF) to assist Tribal members who own small businesses within Escambia, Monroe, Baldwin and Mobile counties in Alabama and in Escambia County, Fla.

According to Donna Henry, economic development coordinator at Poarch, this money will help continue a program, which began three years ago. Seed money was used to begin with and now this new funding will go a long way to help finance Tribal members’ small businesses.

“At this time we have 13 loans out,” Henry said. “This is just for Tribal members and is available under a USDA Rural Development plan.”

USDA Rural Development under Secretary Dallas Tonsager has announced that 45 states, the Western Pacific region and the commonwealth of Puerto Rico will benefit from funding made available under the Rural Business Enterprise Grant program (RBEG).

“The funding announced today represents the Obama Administration’s ongoing efforts to create economic and job opportunities in rural areas by ensuring that strategic investments are made in our small towns and cities,” Tonsager said. “Rural businesses drive community revitalization by providing products and services to local residents as well as throughout the country and world. Projects like this spur important economic development and strengthen communities across the nation.”

Henry said her office helps future business owners prepare themselves for opening a new business.

“We sit down with them and help to work out a good business plan and help them implement those plans,” she said. “We have credit criteria and lending guidelines that we adhere to that have enabled the program to be very successful. We have an 88 percent success rate.”

A revolving loan fund (RLF) is a source of money from which loans are made for small business development projects. A loan is made to one person or business at a time and, as repayments are made, funds become available for new loans to other businesses. Hence, the money revolves from one person or business to another.

Poarch will be able to add to what they started three years ago, when, instead of waiting for the grant to be awarded, they already have a plan in play and thanks to this money will be able to add to, and be even better than it was before.