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Commerce report: Cherokee Nation approves first SSBCI loan, $2 million pending; I Save match program administered by housing authority
Summary
At the Dec. 17 committee meeting, Commerce staff said Cherokee Nation has approved its first State Small Business Credit Initiative loan, has a second loan pending an appraisal, and is working toward a $2,000,000 pending loan; staff also described the I Save match-savings program now run by the housing authority to fund home remodels.
Miss Ann, representing the Commerce department, briefed the committee on implementation of the State Small Business Credit Initiative (SSBCI) and related lending activity.
She said SSBCI materials have not been included in the current report while the department finalizes details with communications and the Attorney General's office. "We have approved the first loan and we ... have a second one approved that we can close once the appraisal comes in and then we have a pending $2,000,000," she told the committee.
Miss Ann also explained the "I Save" program is a match-savings account that was moved to the housing authority; the program is intended to help homeowners save for remodels and encourage the habit of saving.
Committee members asked clarifying questions; Miss Ann offered to include more detailed SSBCI information at the next meeting.
