For-Profit Tribal Entities Now Eligible For Development Funds
By Diamond Naga Siu (September 24, 2021, 5:03 PM EDT) -- For-profit tribal entities fully owned by and made for tribes are now eligible for Public Works and Economic Development Act grants under a new rule published on Friday by the Commerce Department's Economic Development Administration.
The Public Works and Economic Development Act of 1965 previously only allowed nonprofits to qualify for the grants and was created to provide financial assistance for economically distressed areas and regions. It is meant to provide these targeted communities greater opportunities for growth and job expansion.
Tribes had already been eligible for 100% grant rates under this act, but prior to this rule, it only applied...
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