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This week Tribal business news A summary includes a history of best practices in developing tribal enterprises, Native policy priorities for the next Farm Bill, the failures of lending agencies when it comes to Native America, and the struggle between Alaska Natives and one of the corporations created for them. Advantage.
Poarch Band M&A Shifts Focus to Schedule 8(a) Contractors
Starting a tribally owned federal contracting company takes a lot of “scratching and scraping” to become profitable.
That’s why the Porch Band of Creek Indians Enterprises in Alabama, Porch Creek Indians Federal Service, has changed its strategy of late to acquire existing books of business from federal contracting companies that can benefit from tribal ownership.
While buying an existing company costs more than starting one on its own, PCI Federal can generate cash flow immediately after buying a company, significantly shortening the runway for acquiring new contracts, not to mention connecting with an experienced executive team and other talent in the business.
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PCI Federal CFO Chad Klink explains the value proposition in buying companies with strong performing federal contracts and other best practices as part of this hub story in this week’s Tribal Business News.
Native Farm Bill Coalition eyes equality, expanding successful pilot projects
The 170-member Native Farm Bill Coalition successfully lobbied for 63 provisions to be included in the 2018 Farm Bill and is now turning its attention to priorities for the upcoming 2023 rewrite of the bill.
Key priorities include ensuring tribal parity with states in the next Farm Bill and making permanent several pilot projects that are important to Indian Country.
A participant in one such pilot project describes in this report how two tribes in Wisconsin are working together to supplement USDA food distribution programs with locally produced products that better match the dietary needs of their citizens.
“The concepts of food as medicine and indigenous trade circles are a thread in our existence. We’ve always wanted to take care of our people the way our ancestors knew was right,” Menominee Tribal Agriculture Director Gary Bessau told Tribal Business News.
Fannie, Freddie Shirk ‘Obligation to Serve’ America’s Native Mortgage Market
Regulators at the Federal Housing Finance Agency have tasked Fannie Mae and Freddie Mac with increasing conventional mortgage lending in tribal areas, saying the agencies are “obligated to serve” tribal areas.
Six years later, the results were poor: Neither agency reported buying any conventional Indian sovereign bonds in the past three years.
And, according to Fannie and Freddie’s reports to FHFA, the situation doesn’t appear to have improved significantly in the near future.
This new report in Tribal Business News explores how mortgage agencies are ultimately derailing their plans to serve Native Americans.
A Native corporation wants to mine gold on the Kuskokwim River. Alaska Natives say no.
Alaska Natives and tribes are pushing back against Calista Corp., the Alaska Native regional corporation in the southwestern part of the state, over the Donlin mine project in the culturally important Kuskokwim River basin.
Calista Corp. officials told Grist for a report that the Donlin mine offers a “generational opportunity” to improve the situation for shareholders, but many shareholders question whether the potential environmental risks are worth it.
Local tribes and Alaska Natives around Bethel are concerned about a proposed gold mine along the Kuskokwim River, saying it could threaten their livelihoods if it affects salmon populations and their livelihoods.
Mad River Brewery has partnered with Iowa tribal-owned Gray Ice Management Solutions.
Establishing a modern tribal business is at the center of Gray Snow Management Solutions’ new partnership between Mead River Brewery and Nebraska-based Iowa Tribal Enterprise.
Under the new deal, the Yurok Tribe-owned brewery plans to source sustainably grown ingredients from Gray Snow, as well as expand its brewing operations onto Iowa tribal land.
“We’re going back to doing what the locals have been doing since ancient times and working with each other,” Mad River Brewery CEO Linda Cooley told the Story Tribal Business News.
Shinnecock Nation’s Little Beach Harvest breaks ground on cannabis distribution
The Shinnecock Nation broke ground this month for Little Beach Harvest, a new cannabis distribution and wellness center that partners believe could be an “economic engine” for the tribe.
While the epidemic and New York state legalization efforts have forced a few stumbling blocks along the way, the tribe feels positive momentum toward the project, said Chenna Bullock, manager of Little Beach Harvest.
“We have a really good, well-functioning team. We’ve been working on this throughout the pandemic to make sure we’re setting realistic goals for all of our achievements,” Bullock told Tribal Business News in an interview for the story. “It’s amazing to have the partnership that we have and to be here now.”
Brief description of tribal business news
Finally, this week’s general business news from around Indian Country includes the St. Regis Mohawk Tribe’s newly appointed chief financial officer, a Cherokee Nation elected to the Los Angeles Water and Power Board and details of the Pamunkey Tribe’s temporary casino. Plans in Norfolk, Virginia.
Tribal Business News also has details on Native American venture capital firm Relevance Ventures’ recent investment and a new 10-year federal contract for Alaska Native-owned logistics service Akima.
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