Change Labs Offers Interest-Free Loans up to $5,000 to Native Entrepreneurs and Businesses Facing COVID-19

Native business hub Change Labs is offering zero-interest loans of up to $5,000 with no credit check to Native entrepreneurs and small business owners facing challenges due to the coronavirus pandemic. To qualify for a loan, applicants must be enrolled members a Native American tribe and reside on the Navajo or Hopi nations or in the border towns of Flagstaff, Holbrook, Page, or Winslow, Arizona, Gallup or Farmington, New Mexico, or Cortez, Colorado. Applications from outside these areas may be considered on a case-by-case basis.

No credit check, no cost to apply

“We know how difficult it can be for Native businesses to access capital through traditional banking, and how big a difference a small amount of capital can make, especially now,” said Heather Fleming, executive director of Change Labs. “A loan of a few hundred dollars can help a roadside jewelry vendor set up a website to transition to online and custom orders. A loan of a few thousand dollars can help a small grocery mart pay its employees and keep serving the community. Small businesses are the backbone of tribal economies and Native entrepreneurs are resilient and resourceful. Change Labs is pleased to partner with Nusenda Federal Credit Union’s Co-Op Capital program to lend to Native American entrepreneurs and change makers across the Colorado Plateau at 0 percent interest during this time of urgent need.”

There is no cost to apply for the loans. Business owners, vendors, and nonprofits who will use the funds to replace lost revenue that would cover rent, mortgage, payroll, or other business expenses or to improve or pivot a business or organization to the changing needs of the market are eligible to apply. Entrepreneurs with ideas for new businesses that respond to the needs of tribal communities are also eligible.

Supporting existing small businesses and the next big idea

“COVID-19 is challenging small businesses across the globe. Here on the Navajo and Hopi nations, Change Labs’ Kinship Lending program is supporting entrepreneurial and community-minded Natives to stay afloat as they continue to offer vital services to our Native communities.” said Jessica Stago, director of business incubation at Change Labs. “As disruptive as COVID-19 is, we also know there are Native entrepreneurs who see new needs in their communities right now, and have creative ideas for how to meet them. Necessity is the mother of invention—our microloan program wants to help entrepreneurs get these new ideas off the ground as quickly as possible.”

Applications will be reviewed and loans awarded on a first come, first served basis. For more information, including how to apply, visit https://nativestartup.org/kinshiplending