RDC‘s Tribal Economic Diversity Fund 2024

The Regional Development Corporation Tribal Economic Diversity Fund offers grants to businesses owned by federally recognized Indian tribes or their enrolled members. The program aims to provide critical technical services and equipment to these businesses, supporting economic diversification and growth within Northern New Mexico. The fund aligns with the broader mission of sustaining and assisting developing businesses, thereby creating jobs and diversifying the region's economy. The target beneficiaries are business enterprises owned by federally recognized Indian tribes, or at least 51% owned by enrolled members of specific Pueblos (Cochiti, Jemez, Nambe, Ohkay, Picuris, Pojoaque, San Ildefonso, Santa Clara, Taos, or Tesuque). These businesses must be headquartered in Los Alamos, Mora, Rio Arriba, San Miguel, Northern Sandoval, Santa Fe, or Taos County, have a business-only bank account, and have been in operation for at least six months. The impact goals include diversifying revenue, leveraging other investments, creating new jobs, and implementing systems that lead to business growth. The grant prioritizes competitive awards for services that achieve these diversification and growth objectives. Funds can be used for procuring business equipment and tools, advertising and marketing costs, consulting services, and specialized software. Preference is given to first-time applicants and those previously unawarded, indicating a focus on broadening access and supporting new and developing tribal businesses. Expected outcomes include the establishment of new jobs, increased revenue streams for tribal businesses, and the implementation of strategic systems that contribute to long-term economic stability and expansion. Measurable results would likely be tracked through job creation figures, revenue diversification indicators, and the successful acquisition and utilization of funded equipment or services. The program's strategic priority is to strengthen the economic landscape of Northern New Mexico by empowering tribal businesses. The foundation's theory of change posits that by providing targeted financial support for essential services and equipment, tribal businesses will be better equipped to diversify their revenue, expand their operations, and ultimately contribute to job creation and economic resilience in the region. This investment in tribal enterprises is seen as a key driver for sustainable economic development and a more diverse regional economy. The funding ceiling is up to $8,000, with grants ranging from $1,000 to $10,000.