Harvest Initiative Awards First Equity Grant to Crow Creek Entrepreneur

Apr. 24, 2009

The Harvest Initiative, Inc awarded a $7,000 equity grant to entrepreneur Sherwood Hawk in Fort Thompson on April 23. Hawk will use the funds toward opening his new oil change and tire repair business in Fort Thompson.

The Harvest Initiative was recently awarded a grant by the South Dakota Community Foundation to continue the Business Development Fund program. As a result, The Harvest Initiative is now accepting applications for another equity award. The deadline for the current round of applications is June 26.

“We are thrilled to be able to support Sherwood in his new venture,” said Jason Yates, Director of Operations and Strategy for The Harvest Initiative. “We look forward to watching his business grow and we are also eager to assist other business owners as this program continues.”

The Harvest Initiative Business Development Fund was created to address the critical lack of owner’s equity available for entrepreneurs on the Crow Creek Reservation. Owner’s equity is defined as the monies invested by an owner in his or her own business. Unlike non-native small business owners, traditional forms of equity from home ownership, family and friends are often not available to the Indian business owner at Crow Creek for various economic reasons.

The money awarded through this program can be used for several purposes including the purchase of new equipment or creation of new product lines. The Fund requires a dollar to dollar collateral match which can be satisfied with committed loan funds or in kind matches such as inventory, supplies, equipment, tools or vehicles that are part of the activity of the business.

The Harvest Initiative Business Development Fund is open to enrolled members of federally recognized tribes residing on the Crow Creek Reservation.

The Fund is modeled after a successful program created by the Montana Department of Commerce called the Montana Indian Equity Fund.

For more information on The Harvest Initiative Business Development Fund or to request an application, please contact Jason Yates at (605) 870-6196 or PO Box 175, Fort Thompson, SD 57339.

The Harvest Initiative, Inc. was organized in the spring of 2008 to invest locally in native grown ideas and support socially responsible business development to move the Crow Creek Sioux Reservation toward a commercially viable, self-sustaining economic environment.