South Dakota Native American business owners part of White House meeting

The owners of an American Indian-owned business on the Pine Ridge Indian Reservation were among those who attended a White House meeting announcing the administration's plans to boost small business lending.

Karlene Hunter and Mark Tilsen, who run Native American Natural Foods in Kyle, launched the all-natural buffalo-and-cranberry Tanka Bar in October 2007 and have since expanded the product line and the number of outlets selling it to 3,000.

Bison meat is high in protein and low in cholesterol. The cranberries add antioxidants and a sweet, natural flavor. The Tanka Bar is a modern version of the traditional Lakota food called "wasna."

Tilsen credited President Barack Obama for promoting healthy food, hiring a liaison to work with tribes and helping small businesses.

"Even as bad as the economy is, it really left me hopeful that we have a leader who cares and walks his talk. He's working toward the same things we're working for," Tilsen said by telephone from Washington.

"We're all on the edge to keep our businesses growing at a time when the economy is freezing up on us."

Included in the White House plan:

— The Small Business Administration will purchase up to $15 billion in small business loans made by community banks, using some of the $700 billion bank bailout money Congress approved in October. The purchases enable banks to provide new credit to small businesses, which are responsible for 70 percent of job creation.

— The nation's 21 largest banks receiving government bailout money will be required to provide monthly reports on how much lending they do to small businesses.

— The government guarantee of Small Business Administration loans will be increased to 90 percent, on a temporary basis. Currently the government insures SBA loans for 75 percent or 85 percent of their total value, depending on the size of the loan.

— Fees on SBA loans will be eliminated temporarily.

The credit crunch that started with the collapse of mortgage-backed securities and other financial devices has made it more difficult for small businesses to get loans for payroll, supplies and job creation, Obama said at Monday's meeting.

"Too many entrepreneurs can't access the capital to start, operate, or grow their business. Too many dreams are being deferred or denied by a form letter canceling a line of credit," he said.

Republican Sen. John Thune of South Dakota commended the president for making more credit available to small businesses but questioned the plan to raise taxes on individuals making $200,000 and households earning more than $250,000.

"That's a lot of small businesses that are going to get hit by that," he said.

"I think at the end of the day the best thing you can do for small businesses is not put more burdens and taxes and regulations on them."

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On the Net:

Tanka Bars: http://www.tankabar.com