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The Colville Tribal Federal Corporation was named the William D. Bradford Minority Business of the Year on Thursday night at the 2013 UW Minority Business of the Year Awards ceremony.

“We are honored to receive this prestigious award that speaks to the significant turnaround of our organization over the last couple years,” CEO Joe Pakootas said in a company press release. “We’ve worked hard to focus on tribal businesses both large and small that can create additional revenue for the Tribe and community. We have a vision for the future of great growth and sustainability and that means expanding successful enterprises and creating new opportunities that will benefit our entire region.”

CTFC, an organization created by the Colville Business Council to act as the primary business arm for tribal enterprises, is comprised of many businesses previously run by Colville Tribal Enterprise Corporation (CTEC). In 2009, CTFC and CTEC were facing bankruptcy and operating at an $8.1 million loss.

Pakootas was hired as chief operating officer in 2010. In nine months, CTFC earned $2.3 million. The turnaround of $10.4 million was the product of the CTFC focusing on sustainable business enterprises and has become a very important revenue source for the Business Council and the tribe, the press release said.

Over the last three years, CTFC has been able to control expenditures and cuts costs, leading to a revenue stream of $86 million in 2013, compared with just $49 million in 2010. In that span, five businesses have been able to reopen, providing jobs and stability for Tribal members.

The UW Minority Business of the Year Awards was started in 1999 to recognize outstanding business achievement of minority-owned businesses in Washington. The Bradford Award is named after the first person of color who served as dean of the UW Foster School of Business and recognizes a company that has demonstrated success in areas of revenue, size, superior management practices and commitment to the community. The award’s namesake, Bill Bradford, spent his entire professional career researching issues related to minority business growth.