Treasury will be hosting an informational briefing with USET/USET SPF member Tribal Nations to discuss the Small Business Credit Initiative (SBCI). The American Rescue Plan Act of 2021 (P.L. 117-2) provided $500 million for the SBCI program to be allocated among Tribal Nations to support financing for small businesses in Indian Country. SBCI funds may be used for small business financing programs such as capital access programs, loan participation, loan guarantee, collateral support, and venture equity programs. In addition to providing information about the program, Treasury is interested in hearing from the USET/USET SPF member Tribal Nations on potential uses of SBCI funds.
Details regarding the regional briefing are as follows—
Monday, August 9, 2021 from 11:00am to 12:00pm ET (join the Zoom meeting)
To join by telephone please use the following dial-in information—
The deadline for Tribal Nations to submit a Notice of Intent (NOI) to apply for the SBCI program is Friday, August 16, 2021 by 5:00pm ET, and applications for the SBCI program will be due to Treasury on December 11, 2021. To complete an NOI Form for Tribal Governments, please click here.
The distribution of SBCI funds has been determined by available employment and economic data for each Tribal Nation.
USET SPF submitted comments to the Department of the Treasury on June 4, 2021 expressing concern that Tribal Nations will not be able to fully access and utilize the program’s benefits, especially since private capital is required to fulfill the program’s matching fund requirements. We also requesting that SBCI funds be distributed to Tribal Nations equitably and not rely on a formula distribution methodology that focuses on Tribal Land base or population size. USET SPF further recommended flexibility in funding use for technical assistance, use of Tribally-certified data, and that Tribally-chartered corporations be eligible to receive SBCI funds.
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