Dear USET/USET SPF Family,
The American Rescue Plan Act of 2021 (P.L. 117-2) provided $500 million for the Small Business Credit Initiative (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.
The deadline for Tribal Nations to submit a Notice of Intent (NOI) to apply for the SBCI program is today, August 16, 2021 by 5:00pm ET, and applications for the SBCI program will be due to Treasury on December 11, 2021. While Tribal Nations must submit an NOI to receive SBCI funds, you are not obligated to provide program/project details SBCI funds will be used for until the December 11, 2021 application deadline. As of now, Treasury has indicated that a Tribal Nation that does not submit an NOI to claim SBCI funds by today’s deadline will not be eligible to receive these funds in the future. The December 11, 2021 application details are forthcoming from Treasury.
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. To view a summary of the SBCI allocation methodology to Tribal governments, please click here. Treasury has also provided a Fact Sheet for Tribal governments, which can be viewed by clicking here. For more information please visit Treasury’s SBCI website by clicking here. Questions regarding the SBCI program can be directed to firstname.lastname@example.org. Additional guidance is forthcoming.
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.
For more information, please contact Brian Howard, USET SPF Senior Policy Analyst, at email@example.com.