December 13, 2021

Dear USET/USET SPF Family,

Last week we sent an update regarding the extended deadline for Tribal governments to submit their SBCI applications. However, there was a typo in our Alert. The correct deadline for Tribal Nations to submit their SBCI applications is  February 11, 2022 by 11:59pm ET.

For more information on the SBCI program, please view the original August 16, 2021 USET SPF Alert below. Questions regarding the SBCI program should be directed to SSBCI_Information@treasury.gov.

December 6, 2021

Dear USET/USET SPF Family,

The deadline for Tribal governments to submit their Notice of Intent to apply for the Small Business Credit Initiative (SBCI) is December 11, 2021. Additionally, Treasury has extended the deadline for Tribal governments to initiate their SBCI capital applications to February 1, 2022 by 11:59pm ET, which is the same deadline for the submission of a complete SBCI capital application.

To assist Tribal governments, Treasury and the Native American Finance Officers Association (NAFOA) are hosting a webinar on, "SSBCI Tribal Guidance and Application Process" today, December 6, 2021 at 3:00pm ET. To register for this webinar please click here.

USET's Office of Economic Development also hosted a SBCI Grant Writing Workshop on October 28, 2021. A recording of this workshop can be viewed by clicking here. To connect with USET’s Office of Economic Development please click here, or email Rebecca Naragon at RNaragon@usetinc.org.

For more information on the SBCI program, please view the original August 16, 2021 USET SPF Alert below. Questions regarding the SBCI program should be directed to SSBCI_Information@treasury.gov.

October 1, 2021

Dear USET/USET SPF Family,

Treasury has extended the deadline for Tribal governments to submit their Notice of Intent to apply for the Small Business Credit Initiative (SBCI) to today, October 1, 2021. For more information on the SBCI program, please view the original USET SPF Alert below.

Additionally, on Thursday, October 28, 2021 USET’s Office of Economic Development will be hosting a Virtual Grant Writing Workshop - State Small Business Credit Initiative (SSBCI) for USET member Tribal Nations' staff. Tribal leaders, Economic Development staff, Grant Writers, and Finance staff are encouraged to register.

Registration details are as follows--

Date: THURSDAY, OCTOBER 28

Time: 9:30 AM - 12:00 PM ET/8:30 - 11:00 AM CT

Please register using the link: https://usetinc-org.zoom.us/meeting/register/tZcvcuuupz4qHNVywXGfcBOpMu3uhOVlm9XV.

Please contact USET Economic Development Director at RNaragon@usetinc.org with questions or concerns.

August 16, 2021

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 ssbci_information@treasury.gov. 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 bhoward@usetinc.org.