Treasury Department Announces New Deadline for SSBCI NOI Applications
July 30, 2021
The Department of Treasury has announced a new deadline of August 16th at 5:00pm Eastern Time for the State Small Business Credit Initiative (SSBCI) Notice of Intent (NOI) to apply, which was previously set for July 30th. Final applications will be due December 11th, 2021. NOI filings do not obligate participation in the program.
The American Rescue Plan Act of 2021 (ARPA) reauthorizes and amends the Small Business Jobs Act (SBJA) of 2010, which established the State Small Business Credit Initiative (SSBCI) Program. SSBCI provides certain governments funding for 1) small business financing programs and 2) technical assistance to small businesses applying for SSBCI. ARPA authorized SSBCI Tribal government eligibility for the first time and provided a $500 million Tribal set aside.
Tribal governments may use SSBCI funds to support eligible small business financing in any eligible manner it chooses. This includes supporting small businesses on tribal lands, small businesses in states where tribal lands or tribal members are located, and small businesses owned by tribal members anywhere within the United States.
The Treasury Department has stated, "we are working on increased Tribal engagement to raise awareness about this program and welcome the opportunity to meet with your organizations to answer questions. We recognize that the SSBCI statutory language is technically complex and our SSBCI team hopes to support Tribal access through various forms of educational outreach.
Treasury has conducted a Tribal consultation, hosted a Tribal information session, and engaged in Tribal engagement on this fund over the past few months. Based on the consultation, Treasury adopted a distribution methodology that allocated payments using a formula that is based on enrollment data and establishes a minimum amount ($423,000) for eligible Tribal governments."
Further resources are available on the Treasury Department's website. If you have questions about the Treasury SSBCI, please email email@example.com. If you have questions about Tribal Affairs at Treasury, please email Tribal.Consult@treasury.gov.