State Small Business Credit Initiative
July 16, 2021
As part of the $1.9 trillion American Rescue Plan, the State Small Business Credit Initiative (SSBCI) has been resurrected with some new guidelines that will benefit Native communities. In the past, this program channeled federal dollars through state-run loan programs to small businesses. But now, the American Rescue Plan specifies that tribes can also receive SSBCI allocations. Four Bands has been following the legislation and working with the Cheyenne River Sioux Tribe to ensure that these funding dollars make it to our communities. The Tribe recently passed a resolution designating Four Bands as the administrator of SSBCI funds, meaning our organization will be responsible for distributing an allocation if we receive one. We’ll be working with Cheyenne River Economic Development Corporation to prepare our application. If awarded, SSBCI funds will provide lending capital to our local small businesses.