Yesterday 4/5, the U.S. Senate announced an agreement on the Bipartisan COVID Supplemental Appropriations Act, legislation that would rescind funding for the State Small Business Credit Initiative (SSBCI) as well as other programs to fund addition Covid-19 relief.
This proposed cut would remove about a quarter ($2.5 Billion) from the program’s funding, affecting both states’ and Tribal governments’ allocations. This significantly impacts the ability of Tribal governments and their Native CDFI partners ability to support small businesses.
As we seek further information on how this proposed change will affect funding and guidelines around usage of funds, we will share updates on our SSBCI webpage and encourage you to attend this Friday’s NCN webinar with U.S. Department of the Treasury. Consider calling your Congressional representatives to voice your concern about this legislation.
Upcoming informational session:
Friday, 4/8 at 11 am PST: Native CDFI Network Webinar with James Colombe from the U.S. Department of the Treasury. Click here to register.