The American Samoa Department of Commerce announces the beginning of a 10-day public engagement period for the community-at-large, especially local businesses impacted by the Coronavirus pandemic.
the goal of the American Samoa COVID-19 Business Recovery Capital Program (BRCP), is to help small businesses recover from the adverse impacts of the global pandemic.
The American Rescue Plan Act (ARPA) has allocated $479.1million in Coronavirus State and Local Fiscal Recovery Funds (SLFR) for the Territory and Governor Lemanu Peleti Mauga has dedicated $10million to support local businesses. “
Director of Commerce Petti Matila said, this program, which will be rolled out in two phases, will provide immediate support to local businesses and help support our COVID- 19 economic recovery efforts.
The BRCP will first introduce the Line of Credit (LOC) program, administered in partnership with the Territorial Bank of American Samoa (TBAS).
The LOC program woukd provide immediate credit support to small businesse directly impacted by COVID-19. Supply chain delays, for example, have been exasperated by challenges caused by the pandemic, creating local shortages in goods such as building materials for critical infrastructure and other supplies. The LOC will then be followed by the implementation of the BRCP Loan & Grant program, which is scheduled to launch in early 2022.
The US Treasury issued an Interim Final Rule (IFR) regarding ARPA, which identifies a non-exclusive list of ARPA fund uses. Small businesses who apply will be required to demonstrate how their proposals support the territory’s response and/or recovery from the COVID-19 pandemic. Tourism, travel, and hospitality sectors and other impacted industries will be prioritized in accordance with the intent of the ARP Act.
The Public Comment period regarding this new small business program began Friday.
A copy of the plan will be available for public viewing and comments at the ASDOC main office in the AP Lutali Executive Office Building, 2nd Floor, in Utulei and online at www.doc.as.gov. Public comments must be received by DOC in writing no later than 4pm on Monday, December 13, 2021.
General information sessions will be held within the next 10-days on Wednesday, December 8 and Saturday, December 11. Time and venue will be announced by today. Other outreach efforts will be announced via the DOC website and social media page.
