The American Samoa Department of Commerce notifies the public of an important amendment to its Business Recovery Capital Grant & Loan Program.
The following changes will go into effect today, March 28th, 2022:
- The “Loan” element of the Grant & Loan program will be terminated.
- The entire $4 million allocated to the Grant & Loan program, will now support a “grants only” program for small businesses (BRCP Grant Program).
- The grant is designed to support working capital needs of small businesses impacted by the ongoing public health emergency.
- Businesses that need additional financial assistance, beyond the $25,000 grant, will be referred to other DOC programs such as Economic Development Revolving Loan Funds at TBAS and DBAS.
- Grants between $1,000 – $25,000 will be awarded to businesses, based on their application package.
- All applications will be reviewed by panelists organized under the previous Grant & Loan program.
“The necessary restrictions on business operating hours have helped our community slow the spread of the coronavirus. However, the restrictions have also severely impacted local small businesses. We recognize the need for immediate financial assistance to support the small business community and it is with this in mind, that I have requested and received the approval from the ASG ARPA Oversight Office to amend our program framework,” stated DOC Director Petti Matila.
Applications for the BRCP Grant Program can be found at www.doc.as.gov.
DOC will continue to inform the public of ongoing efforts to provide small businesses with assistance during this critical time. For more information, contact DOC at 633-5155 or email DOC at info@doc.as.gov
