New semi-autonomous government agency established
A new semi-autonomous government agency has been established, the American Samoa Innovation Authority.
It will oversee the State Small Business Credit Initiative whereas American Samoa may potentially receive more than $50 million of the $10 billion allocated to the District of Columbia, territories, and Tribal governments.
In an executive order Governor Lemanu Palepoi Sialega Mauga says that on March 11, 2021, President Biden signed the American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative.
The new version of the SSBCI program provides a combined $l0 billion to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic.
These funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities and American Samoa will potentially receive more than $50 million in SSBCI funding.
This semi-autonomous agency will be governed by a board known as the AS IA Board, consisting of five (5) members.
The Director of Commerce will serve as chair and members of the board will be the ASG Treasurer; ASG Director of Planning and Budget, and two members from the private sector with specialized knowledge and skill in the areas of finance, investing, or economic development appointed by the Governor or Governor's designee for two-year terms.
This order shall take effect immediately and will remain in effect until rescinded.