The U.S. Department of Treasury has granted American Samoa’s request for an extension of the official launching of the territory’s State Small Business Credit Initiative (SSBCI), a federally funded program aimed to increase credit availability for small businesses.

ASG announced in August this year that SSBCI documents have been fully executed for the American Samoa American Samoa Venture Fund (ASVF) to operate the SSBCI with the official launch set for Nov. 5.

The ASVF will use the entire $10.5 million allocation from the U.S. Treasury to operate the ASVP, which will be overseen by the local Commerce Department.

In a statement Monday, DOC director Keniseli Lafaele said ASG had requested and the U.S. Treasury approved a 60-day extension of the official launching, which is now set for Jan. 4, 2015, when a team of U.S. Treasury officials are expected at that time to conduct an on-site review of the local SSBCI program to ensure that it is fully positioned to initiate a successful venture capital model to assist small businesses with equity and debt financing.

Lafaele said the 60-day extension was needed to provide ample time to fully position the ASVF program, which will be used to provide capital access to entrepreneurs and small businesses.

American Samoa’s original SSBCI program, approved in August 2012 was for a collateral support program, but was amended under the Lolo Administration to the current venture capital program.

In addition to the venture capital program, Lafaele said Monday that ASG consultants for the SSBCI are working with U.S. Treasury officials and other federal departments and agencies to increase the number and amount of federal dollars available to new and expanding businesses in American Samoa.

Several examples of expanded areas include preliminary agreements with the U.S. Department of Veterans Affairs to pay for expanded medical, health and health related services, creation of business opportunities, and provision of clinical training positions in their VA Honolulu hospital facilities for the certification of private sector providers of services to veterans in American Samoa.

This particular arrangement — certification of American Samoans to provide services to disabled homebound Veterans— would allow for the payment of certified family members as providers of services to their disabled Veteran in the home.

U.S. based companies In-Tek and Diamond Venture Fund, LP are the “contracting entities that administer specific aspects” of American Samoa’s approved program, Lafaele told Samoa News in August.