The U.S. Department of Treasury has added nine state plans approved under the State Small Business Credit Initiative (SSBCI) to promote small business growth.
The Treasury Department has approved over $1.5 billion in funding for the effort. The American Rescue Plan reauthorized and expanded SSBCI.
“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Treasury Secretary Janet L. Yellen said. “I’m excited to see how SSBCI funds will promote equitable economic growth across the country.”
The Treasury added state plans from Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont.
SSBCI funding is slated to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, providing small business owners with resources needed for sustained growth.
SSBCI recipients are seeking to target industries and small businesses in need of access to capital. Last year, Americans applied to start 5.4 million new businesses.
The SSBCI investments are part of the strategy to maintain the small business boom by expanding access to capital and providing entrepreneurs with the resources they need to succeed.
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