U.S. Department of the Treasury: Small Business Funding for Growth

U.S. Department of the Treasury: Small Business Funding for Growth

Credit for small businesses

The U.S. Department of the Treasury has announced the launch of the new State Small Business Credit Initiative (SSBCI), aimed at providing small businesses with the resources they need to sustainably grow and thrive. Building on the success of its predecessor, the new SSBCI is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding. This injection of capital will help increase access to capital for traditionally underserved small businesses and entrepreneurs.

Supporting Local Market Conditions

Through the SSBCI, jurisdictions will provide funding to small businesses through various programs tailored to local market conditions. These programs include equity/venture capital programs, loan participation programs, loan guarantee programs, collateral support programs, and capital access programs. The goal is to ensure that small businesses have access to the financial resources they need to succeed.

The Treasury, recipient jurisdictions, and the Minority Business Development Agency at the U.S. Department of Commerce will also provide technical assistance to improve access to capital, particularly for traditionally underserved entrepreneurs.

Recent SSBCI News and Announcements

Here are some recent news and announcements related to the SSBCI:

  • Treasury Department Releases First Quarterly Report on Deployment of SSBCI Capital to Small Businesses
  • At White House Tribal Nations Summit, Deputy Secretary of the Treasury Wally Adeyemo Announces New Small Business Funding for Tribal Communities
  • Treasury Department Announces New Funding to Support Small Businesses in 20 States as Part of the Biden-Harris Administration’s Investing in America Agenda
  • Treasury releases a new Economic Recovery Learning Agenda that includes research priorities for SSBCI
  • Treasury Department Releases Notice of Funding Opportunity (NOFO) for the $75 million SSBCI Investing in America Small Business Opportunity Program
  • Treasury Department Releases Report Card on How President Biden’s Investing in America Agenda is Supporting Record Small Business Growth

Stay tuned for upcoming dates and further updates on the SSBCI.

FAQs

Q: What is the State Small Business Credit Initiative (SSBCI)?

The SSBCI is a program launched by the U.S. Department of the Treasury to provide funding and resources to small businesses, with a focus on traditionally underserved entrepreneurs. It aims to increase access to capital and support the sustainable growth of small businesses.

Q: What types of programs are offered through the SSBCI?

The SSBCI offers various programs tailored to local market conditions, including equity/venture capital programs, loan participation programs, loan guarantee programs, collateral support programs, and capital access programs.

Q: How can small businesses benefit from the SSBCI?

Small businesses can benefit from the SSBCI by gaining access to the financial resources they need to sustainably grow and thrive. The SSBCI is expected to catalyze private investment, amplifying the effects of the funding provided by the program.

Conclusion

The U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) aims to empower small businesses by providing them with the resources they need to grow and succeed. Through various programs tailored to local market conditions, the SSBCI will increase access to capital for traditionally underserved entrepreneurs. Stay tuned for updates and upcoming opportunities to benefit from this program.

For more information and updates on the SSBCI, visit Instant Global News.