The U.S. Department of the Treasury awarded the first batch of funding awards for the State Small Business Credit Initiative (SSBCI), a program designed to increase access to capital for traditionally underserved small businesses and entrepreneurs.
The new, expanded SSBCI provides nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to promote entrepreneurship, especially in traditionally underserved communities. SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding. State governments filed plans with the Treasury on using their SSBCI allocation to provide funding to small businesses.