These State Small Business Credit Initiative funds are awarded to Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin to support local small business financing and investment programs
WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of five additional state and territory plans for up to $339 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden’s American Rescue Plan: Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin. Treasury has now announced the approval of state and territory plans corresponding to over $6.6 billion in SSBCI funding to support small business and entrepreneurship and expand access to capital.
“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,” said Secretary of the Treasury Janet L. Yellen. “These SSBCI funds will promote equitable economic growth across the country.”
President Biden’s American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic. This includes $2.5 billion in funding and incentives to support underserved businesses. SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive.
In January, the Census Bureau released data which showed that over the last two years Americans have applied to start 10.5 million new businesses, making 2021 and 2022 the strongest two years on record for new business applications. The investments being made through SSBCI are a key part of the Biden-Harris Administration’s strategy to keep this small business boom going by expanding access to capital and by providing entrepreneurs the resources they need to succeed. The work Treasury has done through SSBCI’s implementation process to help these funds reach traditionally underserved small businesses and entrepreneurs will continue to be critical to ensuring the small business boom lifts up communities disproportionately impacted by the pandemic.
In addition to catalyzing private investment in states across the country, SSBCI provides historic investments in U.S. territories, with significant impacts for growing access to credit in these markets. Through SSBCI, Treasury has allocated over $300 million to support small businesses and entrepreneurs in U.S. territories and will continue to review applications for those funds.
The following descriptions highlight some of the key programs that Treasury has approved for these states:
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