U.S. Treasury issues guidance for State Small Business Credit Initiative Program
The U.S. Department of the Treasury has issued capital program implementation guidance for the State Small Business Credit Initiative (SSBCI) Program. The American Rescue Plan Act reauthorized and expanded the Small Business Jobs Act of 2010, which established the original SSBCI program. The new version of the program will provide a combined $10 billion to states, the District of Columbia, territories, and tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities, the federal agency said. The funding includes $2.5 billion in allocations for jurisdictions to reach businesses owned by socially and economically disadvantaged individuals and for rewarding jurisdictions that succeed in reaching those businesses.