The U.S. Department of the Treasury (Treasury) yesterday announced that applications for State Small Business Credit Initiative (SSBCI) funding had been approved for 11 states and the District of Columbia. In total, Treasury announced the dissemination of $360 million in SSBCI funds, which is expected to support more than $3.6 billion in new private lending.
The SSBCI was an integral component of the NSBA-supported Small Business Jobs Act, approved by the U.S. Congress and signed into law by President Barack Obama on Sept. 27, 2010.
The SSBCI was allocated $1.5 billion in the Small Business Jobs Act to support $15 billion in small-business lending through innovative state and local lending programs. States were able to apply for federal funds, through the SSBCI, for programs that partner with private lenders in order to increase the availability of credit to small firms.
The following 11 states and the District of Columbia applications for SSBCI funds were approved: Alabama ($31.3 million), Florida ($97.7 million), Idaho ($13.2 million), Iowa ($13.2 million), Louisiana ($13.2 million), Mississippi ($13.2 million), Ohio ($55.1 million), Oregon ($16.5 million), Tennessee ($29.7 million), Texas ($46.6 million), Virginia ($18.0 million), and Washington, D.C. ($13.2 million).
Please click here for more information about how these states and the District of Columbia will use their funds.
For more information about the SSBCI, please click here.