$353 Million dollars in SSBCI funds going to small businesses in 4 states
The Small Business Credit Initiative (SSBCI) program has been announced to invest $353 million in federal and state funds to support small businesses in four states. This ambitious program will provide essential capital to the small businesses in these particular states, which are in need of financing support to grow and create more jobs.
States with SSBCI investments
The following states will benefit from this investment:
- New York
The Small Business Credit Initiative (SSBCI) program is a federal-state partnership that was established in 2011 and is managed by the U.S. Department of the Treasury. The goal is to create jobs for small businesses and to stabilize these businesses in times of economic hardship. This program has been widely successful in providing much-needed financing for small businesses so that they can grow, create jobs and improve the U.S. economy.
Details of SSBCI investments
The funds are going to be allocated to the four states through a variety of programs, such as loans, loan guarantees, venture capital, export finance, and more.
The funds will help small businesses significantly by bridging the gap between traditional financing and their capital needs. Businesses with fewer than 500 employees will receive the most support from this investment.
The Small Business Credit Initiative (SSBCI) will prove to be invaluable to small businesses in the four states that are receiving this funding. It will not only provide them with much-needed capital to develop and grow their businesses, but it also ensures that these businesses have a stable and secure footing during times of economic hardship.