WASHINGTON – The Department of the Treasury has announced six new awards to states and two new awards to territories under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $27 million.
These awards will be used to provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs. In addition, the Department is announcing an award of more than $57 million for American Samoa under the SSBCI Capital Program.
“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,” Treasury said in a statement. “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.
$10 for Every $1
“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,” Treasury added.
The expanded SSBCI includes funding for technical assistance to help very small businesses – defined as businesses with fewer than 10 employees, including independent contractors and sole proprietors – and underserved small businesses apply for the SSBCI Capital Program and other government small business programs.
A full list of award descriptions for states receiving these funds is available here.
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