WASHINGTON—The U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) has released a report showing that from 2011 to 2013, Community Development Financial Institutions (CDFIs) made $229.8 million in loans and investments nationwide as part of the SSBCI program.
This represents a total of 3,657 loans in 24 states or territories. Nearly 100 federally certified CDFIs participate in one or more SSBCI programs, Treasury said.
SSBCI funds state-level credit support programs including capital access programs, loan guarantee programs, loan participation programs, and collateral support programs.
“The SSBCI creates a significant opportunity for state economic development agencies and certified CDFIs to increase the availability of small business credit in their communities,” Treasury said in a statement. “SSBCI also offers CDFIs the chance to build stronger working relationships with state officials involved in small business development.
There is still time for CDFIs that may wish to partner with state small business program managers to implement SSBCI programs to do so.
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