It’s been almost a year since President Obama signed legislation to create the State Small Business Credit Initiative (SSBCI), an innovative program that enhances state efforts to get billions of dollars of additional capital into the hands of small businesses owners across the country.
Today, the Treasury Department announced $360 million in new SSBCI funding to 11 states and the District of Columbia. But the good news does not stop there.
As part of the application for funding, recipients had to demonstrate a reasonable expectation that these federal funds will enable them to leverage additional capital from private lenders and investors – at least $10 in private lending for every $1 in federal funding. So today’s announcement will generate more than $3.6 billion in new lending, and help create new private sector jobs in communities across the country.
An example of programs include the Iowa Business Growth Corporation’s Capital Access Program, which will target its outreach to rural communities throughout Iowa, and the “INCITE” Fund in Tennessee, a new venture capital program that is able to launch solely because of today’s funding announcement.
Fonte: White House