New state programs providing financial assistance for entrepreneurs

The State Small Business Credit Initiative (SSBCI) is a nearly $10 billion federal program to support small businesses and entrepreneurship in communities across the United States by providing capital and technical assistance to promote small business stability and growth. SSBCI represents a transformational investment in American small businesses and is expected to catalyze up to $10 of private investment for every $1 of SSBCI Capital Program funding to increase access to capital to small businesses and entrepreneurs.

Reauthorized and expanded by President Biden’s American Rescue Plan Act (ARPA), the SSBCI Capital Program provides funds to states, the District of Columbia, territories, and Tribal governments for those jurisdictions to create tailored programs that offer funding to small businesses and entrepreneurs through a variety of initiatives. In addition to capital access, SSBCI funding invests in technical assistance programs to help improve small business owners’ access to capital, including in traditionally underserved communities.

SSBCI bolsters small business support networks – helping participating jurisdictions to invest in the future of the American economy, both on Main Street and in innovation hubs across the nation.