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Treasury Department Announces First Round of State Small Business Credit Initiative Funding
Published on Jan 21, 2011
Read 'Treasury Department Announces First Round of State Small Business Credit Initiative Funding' at 'Time to Start Up,' the small business blog by BizFilings.
The U.S. Department of Treasury announced Friday that North Carolina and Michigan will be the first states to receive funding from the State Small Business Credit Initiative - a $1.5 billion initiative aimed at helping small businesses achieve lending through the backing of private loans and state programs.
The program is part of the Small Business Jobs and Credit Act passed last fall and is intended to stimulate small business growth and job creation.
"Small businesses depend on access to credit in order to hire and expand, and this funding will better position main street entrepreneurs to create new jobs and invest in their local communities," said Treasury Secretary Timothy Geithner.
"Innovative public-private lending partnerships like the State Small Business Credit Initiative have a proven track record," the secretary added.
While the initial round of funding is reserved for North Carolina and Michigan, the SSBCI follows that all 50 states and the District of Columbia, as well as U.S. territories are eligible for the program's funding.
Last week, the Small Business Administration announced it has supported more than $12 billion in small business loans since the passage of the Jobs Act, further suggesting that the availability of credit may continue to improve for entrepreneurs forming a company.