Small Businesses in Eleven States and DC to Benefit from New Lending Initiative

If you’re a small business owner in one of eleven key states or the District of Columbia, you may be able to benefit from a recent lending initiative announced by the U.S. Department of the Treasury.  Designed to spur private-sector job growth, the State Small Business Credit Initiative (SSBCI) will support small-business lending programs in the following approved states:  Alabama, Florida, Idaho, Iowa, Louisiana, Mississippi, Ohio, Oregon, Tennessee, Texas, Virginia and Washington, D.C.

These states and the District have access to a total of $360 million in SSBCI funds, according to a recent Treasury statement.  It is expected that this amount will result in private lending of as much as $3.6 billion, as in order to gain approval the recipients of these funds have demonstrated “a reasonable expectation that every $1 of federal funding will generate a minimum of $10 in new private lending.”

SSBCI is a significant part of the Small Business Jobs Act, which was signed into law by the current President just last fall.  “These funds will provide critical support to state-level programs that help expand small-business lending and spur private sector job growth,” said Deputy Secretary of the Treasury Neal S. Wolin.  “Unlocking credit for small businesses will provide a powerful boost for investment and job creation in local communities across the country.”    

According to the statement, overall federal funding for the program is $1.5 billion, which is expected to yield $15 billion-plus in additional private funding to small businesses across the country.  All states have been offered the opportunity to participate and are eligible once approved to receive “federal funds for state-run programs that partner with private lenders and investors to increase the amount of credit available to small businesses.”

For more detailed information on how the eleven states and the District of Columbia plan to use these newly allocated resources to benefit small businesses like yours, go to:

http://www.treasury.gov/press-center/press-releases/Pages/tg1278.aspx

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