The Biden administration has provided updates on the American Rescue Plan’s State Small Business Credit Initiative, which aims to help states, territories and tribal governments secure funding to create small business investment programs, the Department of the Treasury said Thursday.
The State Small Business Credit Initiative and Rebuilding the U.S. Manufacturing Base report revealed that the Treasury Department had approved 52 applications for SSBCI totaling over $8 billion in allocations and states had begun providing lending and investment opportunities to small businesses.
Wally Adeyemo, deputy secretary of the Treasury Department, said small manufacturing businesses play a vital role in the U.S. economy and the SSBCI is “helping unlock the potential of entrepreneurs across the manufacturing sector.”
Passed in 2021, the American Rescue Plan reauthorized the $10 billion SSBCI program to expand access to small business capital and invest in job-creating opportunities.
Vice President Kamala Harris is set to discuss the new SSBCI report during a visit to a small manufacturing company in Virginia, which is among the state recipients of the investment.
