The Department of the Treasury has revealed that it invested nearly $22 billion in federal funding across three programs to spur small business growth this year through June.
Treasury said Monday the State Small Business Credit Initiative approved applications for capital programs representing $8.2 billion in potential funding in the first half of the year. The State and Local Fiscal Recovery Funds program has reportedly allocated over $5 billion for more than 1,400 small business development projects.
The department’s Emergency Capital Investment Program also invested over $8.5 billion to help community development financial institutions and minority depository institutions strengthen their efforts to support small businesses and consumers.
Data from the Census Bureau revealed that more than 10 million small businesses were established from 2021 to 2022, the highest recorded number for a two-year period.
