The U.S. Department of the Treasury said up to $353.4 million in State Small Business Credit Initiative (SSBCI) funding has been allocated to Delaware, Kentucky, Tennessee, and Wyoming.
“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Secretary of the Treasury Janet L. Yellen said. “These SSBCI funds will promote equitable economic growth across the country.”
Up to $60.9 million has been earmarked for Delaware to operate a capital access program, a loan participation program, and two equity/venture capital programs. Kentucky is slated to use up to $117.1 million to operate one loan participation program, one collateral support program, and two equity/venture capital programs.
Additionally, the Department of the Treasury noted that Tennessee, approved for up to $116.9 million, will operate a loan participation program and three venture capital programs. Wyoming has up to $58.4 million available to operate two equity/venture capital programs.
The SSBCI provides nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, per officials, particularly in traditionally underserved communities amid pandemic emergence.