On Tuesday, the U.S. Department of the Treasury announced it had approved awarded more than $50 million in technical assistance grants to 20 states under the State Small Business Credit Initiative (SSBCI).
Part of the Investing in America Agenda, the grants will be used to provide legal, accounting, and financial advisory services to small businesses applying for the SSBCI capital program and other small business programs.
“These investments are a key part of the Biden-Harris Administration’s efforts to fuel the small business boom by providing small businesses and entrepreneurs the resources they need to succeed,” said Deputy Secretary Wally Adeyemo. “Today’s announcements will help unlock the potential of entrepreneurs in underserved communities across the nation who may have otherwise never had the support needed to pursue their business ideas and ambitions.”
SSBCI was reauthorized and expanded as part of President Joe Biden’s American Rescue Plan. Originally established in 2010, the program was successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on that successful model, officials said, but providing nearly $10 billion to states, the District of Columbia, territories and Tribal governments to increase access to capital and promote entrepreneurship, especially in underserved communities.
The $50.8 million awards included $5.3 million in SSBCI technical assistance grant funding for the Michigan Economic Development Corporation to work with nine technical assistance providers to support 1,000 small businesses; $4.1 million for the Virginia Small Business Financing Authority to provide one-on-one mentoring, workshops, webinars, job and resource fairs and community events for up to 1,000 small businesses; and $3.1 million for the South Carolina Jobs-Economic Development Authority for training events, networking opportunities, and one-on-one business consultations with more than 2,800 underserved and very small businesses.
To date, the Treasury Department has approved more than $108.7 million in technical assistance grants in 32 states.