Small business owners have faced disproportionate challenges in
the aftermath of the recession, including difficulty accessing capital. The State
Small Business Credit Initiative (SSBCI), which is part of the Small
Business Jobs Act passed by Congress and signed by President Obama in 2010,
allocates $1.5 billion to new and existing state programs that are expected to
spur up to $15 billion in new private financing to small businesses and small
manufacturers. To date, 52 states and territories have already accessed more
than $500 million in SSBCI funds, and today, Illinois Governor Pat Quinn
announced the first investments from the state’s new venture capital fund,
funded through the SSBCI, to support two Illinois start-up businesses. With
SSBCI funds, the Illinois program “supports young, innovative Illinois
companies that show high growth potential, can demonstrate their place in the
market and already have other investors.” Read
the press release.
Also today, the Administration
released a detailed Startup America Legislative Agenda that outlines
concrete steps that the Administration and Congress can take to improve growing
companies’ ability to access capital. This, with the Small Business Jobs Act
and the 17 direct tax breaks the Administration has supported to provide relief
of more than $50 billion for small businesses, give a boost to help small
businesses grow and create jobs in Illinois and nationwide.
Erika Gudmundson is New Media Specialist at the Department of
the Treasury.