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Treasury Notes

 State Small Business Credit Initiative: Providing Access to Capital in Illinois

By: Erika Gudmundson

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.

Posted in:  Small Business Programs, SSBCI
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