Treasury Notes

 Treasury Disbursed $1.2 Billion in SSBCI Funds to Support Nation’s Small Businesses

By: Jessica Milano

The U.S. Treasury Department today issued its latest State Small Business Credit Initiative (SSBCI) Quarterly Report, detailing how the program continues to deploy funds to help spur greater levels of private sector lending and investments in small businesses across the country.

Small businesses are the lifeblood of our economy, employing half of our country's workforce, and creating two out of every three new jobs over the last two decades.  Entrepreneurs and Main Street businesses play a vital role in communities across the country, and the SSBCI program is helping to ensure that they have access to the loans and investments they need to grow and create jobs. SSBCI empowers states to design programs to target specific local market needs ensuring capital is efficiently deployed to the businesses that need it most.

The SSBCI Quarterly Report shows that as of March 31, 2015, more than $1.2 billion, or 83 percent of the total amount of available SSBCI funds, has gone to participating states, municipalities, and territories.

Participants that deployed the most SSBCI funds by percentage of allocation and dollar amount.

SSBCI funds are disbursed in three tranches, and more than half of participants have received their third and final disbursements of funds.  ​
 SSBCI disbursements throughout the country.

In addition to today’s Quarterly Report, SSBCI recently issued its Annual Report, which showed that in 2014 SSBCI funds spurred more than $6.4 billion in private sector lending and investments to small businesses. Through 2014, states were able to generate $7.36 in private sector lending and investments for every $1 of federal support. Business owners reported that these funds will help them retain or create nearly 141,000 jobs. 

SSBCI was created by the Small Business Jobs Act on September 27, 2010. Through SSBCI, the Treasury Department will award nearly $1.5 billion to state programs across the country that supports small businesses. To build on the momentum of the program’s success and capitalize on new working relationships among states and small business lenders and investors, President Obama proposed an extension of SSBCI in his Fiscal Year 2016 Budget request with an additional $1.5 billion in funding. A new authorization of the SSBCI program will keep local economic development efforts strong, provide much-needed loans and investments, and support jobs. 

Jessica Milano is Deputy Assistant Secretary for Small Business, Community Development, and Housing at the U.S Treasury Department. 

Posted in:  SSBCI
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