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.