Transcription of U.S. Department of the Treasury State Small Business ...
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U.S. Department of the Treasury State Small Business ...
1 Department of the Treasury State Small Business Credit Initiative Capital Program Policy Guidelines November 10, 2021 Section I. Overview The American Rescue Plan Act of 2021 (ARPA) reauthorized and amended the Small Business Jobs Act of 2010 (SBJA) to provide $10 billion to fund the State Small Business Credit Initiative (SSBCI) as a response to the economic effects of the COVID-19 pandemic. SSBCI is a federal program administered by the Department of the Treasury ( Treasury ) that was created to strengthen State programs that support private financing to Small SSBCI is expected to, in conjunction with new Small Business financing, create billions of dollars in lending and investments to Small businesses that are not getting the support they need to expand and create jobs.
fund a loan or investment to an eligible small business or to pay for allowable administrative expenses. The implementing entity is the specific department, agency, or political subdivision of the state that has been designated to implement a state program under 12 U.S.C. § 5703(b)(1).
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