Four states get $750 million in capital funds to support small businesses

Photo Source: By Carol M. Highsmith - Library of CongressCatalog

U.S. Treasury approved four more state plans worth $750 million on Friday, making a total of $2.25 billion approved under COVID-19 recovery venture capital program.

Through the $10 billion Small Business Capital Investments program, the government will attract $10 of private investment for every $1 of taxpayer funding, specifically in disadvantaged communities. With the $1.9 trillion American Rescue Plan Act last year, it was reauthorized and expanded.

New York, Colorado, Oregon and Montana approved state plans on Friday to increase access to capital for small firms and entrepreneurs through venture capital funds, loan participation programs, loan guarantees, and collateral support programs.

20 August 2022