The Treasury approves $940 million for small businesses
In total, $1.5 billion has been approved under the COVID-19 recovery venture capital program as a result of nine state plans for the State Small Business Credit Initiative worth $940 million. Small businesses and entrepreneurs will have access to more capital through the approvals of the state plan, which were announced on July 18.
Two venture capital funds supporting entrepreneurs from "underserved and diverse backgrounds" and a climate technology fund were approved for up to $119.4 million.
With SSBCI, $10 billion will be raised for early-stage companies and small businesses, especially in disadvantaged communities, to address the shortage of capital. Last year, the $1.9 trillion American Rescue Plan Act reauthorized and expanded the program.
There was approval for up to $267.8 million in Pennsylvania, $111 million in Alabama, $101.3 million in South Carolina, $99.1 million in Indiana, $62.2 million in Maine, $61.5 million in New Hampshire, $60 million in South Dakota, and $57.9 million in Vermont.
25 July 2022