U.S. Department of the Treasury Releases New Report Showing State Small Business Credit Initiative Has Supported $3.1 Billion in New Financing for Small Businesses

The State Small Business Credit Initiative reached over 3,600 small businesses in the first two years of the program. The nearly 3,900 loan and investment transactions are expected to help create or retain over 46,200 jobs.WASHINGTON – The U.S. Department of the Treasury (Treasury) released a new report summarizing data from the State Small Business Credit Initiative (SSBCI) for the first two years of the program, from the first transaction on August 5, 2022 through December 31, 2023. The American Rescue Plan reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities.