On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010. The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers. The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses. Under the State Small Business Credit Initiative, participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The State Small Business Credit Initiative will allow states to build on successful models for state small business programs, including collateral support programs, Capital Access Programs (CAPs) and loan guarantee programs. Existing and new state programs are eligible for support under the State Small Business Credit Initiative.
Go to http://www.treasury.gov/resource-center/sb-programs/Pages/ssbci.aspx to view a map that shows the SSBCI allocation and approved programs for each state, territory, and municipality participating in the State Small Business Credit Initiative. Click on your state for more information.
Go to http://www.treasury.gov/resource-center/sb-programs/Documents/SSBCI%20State%20Programs%20and%20Contacts%2012.13.11.pdf to get a full listing of allocation amounts and programs of states, territories, and municipalities participating in the State Small Business Credit Initiative.
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