Treasury announces new funding for small businesses

On Friday, the U.S. Department of the Treasury announced it had awarded eight new small business grants to six states and three territories totaling more than $84 million.

Eight grants for more than $27 million were awarded to six states and two territories as part of the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, the Treasury Department said. Those grants will be used to provide legal, accounting and financial advisory services for eligible small businesses apply for SSBCI capital program and other government small business programs.

Another award of more than $57 million was awarded to American Samoa as part of the SSBCI Capital Program.

“The Biden-Harris Administration continues to invest in the historic small business boom by providing small businesses and entrepreneurs the resources they need to succeed,” Deputy Treasury Secretary Wally Adeyemo. “Today’s announcements will help unlock the potential of entrepreneurs in underserved communities across the nation who have not had the support to pursue their business ideas and ambitions.”

As part of the American Rescue Plan, the SSBCI was reauthorized and expanded and will continue to provide access to capital for small businesses and entrepreneurs. Since its inception in 2010, the program has provided nearly $10 billion to states, the District of Columbia, territories and Tribal governments. SSBCI funding aims to amplify the effects of other funding and provide small business owners with resources to grow and expand.

As part of the awards, West Virginia received $1.5 million in Technical Assistance (TA) grant funding, which it estimates will help 140 small businesses over the course of the four-year program. Puerto Rico was approved for $3.8 million in TA funding which will help with data analysis to understand small business TA needs and continually evaluate desired program outcomes, as well as provide training sessions, one-on-one counseling and online education courses for small businesses. Kansas will receive $1.3 million and estimates the funding will help provide technical assistance to 300 small businesses over the five-year grant program.

American Samoa’s $57 million in SSBCI funding will operate four program, including a loan guarantee program and an equity/venture capital program that will make direct investments into local small businesses and projects.

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