Treasury Department accepting applications for small business investments

On Friday, the U.S. Department of Treasury announced it would be accepting applications for the Investing in American Small Business Opportunity Program (SBOP).

The program is part of the Treasury Department’s competitive grant program funded by the State Small Business Credit Initiative (SSSBCI). The $75 million program, is part of the American Rescue Plan and helps small business owners and entrepreneurs across the country access capital they need to grow.

“The Small Business Opportunity Program is a key part of President Biden’s efforts to continue the historic small business boom seen during this administration,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “Through this new program, entrepreneurs will get important technical assistance to access the capital needed for their businesses to grow and thrive.”

The SCOP provides funding to eligible states, territories and Tribal government to provide grants that can be used for technical assistance for small businesses and entrepreneurs, and help small companies access financing opportunities, including new financing like that offered through SSBCI’s capital program and other support from federal programs.

The application period runs for 60 days starting on April 5. Applicants are encouraged to collaborate regionally and partner with other philanthropic or corporate stakeholders. The Treasury Department expects to award between 8 and 15 SPOP awards of between $5 and $10 million each later this summer.

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