Treasury approves nine more SSBCI 2.0 state plans
The U.S. Department of Treasury announced this week an additional group of nine state plans approved under the State Small Business Credit Initiative (SSBCI). Tennessee was not among the nine.
As noted in previous posts on teknovation.biz, SSBCI 2.0, as the new program is known, was originally established in 2010 and was highly successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. It was reauthorized and expanded under the “American Rescue Plan” passed late last year. Nearly $10 billion will be allocated to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic.
By our count, 14 states have received approval for their plans from the Department of Treasury. In alphabetical order, they are Arizona, Connecticut, Hawaii, Indiana, Kansas, Maine, Maryland, Michigan, New Hampshire, Pennsylvania, South Carolina, South Dakota, Vermont and West Virginia.