The U.S. Department of Treasury approved $339M worth of funding under the State Small Business Credit Initiative (SSBCI) for five states, namely Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin.
The latest funding deployment brings the total sum allocated under the SSBCI initiative to $6.6B.
The allocation for the five states is as follows:
- Arkansas is set to receive $81.6M. The amount will be invested in businesses via a capital access program, a loan participation program ($7.5M), a loan guarantee program ($15M), and venture capital programs ($46M).
- Guam was allocated $58.6M for its loan guarantee ($36M), collateral support ($12M), and venture capital program ($10M).
- Rhode Island will get $61.7M for its capital access program ($27M), loan participation program, and venture capital programs ($31.5M).
- U.S. Virgin Islands is slated to get $57.5M, of which $22.9M will be set aside for a loan guarantee program.
- Wisconsin is set to receive $79.1M, of which it will invest $25M into two venture capital funds each, $6M for the loan participation program and $15M for the credit support program.
The SSBCI program was reauthorized and expanded as part of the American Rescue Plan Act, with the treasury committing $10B towards the initiative.
- $2.5B of the funding is earmarked for supporting businesses led by members of underserved communities.
