More than 65 Percent of SSBCI Funding Available for California Small Businesses
The California State Small Business Credit Initiative still had 69 percent of its current funding disbursement available for small business lending and investment through Dec. 31 2013, according to the U.S. Treasury Department’s quarterly SSBCI report. Nationally, the SSBCI program has disbursed $1 billion of the total SSBCI allocation to participating states since the program began in 2010. The new report also found that states accelerated their use of SSBCI funds in 2013, more than doubling the amount reaching small businesses or investment funds. The release of the report follows a proposal in President Obama’s FY 2015 budget released this week to extend the program through 2021.
The report summarizes the fourth-quarter results from the 47 states, 5 territories, the District of Columbia, and municipalities in three states that received federal SSBCI funds. Overall, the SSBCI program is expected to spur $15 billion in new small business lending and investing by leveraging $10 in private capital for every dollar of federal support by the program’s end. Access the state-by-state quarterly results here. To get involved with the SSBCI program click here.