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State Small Business Credit InitiativeThe White House
•90% Informative
Private commitments to make deposits at community lenders on pace to reach $3 billion by 2025 , and Treasury Department announced that more than 40% of loans and investments supported by the American Rescue Plan’s State Small Business Credit Initiative ( SSBCI ) in 2022 and 2023 supported minority owned businesses.
SSBCI is the most widespread federal investment in small businesses through equity capital ever and the largest direct infusion of federal funds for equity participation in early-stage small businesses in history.
In 2022 and 2023 , states, tribal governments, and territories delivered over $750 million of SSBCi funding.
The federal government is engaged in a whole-of-government effort to support underserved businesses.
The SBA has funded over 14,000 Black-owned small businesses, backing $4 billion in loans so far during the Biden-Harris Administration .
The Vice President pushed for and passed into law when she was a U.S. Senator.
Nationwide, ECIP has invested $8.57 billion into community financial institutions to support small businesses affected by COVID-19 .
VR Score
92
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94
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51
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English
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