The U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) on Thursday released a new quarterly report showing the program has now disbursed more than $1 billion to state economic development agencies to support small business lending and investment.
The new report also found Arkansas had deployed $10.9 million, representing 83 percent of its SSBCI allocation by the end of 2013. Arkansas also recycled more than $25,000 of its program funds back into new SSBCI loans or investments.
The report supports a proposal in President Obama’s FY 2015 budget released this week to extend the program with an additional $1.5 billion in funding. A second round of funding would capitalize on new working relationships between states and small business lenders and investors,... [ MORE ]