CREC Project News and Updates

New SSBCI Funds Proposed in FY2015 Budget

March 6, 2014

With the release of the President’s FY2015 budget, the State Small Business Credit Initiative (SSBCI) could receive another round of funding. From page 125 of the Presiden’t budget request:

“Provides Significant New Support for Small Business Lending and Investment

The Budget provides $1.5 billion for a second round of Treasury‚Äôs successful State Small Business Credit Initiative (SSBCI) in order to support State-sponsored public-private partnerships to increase lending, investment, and technical assistance to small businesses and manufacturers. SSBCI is already achieving results: the first $271 million in program expenditures supported lending and investments of $1.9 billion to more than 4,600 small businesses across the United States creating or saving more than 53,000 American jobs. The Budget proposes to improve the targeting of SSBCI funding so that the funds are put to even more effective use. Of the $1.5 billion provided, $1 billion will be competitively awarded to States best able to target underserved groups, leverage Federal funding, and evaluate results. An additional $500 million will be allocated to States according to a need-based formula.”

CREC and Treasury released a report earlier this year detailing the successes of the SSBCI program.