CREC Reports on SSBCI’s Impact in Underserved MarketsNovember 5, 2014
CREC served as a principal author of the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI) report “Using the SSBCI Program to Improve Access to Capital in Underserved Communities” which focuses on the program’s impact in underserved markets. The report highlights states’ various approaches, strategies, and best practices in utilizing SSBCI funds to address their underserved markets through small business finance programs.
The report can be found here.
The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses. Under the State Small Business Credit Initiative, participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs.
The State Small Business Credit Initiative will allow states to build on successful models for state small business programs, including collateral support programs, Capital Access Programs (CAPs) and loan guarantee programs. Existing and new state programs are eligible for support under the State Small Business Credit Initiative.