CREC Project News and Updates

CREC Meets with SSBCI Management in Montgomery, Alabama

November 20, 2014

Ron Kelly and Martin Romitti traveled to Montgomery, Alabama to meet with the Program Manager for the Alabama State Small Business Credit Initiative (SSBCI).

Joined by David Rixter from U.S. Treasury, the team focused on gaining intelligence from the program manager and other high level officials involved with the initial application and eventual use of funds, with the goal of using this information to refine the approach for a final evaluation of the overall SSBCI program.  While in Montgomery the team also met with the State Banking Superintendent, the Director of the Alabama Department of Economic and Community Affairs, a participating bank in the state’s loan guarantee program, as well as a borrower whose business benefited from the opportunities put forth through the program.

On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010. The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers. 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.