A new quarterly report by the U.S. Department of the Treasury’s State Small Business Credit Initiative shows Alabama has administered $20.7 million to expand small, locally-owned businesses through September 2013.
The $20.7 million figure represents 66 percent of the state’s total SSBCI allocation, according to a news release Wednesday morning.
“These federal funds are allowing small businesses and entrepreneurs to hire new workers, expand their operations and power the economic recovery across America,” said Treasury Under Secretary for Domestic Finance Mary Miller. “By allowing each state to design its own small business support programs to respond to local economic conditions, SSBCI is a key part of the Obama Administration’s efforts to provide needed capital to Main Street businesses.”
The SSBCI came to life after President Obama signed the Small Business Jobs Act of 2010 into law. Since then, almost $1.5 billion has been awarded by the U.S. Department of the Treasury to fund small business and manufacturing programs.
“The program is expected to help spur up to $15 billion in new private sector lending or investment in small companies by leveraging $10 in private capital for every dollar of federal support by the program’s end,” the release said.
December 18, 2013