The US Treasury Department has approved additional support for underserved small business entrepreneurs. This will be implemented in nine states through the State Small Business Credit Initiative (SSBCI).
Visit the official site, the US Treasury Department and check for more information on the latest state plans approved. The total amount approved by the Treasury for investments in small businesses, corresponds to more than $1.5 billion across all approved state programs.
It will help many small business owners who have found the recovery process a nightmare, after the pandemic.
Small businesses with slim margins had little room to invest in the business models and technologies leading to the COVID-19 crisis with low financial resilience.
Financial constraints have caused many small businesses to struggle through as they claw their way toward recovery. Many faced muted demand, new customer expectations, and operational challenges because of health and safety restrictions.
In response to these economic strains, support grant programs and other financial support have been continuously released and accorded to small business owners for economic revival.
Small business owners seeking financial boost are benefiting from the available relief funds. Why not be one of the lucky ones and stand a chance to win on the next release?
The released $10 billion funds are designed to promote American entrepreneurship and democratize access to startup capital across the country, including in underserved communities. Listed states can therefore disburse their individual funds through community development investment funds (CDFIs), Minority Deposit Institutions (MDIs), community banks, economic development groups and other nonprofits that work with small businesses in their areas.
For more information on the amount allocated in each state and upcoming due dates, kindly visit the State Small Business Credit Initiative (SSBCI) site.
Access this and other grant opportunities by signing up for an Addy & Mark Business Registration Plan.
We request you to visit the official website, US Department of Treasury, for more information on this grant offer. Add and Mark is in place to keep you informed by highlighting some but not all of the information.
For more microbusiness related reads, visit our blog.
Author: Albina Sifuma
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