Article Author:
Reuters
WASHINGTON — The U.S. Treasury Department on Friday announced it approved four additional state plans for state small business credit initiatives worth $750 million, bringing the total amount approved to COVID-19 recovery venture capital programs to $2.25 billion. million dollars.
The $10 billion SSBCI program will help launch new businesses in particularly disadvantaged communities by attracting $10 of private investment for every dollar of taxpayer funding. and other small business development funding shortfalls. It was reauthorized and expanded as part of last year's $1.9 trillion U.S. Relief Plan Act.
Plan approvals announced Friday for the states of New York, Colorado, Oregon and Montana include a variety of venture capital funds, loan participation programs, loan guarantees and more capital. Includes a collateral support program for Available for small businesses and entrepreneurs.
New York State has approved up to $501.5 million, including capital access programs, loan guarantees, loan participations and venture capital programs, according to the Treasury Department. The state has allocated $154 million to programs that provide equity support to small businesses through private venture capital and accelerator funds.
Colorado was approved for up to $104.7 million, Oregon for up to $83.5 million, and Montana for up to $61.3 million, according to the Treasury Department. (Reporting by David Lawder, Editing by Jacqueline Wong)
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