U.S. Treasury issues guidance for $10 billion small business credit program
WASHINGTON, Nov 10 (Reuters) - The U.S. Treasury Department on Wednesday released new implementation guidance for the $10 billion State Small Business Credit Initiative Program, designed to allow firms in disadvantaged communities access capital.
The program, approved under coronavirus relief legislation passed in March, aims to catalyze $10 of private investment for every $1 of federal funding. Treasury said in the the guidance https://home.treasury.gov/system/files/256/SSBCI-Capital-Program-Policy-Guidelines-November-2021.pdf that it will provide $2.5 billion in seed capital for jurisdictions to reach businesses owned by socially or economically disadvantaged individuals and over $600 million in funding to Native American tribes. (Reporting by David Lawder)
