From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Tue, Jul 15, 2014 at 12:47 PM
Subject: SSBCI Funds Are Creating Jobs and Growing Businesses
To: iammejtm@gmail.com
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The Treasury Department's State Small Business Credit Initiative (SSBCI) has disbursed more than $1 billion to date to states and municipalities, which is creating jobs and opportunities across the country. Treasury's recently released SSBCI Quarterly Report shows that over $835 million in program funds have reached small businesses across the country. The communities where those businesses operate are now seeing the program's impact. Here are some highlights from recent news coverage: The Montgomery Advertiser: Business is cooking at Casa Napoli a year after the owners of the restaurant took out a loan to expand. They used the money to buy a bigger building a few miles away. Since then, profits have more than doubled and they've hired more people. A federal loan program has paid off for many of the state's small businesses, including the Wetumpka eatery. [T]he State Small Business Credit Initiative has been in demand here. In less than three years, the state has allocated $28.8 million from the fund to back 112 Alabama loans. Idaho Statesman: The Idaho Housing and Finance Association devoted its [SSBCI] grant to fund the Idaho Collateral Support Program. The IHFA says the collateral program has created or saved 1,800 jobs. "Idaho's focus on small business lending addresses a critical statewide need," IHFA President and Executive Director Gerald Hunter said in a statement. "Our small business lending program has exceeded all expectations and has had a significant impact on employment as well as encouraged economic growth in the state." The State Journal: A new quarterly report from the U.S. Treasury Department's State Small Business Credit Initiative found West Virginia to be a leading state in awarding the funds to local lenders and small businesses. "The SSBCI program provided West Virginia the opportunity to design and create credit and equity programs that simply were not available to small business owners in the state," said West Virginia Jobs Investment Trust Executive Director Andrew Zulauf. "We now have a collaborative infrastructure within the state, where an approved network of lending agencies work together to not only provide financing, but to assist entrepreneurs and small business owners with operational support in the area of business plan development, financial modeling, market research and legal expertise." Denver Post: Colorado has used [SSBCI] money to fund a pair of programs aimed at making it easier for business to get loans. The program helped create 53 loans worth $58.5 million in 2013, up from 13 loans worth $3.1 million in 2012, according to the Colorado Housing and Finance Authority, which administers the program. It also created 139 jobs. For every $1 the federal government spent, it created $8.88 in loans, up from $5.53 the year before CHFA said. States need to hit a ratio of $10 in loans for every $1 in federal funding by the initiative's end in 2016. SSBCI is promoting access to capital for small businesses with both loans and investments. Access to capital spurs our nation's continued economic recovery and job creation. Through programs like SSBCI, the Treasury Department has played a crucial role in local economies all across the country by helping businesses obtain the capital they need to create jobs and expand their operations. For more information on SSBCI and Treasury's other small business programs, please visit www.treasury.gov/smallbusiness
Dan Cruz is a Media Specialist and Spokesperson for Domestic Finance at the United States Department of the Treasury.
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Jeremy Tobias Matthews
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