Billions of dollars have started flowing to small-business owners in the form of direct investments and subsidized loans as a result of a pandemic-era small-business support program.
By the numbers: A report released recently by the Treasury Department detailing the program’s status as of the end of September noted that the agency had approved $7.7 billion in funding. It had disbursed about $2.5 billion to state and local government across the country, and those entities had spent about $854 million of those funds through various programs.
The big picture: The Treasury Department's State Small Business Credit Initiative (SSBCI) aims to leverage $10 billion in government money into $100 billion in total investments, providing small businesses with access to capital.
What's next: The SSBCI continues to provide funding to state and local governments, and small-business owners can look up their own state and local programs here to see if they qualify for funding.
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