The U.S. Department of the Treasury announced Tuesday that Alaska is among 11 states to be approved for the most recent round of State Small Business Credit Initiative funding.
, Alaska is set to receive $59.9 million in SSBCI monies that will be directed to lenders in order to provide opportunities for commercial fishing, mariculture, tourism, manufacturing, and other industries.
The release said that Alaska’s funding will be split up into four programs. “This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Secretary of the Treasury Janet Yellen said in the release. “I’m excited to see how these SSBCI funds will promote equitable economic growth across the country.” Alaska’s $59.9 million will be split into four programs — the largest of which is the Alaska Loan Guarantee Program — aimed at providing funding to small businesses that are facing revenues below what they would see in a typical year. There is $32 million allocated to the loan guarantee program, $15.9 million designated for the loan participation program, $10 million directed to the equity and venture capital program and another $2 million being sent to the collateral fund program, according to the release. “The impact of Alaska’s programs is expected to be greatest in rural and remote communities that have struggled to attract capital in commercial fishing and mariculture, manufacturing, and tourism sectors with high profit upfront capital costs,” the release said. In total, 31 states have been approved for approximately $4.8 billion in funding through the program, which began in 2010 but was restarted under theThe release states that the program was “highly successful in increasing access to capital for small businesses and entrepreneurs” in 2010, and is specifically designed to promote entrepreneurship in underserved communities.”found that in 2021 more Americans started new businesses than ever before, and small businesses with less than 50 employees created jobs at the highest rate ever recorded in a single year. “SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive,” the release said.
Please follow us on Google to support usUnited States Latest News, United States Headlines
Similar News: You can also read news stories similar to this one that we have collected from other news sources.
Burglaries at SF restaurants, bars are down after a 2-year spikeSmall business owners have spent thousands after burglary incidents.
Read more »
Small businesses expect a recession, but hiring plans remain robust - San Francisco Business TimesAfter navigating the pandemic, supply chain headaches, a labor shortage and soaring inflation, most small businesses are confident they can weather a recession — and they do believe one is coming.
Read more »
DeSantis awards over $2 million in small business loans to help those impacted by IanGov. DeSantis made three major announcements about restoration updates Monday morning alongside other state officials at the Charlotte County Disaster Recovery Center in Port Charlotte.
Read more »
S&P 500 Extends Slide as Traders Eye Economic Data, Bank EarningsS&P 500 sinks by 1% as traders brace for CPI on Thursday. Fedspeak remains hawkish as FOMC looks to talk down market. Bank earnings to set the tone for Q3 earnings season.
Read more »
Is the small business surge in the US sustainable?Start-up rates surged during the pandemic. Will it last?
Read more »
Blake Shelton will exit 'The Voice,' ending his reign as show's longest-serving coachBlake Shelton announced Tuesday that he will depart 'The Voice,' NBC's long-running singing competition, more than a decade after it debuted in 2011.
Read more »