US Treasury Announce $175 Million To Support Small BusinessesAugust 11, 2023
The Minority Business Development Agency has announced the first awardees under the Capital Readiness Program. funded by the Treasury Department’s State Small Business Credit Initiative, this will support small businesses applying for government small business programs.
The CRP enables small businesses to access critical technical assistance, including by supporting incubators and accelerators that provide services to underserved businesses. The Treasury Department has increased its previously announced support for the CRP, to a total of $125 million in SSBCI funding.
In addition, the Treasury Department has announced the approval of the first awards under the SSBCI Technical Assistance Grant Program to 12 states, totaling more than $57 million. These awards will be used to provide legal, accounting, and financial advisory services to very small businesses and underserved small businesses applying for the SSBCI capital program and other government small business programs.
“The investments through the State Small Business Credit Initiative are a key part of the Biden-Harris Administration’s efforts to fuel the small business boom by providing small businesses and entrepreneurs the resources they need to succeed,” said Deputy Secretary Wally Adeyemo.
The expanded SSBCI includes funding for technical assistance to help small businesses apply for the SSBCI Capital Program and other government small business programs.
The California Office of the Small Business Advocate (CalOSBA) has been awarded $25.3 million. It will oversee regionally-based legal, accounting, and financial advisory services to help small businesses apply for support from state and/or federal small business programs, and will also help connect companies directly with its SSBCI-supported capital programs. The CalOSBA anticipates reaching 113,000 small businesses with these financial services and supporting 40,000 small business loans for underserved and very small businesses using the technical assistance award.
The Ohio Department of Development (ODD) will receive $5.2 million. It will connect underserved businesses to regional financial advisory, accounting, and/or legal services, as well as non-traditional financing sources like the state’s SSBCI-funded capital programs. By the fourth year of the program, ODD’s Minority Business Development Division (MBDD) anticipates reaching up to 360 businesses annually to provide these services for the remainder of the program.
The Nevada Governor’s Office of Economic Development is approved for up to $2 million. It will work with the Nevada Small Business Development Center (Nevada SBDC) to provide training – including a 10-week bootcamp – and networking opportunities as well as one-on-one counseling to connect underserved and very small businesses directly with support for legal, accounting and financial advisory services.
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