US Treasury Approves Up to $750 Million Small Business Capital Funds for Four States

US Treasury Approves Up to $750 Million Small Business Capital Funds for Four States
A statue of former Sen. Albert Gallatin stands at the Treasury Department in Washington, on April 25, 2021. Al Drago/Reuters
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WASHINGTON—The U.S. Treasury Department said on Friday it approved four additional state plans for the State Small Business Credit Initiative worth $750 million, bringing total approvals under the COVID-19 recovery venture capital program to $2.25 billion.

The $10 billion SSBCI program aims to address a shortage of capital for new business startups and other small business developments, particularly in disadvantaged communities, by attracting $10 of private investment for every $1 of taxpayer funding. It was reauthorized and expanded as part of last year’s $1.9 trillion American Rescue Plan Act.