WASHINGTON—The Treasury Department said it approved nine state plans for the State Small Business Credit Initiative worth $940 million, bringing total approvals under the COVID-19 recovery venture capital program to $1.5 billion.
The $10 billion SSBCI program aims to address a shortage of capital for new business startups and other small business development, 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.
