The U.S. Department of the Treasury announced today it has approved the State Small Business Credit Incentive (SSBCI) applications received from 11 states and Washington D.C. The allocation of $360 million under the incentive program is part of the Small Business Jobs Act signed into law last fall.
In a statement, the agency said the funding will help create new private-sector jobs and spur more than $3.6 billion in additional small business lending. Under the Act, these applicants are expected to generate a minimum of at least $10 in new private lending for every $1 in federal funding. The $360 million allocation is expected to support more than $3.6 billion in new private lending.
