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U.S. DEPARTMENT OF THE TREASURY
Biden-Harris Administration Releases Report Outlining Historic
Support for Small Manufacturing Businesses Through Treasury
Department’s State Small Business Credit Initiative
May 4, 2023

Vice President Harris to travel to Richmond to highlight the new report and discuss the impact
of the Biden-Harris Administration’s Investing in America agenda
WASHINGTON — Today, in honor of National Small Business Week, the Biden-Harris
Administration released a report

detailing how the American Rescue Plan’s (ARP) State

Small Business Credit Initiative (SSBCI) is providing support to small businesses across the
country, and in particular how states will use SSBCI to expand access to capital for small
manufacturers. Vice President Harris will highlight this new SSBCI report during a visit to a
small manufacturing company in Virginia which has received an SSBCI investment, where she
will discuss how the Biden-Harris Administration’s Investing in America agenda is rebuilding the
U.S manufacturing base by empowering small businesses.
“Small manufacturing businesses play a vital role in our economy,” said Deputy Secretary of the
Treasury Wally Adeyemo. “The State Small Business Credit Initiative and President Biden’s
Investing in America agenda is helping unlock the potential of entrepreneurs across the
manufacturing sector who may have otherwise never had the support needed to pursue their
business ideas.”
Alongside today’s report, the White House released a fact sheet detailing how the Biden-Harris
Administration’s Investing in America agenda, including the Treasury Department-run SSBCI
program, is strengthening this small business boom and encouraging the fastest manufacturing
recovery since the 1950s. The Treasury Department has partnered with the White House in
convening manufacturing-focused discussions among nearly twenty states to stand up
initiatives to address a host of common challenges faced by small manufacturers. Small
manufacturers owned by underserved entrepreneurs stand to benefit from SSBCI as
jurisdictions have designed programs to expand access to capital and plan to stand up technical
assistance programs that help entrepreneurs applying for SSBCI supported financing.

The ARP reauthorized and expanded SSBCI, which was originally established in 2010 and was
highly successful in increasing access to capital for small businesses and entrepreneurs. The
new SSBCI builds on this successful model by providing nearly $10 billion to states, the District
of Columbia, territories, and Tribal governments to increase access to capital and promote
entrepreneurship, especially in traditionally underserved communities as they emerge from the
pandemic. This includes $2.5 billion in funding and incentives to support underserved
businesses. 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.
To date, the Treasury Department has approved 52 out of 56 state and territory applications for
SSBCI totaling over $8 billion in allocations, and programs have already begun supporting small
businesses across the country. The work the Department has done through SSBCI’s
implementation process to help these funds reach traditionally underserved small businesses
and entrepreneurs will continue to be critical to ensuring these resources support communities
disproportionately impacted by the pandemic.
SSBCI investments are a key part of the Biden-Harris Administration’s strategy to strengthen the
small business boom we've seen since the start of this Administration by expanding access to
capital and by providing entrepreneurs the resources they need to succeed. In January, the
Census Bureau released data which showed that over the last two years Americans have applied
to start 10.5 million new businesses, making 2021 and 2022 the strongest two years on record
for new business applications. Earlier this week, the White House released a report card
demonstrating across-the-board progress on commitments designed to maintain the nation’s
historic momentum in fostering new businesses that’s led to the small business boom seen over
the last two years.
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