WASHINGTON, D.C. — The U.S. Department of Treasury will allocate at least $56,234,176 to Maine businesses through the State Small Business Credit Initiative (SSBCI), according to a news release.
The SSBCI is designed to leverage additional funding sources for small businesses, and is expected to help provide at least $503 million in capital to support Maine small businesses and entrepreneurs as the state continues its recovery from the impacts of the coronavirus pandemic. The program was reauthorized and funded through the American Rescue Plan.
“For more than a year, Maine’s small businesses have faced down an endless stream of challenges that has forced them to constantly adjust, overhaul or flat-out push pause on their business models,” said Senator King. “Now, as vaccinations continue to roll out in Maine and across the country, it is vital that small businesses and startups have access to the capital they need to lay the foundation for long-term success. The American Rescue Plan’s commitment to support small businesses through the SSBCI will help our local businesses get back on track, and I urge all of our state’s eligible small business owners to review the program’s upcoming rollout to determine if it can help their business grow and thrive in Maine.”
“Maine small businesses have adapted to the challenges of the pandemic with grit and determination, often reinventing how they do business to keep their employees and customers safe,” said Governor Janet Mills. “As we work to get our economy back on track, protect our businesses, and protect the livelihoods of Maine people, it is crucial that Maine business owners have access to capital that will help them recover and thrive. The Small Business Credit Initiative, along with the private funding it leverages, will be an important part of that effort. I encourage all Maine business owners who are interested in this opportunity to contact the Maine Department of Economic and Community Development, which stands ready to help.”
The SSBCI leverages federal dollars to provide better access to credit for small businesses and entrepreneurs in regions underserved by venture capital. Under the original program, each dollar of federal investment produced $8.95 of additional small business credit.