Jul. 29—WASHINGTON — The U.S. Department of the Treasury has announced the approval of North Carolina's application for up to $201.9 million in funding under the State Small Business Credit Initiative, SSBCI.
President Biden's American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010. The new SSBCI is to provide $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.
Deputy Secretary Wally Adeyemo announced the approval of North Carolina's plan alongside North Carolina Secretary of Commerce Machelle Baker Sanders at the North Carolina Rural Center. The North Carolina Rural Center administers funding for small businesses from local and federal sources, including from the SSBCI program. As part of the announcement, Deputy Secretary Adeyemo and Secretary Sanders participated in a roundtable discussion with small businesses and financial institutions that participated in the first round of SSBCI.
"This historic investment in entrepreneurship, small business growth, and innovation funded by the American Rescue Plan will help reduce barriers to capital access for traditionally underserved communities across the state," Adeyemo said. "I was glad to have an opportunity to hear from North Carolina small business owners and financial institutions during my visit today and look forward to seeing the impact these funds have in promoting equitable economic growth in North Carolina."
"The State Small Business Credit Initiative provides vital support for our small businesses, particularly for those who often face challenges in accessing capital," Sanders added. "I'm excited to see how this next round of funding will help many of our state's small, women- and minority-owned businesses across our rural communities grow and become more resilient."
"Since 2011, the North Carolina Rural Center has administered the State Small Business Credit Initiative on behalf of the state of North Carolina," said North Carolina Rural Center President Patrick Woodie. "We are immensely proud that the program has been a national leader in working with private lenders across the state to help more small business owners get the critical commercial capital they need to start or expand their business. We are deeply honored by the trust placed in us by the North Carolina Department of Commerce, the General Assembly, and the Office of the Governor to once again lead in the deployment of this new allotment of funding for this proven and trusted initiative."