INDUSTRY U P DAT E S
U.S. Treasury Expands Small Business Support Program In Arkansas by Roby Brock
T
he U.S. Treasury Department announced approval of five additional state and territory plans for up to $339 million in funding under the State Small Business Credit Initiative (SSBCI), a part of President Joe Biden’s American Rescue Plan.
Arkansas was approved for up to $81.6 million under the plan. Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin were the other states and territories with approved plans. In total, the U.S. Treasury has approved $6.6 billion under the program. The funds will 18 • SPRING 2023
reportedly be targeted at minority and women business owners. “This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved
communities,” said Treasury Secretary Janet Yellen. “These SSBCI funds will promote equitable economic growth across the country.” The funds in Arkansas will be used to operate seven SSBCI programs. Those programs include a capital access program, two loan participation programs, two loan guarantee programs, and two equity/venture capital (VC) programs. Arkansas allocated $15 million to a loan guarantee program and $7.5 million to a loan participation program that are each designed to reach underserved businesses,
