U.S. Department of the Treasury Announces $97 Million Investment to Support Small Business Success in Alabama

Approval of State Small Business Credit Initiative Funding is Part of President Biden’s Investing in America AgendaWASHINGTON — Today, the U.S. Department of the Treasury announced the approval of Alabama’s state plan for up to $97 million in funding through the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI). SSBCI provides funding to states, the District of Columbia, territories, and Tribal governments to support small business and entrepreneurship and expand access to capital.“Expanding access to capital is key to continuing the historic small business boom that’s occurred under President Biden,”said U.S. Deputy Secretary of the Treasury Wally Adeyemo.“We are helping entrepreneurs across the country unlock access and opportunity, and we’re excited to expand this work to include Alabama’s small businesses – providing collateral, supporting venture capital programs, and reaching communities in need of investment.”Reauthorized and expanded by President Biden’s American Rescue Plan, SSBCI includes nearly $10 billion to support small