On August 19, Governor Kathy Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and allowing traditionally disadvantaged small businesses the opportunity to succeed in the post-pandemic economy.
New York’s $501.5 million in SSBCI funding includes a main allocation of $377.1 million, as well as $124.4 million for socially and economically advantaged (SEDI) businesses.
Empire State Development will establish SSBCI-related programs — including new programs and expansion of existing programs — to include:
- Access to capital
- Loan guarantees
- Loan participation
- Collateral support
- Seed venture funding
- Funding for emerging and regional venture funds
- Accelerator support
- Technical assistance
from Business – My Blog https://www.techyrack.com/syndication/2022/08/19/new-york-state-small-business-credit-initiative-ssbci-empire-state-development/
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