The U.S. Department of the Treasury has unveiled the complete list of awardees for the State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). This $75 million competitive grant program is part of the Biden-Harris Administration's effort to boost small business growth, particularly focusing on underserved and very small businesses. The initiative aims to connect these businesses with financing opportunities in key sectors such as electric vehicle manufacturing, semiconductor production, construction, transportation, and clean energy generation.
Vice President Kamala Harris highlighted the administration's commitment to supporting small businesses, stating, "By increasing access to capital and making historic investments in infrastructure, clean energy, and manufacturing, we have spurred record-breaking small business growth over the last three years." She emphasized that this funding will enable entrepreneurs from historically underserved communities to expand their operations.
Treasury Secretary Janet L. Yellen noted the significant impact of these efforts: "More than 19 million new small business applications have been filed during the Biden-Harris Administration," she said. "These resources will support technical assistance that connects small businesses around the country to important supply chains and new opportunities."
The SBOP awards cover a range of states and territories:
- Arizona received $7.9 million for expanding programs like DreamBuilder and Moonshot.
- California was granted $10 million for a new Procurement & Innovation Capital Leadership for Entrepreneurs (PINNACLE) program.
- Cherokee Nation and Chickasaw Nation each received $2 million for initiatives supporting local businesses.
- Hawaii was allocated $1.6 million to create a marketplace for technical assistance providers.
- Kansas secured $2.6 million for its Launchpad program.
- Louisiana was awarded $5.3 million to connect businesses with capital.
- Maryland obtained $10 million for its BRIDGE ecosystem project.
- Michigan received $9.1 million for transitioning auto suppliers towards electric vehicle production.
- Mississippi was given $4.8 million for its Connect MS program.
- Nevada got $4.2 million focused on startups and advanced manufacturing.
- New York received $9.4 million for a Semiconductor Growth Access Program (SGAP).
- Oklahoma was awarded $4.2 million for Roadmap2Success aimed at cybersecurity and biotechnology industries.
- Rhode Island secured $1.6 million to expand its Technical Assistance Program.
These jurisdictions are expected to enhance or establish technical assistance programs that link small businesses with SSBCI-supported financing or other state or federal programs in areas like infrastructure and clean energy.
The American Rescue Plan Act has reauthorized SSBCI with nearly $10 billion allocated nationwide to bolster entrepreneurship and democratize access to capital, especially in underserved communities.
Alongside this announcement, Treasury disclosed approvals of SSBCI Technical Assistance grants totaling $145 million across 48 jurisdictions, anticipating further approvals soon.
