The State Small Business Credit Initiative (SSBCI) has approved four state plans for funding of up to $353.4 million, according to a Feb. 27 statement from the U.S. Department of the Treasury.
In their press release, the Treasury Department said it has officially approved state and territorial proposals for more than $7 billion in SSBCI financing to promote small businesses and entrepreneurship and increase access to capital under President Joe Biden’s American Recovery Plan.
Delaware received approval for up to $60.9 million, which will allow it to run multiple programs. Included in the plan is $27.5 million to be used for the loan participation program, $22.5 million for the Stage VC Program, and $7.5 million allocated for the Delaware Accelerator and Seed Capital Program….