The U.S. Department of the Treasury has approved nine states, including Arizona, have been approved for funding to support the growth of underserved small businesses and entrepreneurs. The funds are part of the U.S. bailout plan under the State Small Business Credit Initiative (SSBCI).
Arizona receives $ 111 million to operate 3 different programs – two providing venture capital, the other providing loan guarantees. All three focus on underserved businesses, with a goal of providing cash for early technology startups to spread access to high-speed Internet in underserved communities.
“This is a historic investment in entrepreneurship, small business growth, and innovation through the U.S. bailout plan that will help reduce barriers to capital access for traditionally underserved communities,” said Treasury Secretary Janet L. Yellen. “I am excited to see how SSBCI funds are promoting fair economic growth across the country.”
In addition to providing direct access to finance, the plan is also designed to serve as a catalyst for attracting private investment.
A White House report released in June found that more Americans are starting new small businesses than ever before. This program continues to drive growth and cultivates opportunities for entrepreneurs who otherwise would not have access to the resources to get started
