by Talk Business & Politics staff (staff2@talkbusiness.net)

The U.S. Treasury Department announced Thursday (Feb. 23) approval of five additional state and territory plans for up to $339 million in funding under the State Small Business Credit Initiative (SSBCI), a part of President Joe Biden’s American Rescue Plan.

Arkansas was approved for up to $81.6 million under the plan. Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin were the other states and territories with approved plans. In total, the U.S. Treasury has approved $6.6 billion under the program. The funds will reportedly be targeted at minority and women business owners.

“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” said Treasury Secretary Janet Yellen. “These SSBCI funds will promote equitable economic growth across the country.”

https://talkbusiness.net/2023/02/u-s-treasury-expands-small-business-support-program-in-arkansas/