Thursday, July 10, 2014
The U.S. Treasury Department's State Small-Business Credit Initiative (SSBCI) released a new quarterly report showing that South Carolina has deployed $17,636,872 to grow small businesses. South Carolina is a leading state in deploying these funds to local lenders and small businesses. The report also notes that states have expended, obligated or transferred $835 million through the Treasury Department's SSBCI program to support small-business lending and investments across the country.
“The U.S. Treasury Department, states and private sector lenders are investing in local communities to help drive economic growth, and these efforts are supporting small businesses in South Carolina,” said the U.S. Treasury Department's Deputy Secretary Sarah Bloom Raskin. “Small businesses are at the forefront of the nation's economic recovery, and the State Small Business Credit Initiative provides entrepreneurs and small-business owners with access to the resources they need to grow and create jobs.”
South Carolina has deployed 95 percent of its total $17,990,415 in SSBCI funds through the South Carolina Jobs and Economic Development Agency (JEDA), and it has recycled $532,106 of the funds it has deployed. The state has participated in the SSBCI program since 2011, and the JEDA, in partnership with the Business Development Corporation of South Carolina (BDC), is using these resources to leverage greater levels of private lending to small businesses. South Carolina has made 101 SSBCI investments as of Dec. 31, 2013, supporting loans to a variety of businesses.
SSBCI was created when President Obama signed into law the Small-Business Jobs Act of 2010 on Sept. 27, 2010. To build on the momentum of the program's success, and capitalize on new working relationships among states and small-business lenders and investors, President Obama proposed an extension of SSBCI in his 2015 Budget with an additional $1.5 billion in funding.
For more information on SSBCI and the U.S. Treasury's other small-business programs, please visit www.treasury.gov/smallbusiness. For more information on South Carolina's JEDA and BDC, please visit www.scjeda.com/our-programs.