Massachusetts receives $6.6M to support small businesses
WASHINGTON, D.C. – Congressman Jim McGovern (MA-02) on Monday announced that Massachusetts has received $6,697,404 in State Small Business Credit Initiative (SSBCI) funds to help small businesses access the capital they need to grow and create jobs.
In Massachusetts, there are 615,775 small businesses and they support more than 1.4 million jobs. Massachusetts has deployed more than $15.8 million in SSBCI funds. Through 2014, business owners in the state reported that the program will help them create or retain 5,881 jobs. To date, $20,445,072 in SSBCI funds have been disbursed to the Massachusetts Executive Office of Housing and Economic Development to support small businesses and the local economy.
“Supporting good jobs starts with investing in our local small businesses. With this grant, Massachusetts will have the resources it needs to continue that commitment to our local communities,” Congressman McGovern said. “In Central and Western Massachusetts, I’ve seen the difference that small businesses can make in creating good jobs, giving more families a path to the middle class, and helping to grow our local economy. I am proud to work with Treasury Secretary Lew as a strong partner for our small business owners and look forward to seeing all the economic activity this grant will help to generate for our families and communities in Massachusetts.”
“Small businesses are the nation’s leading job creators, and the State Small Business Credit Initiative connects sources of capital to the small businesses that need it,” said Jeffrey Stout, director of SSBCI. “The funds announced today will continue to support loans and investments in Massachusetts’ small businesses.”
The Treasury Department has disbursed more than $1.2 billion in SSBCI funds to participating states, municipalities and territories since the beginning of the program. Nationally, from 2011 to 2014, SSBCI funds spurred more than $6.4 billion in private sector lending and investments to small businesses. States have generated $7.36 in private sector lending and investments for every $1 of federal support. Business owners reported that these funds will help them retain or create more than 140,000 jobs.
Currently, SSBCI is set to end in 2017, and states have already drawn down 93 percent of the funding. To build on the momentum of the program’s successes and capitalize on new working relationships among states, small business lenders and investors, President Obama proposed an extension of SSBCI in his Fiscal Year 2016 Budget request with an additional $1.5 billion in funding. A new authorization of the SSBCI program will keep local economic development efforts strong and allow states to continue supporting small businesses, job creation and greater levels of private lending and investments.
For more information on SSBCI and Treasury’s other small business programs, please visit www.treasury.gov/smallbusiness.