New York Seeks to Benefit from Small Business Credit Initiative Program

October 27, 2010
Staff contact: Marcus Ferguson

Last week, the U.S. Department of Treasury released state-by-state funding allocations for the $1.5 billion State Small Business Credit Initiative program in the Small Business Jobs Act of 2010.   

To be eligible for the allocation, states must notify Treasury by late November, which is within 60 days of the law's enactment, of their intent to apply for the program, and then submit within nine months a completed application detailing its program.  The Treasury Department is expected to release detailed guidance on the program's operations and requirements in the coming weeks. 

New York State is slated to receive $55,351,534 from the program.  This funding for New York from the State Small Business Credit Initiative will help the state fund critical capital access programs for small business, which is expected to leverage hundred of millions of dollars in private resources for loans and other investment in small businesses.

• State Small Business Credit Initiative (SSBCI)
  

 

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