Treasury Department approves $350M for small businesses in 4 states

Feb. 27 (UPI) -- The Treasury Department announced Monday it approved $353.4 million in funding for small businesses in four states under the State Small Business Credit Initiative, which is part of President Joe Biden's American Rescue Plan.

The Treasury Department said it has now approved more than $7 billion in funding through the initiative.

"This is a 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," Treasury Secretary Janet Yellen said in a statement. "These SSBCI funds will promote equitable economic growth across the country."

In the new round of approvals, Delaware was approved for $60.9 million, Kentucky was approved for $117.1 million, Tennessee was approved for $116.9 million, and Wyoming will be given up to $58.4 million.

Nearly two years ago, Biden reauthorized and funded the State Small Business Credit Initiative through the American Rescue Plan to provide $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital.

"This includes $2.5 billion in funding and incentives to support underserved businesses," the Treasury Department said. "SBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive."