US Vice President Kamala Harris and the Treasury Department have announced a $175 million funding initiative to support small businesses. The aid will be delivered through the Capital Readiness Program (CRP), which is a technical assistance program funded by the Treasury’s State Small Business Credit Initiative (SSBCI).
The Treasury Department has increased its support for the CRP to a total of $125 million in SSBCI funding. Additionally, the first awards under the SSBCI Technical Assistance Grant Program have been approved for 12 states, amounting to over $57 million.
Treasury Deputy Secretary Wally Adeyemo emphasised that these investments are a crucial part of the Biden-Harris Administration’s efforts to empower small businesses and entrepreneurs with the necessary resources to thrive. The goal is to fuel a small business boom and provide support to entrepreneurs in underserved communities, enabling them to pursue their business ideas and ambitions.
The SSBCI funding is expected to have a significant impact, catalysing up to $10 of private investment for every $1 of SSBCI capital funding. This approach amplifies the effects of the initiative, providing small business owners with the essential resources they need for sustainable growth.
