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U.S. Treasury issues guidance for $10 billion small business credit program -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: This sign can be seen at the United States Department of the Treasury Headquarters in Washington, D.C., U.S.A, August 29, 2020. REUTERS/Andrew Kelly/File Photograph

WASHINGTON, (Reuters) – The U.S. Treasury Department released Wednesday new guidance regarding the implementation of the State Small Business Credit Initiative Program ($10 billion), which is designed to help firms from economically disadvantaged areas access capital.

Under March’s coronavirus relief legislation, the program was approved. It aims to encourage $10 private investment per $1 in federal funding. In the guidance, Treasury stated it would provide seed capital of $2.5Billion to assist jurisdictions with reaching businesses that are owned by people who are economically or socially disadvantage. It will also fund Native American tribes with over $600M in funding.

 

 

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