The State Small Business Credit Initiative (SSBCI) uses federal funding to stimulate private-sector lending and improve access to capital for small businesses and manufacturers that are credit worthy but not getting loans they need to expand and create jobs.
The initiative allocates up to $15.4 million into three state programs:
- The Capital Access Program
- Emerging Entrepreneurs Fund
- Small Business Loan Guarantees
And for businesses certified to participate in the Angel Tax Credit Program:
- Angel Fund Loan Program
With a goal of attracting $10 of private investment for each federal dollar invested, the SSBCI is expected to spur more than $150 million in lending to small businesses statewide and fuel the creation of more than 3,000 new jobs in Minnesota.