Treasury Awards $50 Mln Grants To Help Small Businesses

The U.S. Department of the Treasury on Tuesday announced the awarding of the second round of State Small Business Credit Initiative Technical Assistance grants to help small businesses access legal, accounting, and financial counsel.

Under the SSBCI Technical Assistance Grant Program, the Treasury approved 20 additional state awards, totaling more than $50.8 million.

These awards will be used to provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs.

This is in addition to the recent announcement of a new $75 million competitive grant program to support technical assistance, such as legal services to help businesses obtaining capital from investors and advising on financial management, for very small and underserved businesses.

“These investments are a key part of the Biden-Harris Administration’s efforts to fuel the small business boom by providing small businesses and entrepreneurs the resources they need to succeed,” said Deputy Secretary Wally Adeyemo. “Today’s announcements will help unlock the potential of entrepreneurs in underserved communities across the nation who may have otherwise never had the support needed to pursue their business ideas and ambitions.”

SSBCI funding at large is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, providing small business owners with the resources they need to sustainably grow and thrive.

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