WASHINGTON, D.C. (WKZO AM/FM) — U.S. Senators Gary Peters and Debbie Stabenow of Michigan announced on Thursday, May 19, that the U.S. Department of the Treasury will be providing up to $236,990,950 to the state of Michigan as part of the State Small Business Credit Initiative (SSBCI).
The federal investment will be used to expand small business lending programs and a venture capital fund investment program.
This funding comes after the Senators successfully led efforts to enact significant funding for the program as part of the American Rescue Plan Act signed into law last year and urged the Treasury Department to use these relief funds for small businesses to restore and strengthen domestic manufacturing.
“As we work to bolster our economic recovery, we must ensure that Michigan small businesses have the resources they need to stay afloat,” said Peters. “This funding will directly help our small business community create jobs, adapt operations and support local economies across our state. The State Small Business Credit Initiative is a proven success, and I’m pleased that the program I helped champion will continue to support businesses right here in Michigan.”
“The COVID-19 crisis has taken an incredible toll on small businesses in our state and made us appreciate even more their importance to our communities and our economy,” said Stabenow. “Given the stress of this pandemic on so many small businesses, access to capital is more important than ever. This funding will help our businesses create jobs, help our economy recover, and strengthen domestic manufacturing—helping to prevent further delays and disruptions to U.S. supply chains.”
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