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Tuesday, 16 August 2011 12:15
U.S. Treasury Approves Louisiana Economic Development Small Business Credit Application
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LEDToday, the U.S. Department of the Treasury and Louisiana Economic Development (LED) announced the approval of Louisiana State Small Business Credit Initiative (SSBCI) application. Louisiana’s planned use of the SSBCI funds will help create new private sector jobs and spur more than $132 million in additional small-businesses lending in that state. The SSBCI program, which supports state-level, small-business lending programs, is an important component of the Small Business Jobs Act President Obama signed into law last fall. 

 

“These funds will provide critical support to state-level programs that help expand small-business lending and spur private sector job growth,” said Deputy Secretary of the Treasury Neal S. Wolin. “Unlocking credit for small businesses will provide a powerful boost for investment and job creation in local communities across the country.” 

Under the Small Business Jobs Act, Louisiana can access $13.2 million in SSBCI funds. Louisana expects to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, this $13.2 million allocation for Louisiana is expected to support more than $132 million in new private lending in that state. Louisiana will use these SSBCI funds to support two existing programs: the Louisiana Small Business Loan Guarantee Program and the Louisiana Seed Capital Program, a venture capital program.  

Under the State Small Business Credit Initiative, all states are offered the opportunity to apply for federal funds for state-run programs that partner with private lenders to increase the amount of credit available to small businesses. States must demonstrate a reasonable expectation that a minimum of $10 in new private lending will result from every $1 in federal funding.  Accordingly, the overall $1.5 billion federal funding commitment for this program is expected to result in at least $15 billion in additional private lending nationwide.

(From U.S. Dept. of Treasury)

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