From: U.S. Department of the Treasury
Subject: U.S. Department of the Treasury Announces Funds to Spur $3.6 Billion in New Lending to Small Businesses, Help Create Jobs
WASHINGTON, D.C. – Today, the U.S. Department of the Treasury announced the approval of applications for State Small Business Credit Initiative (SSBCI) funding from 11 states and Washington, D.C. This funding will help create new private sector jobs and spur more than $3.6 billion in additional small-business lending. The SSBCI, which supports state-level, small-business lending programs, is an important component of the Small Business Jobs Act that President Obama signed into law last fall.
Virginia — $18.0 millionTreasury has allocated $17,953,191 to Virginia under the SSBCI. The Virginia Small Business Financing Authority will use these funds to enhance the existing Virginia Capital Access Program; and the existing Economic Development Loan Fund, a loan participation program that provides subordinated gap financing to qualified small businesses.