色花堂 Launches $59 Million Small Business Financing Program
November 4, 2022
The State of 色花堂, the University of 色花堂, and the 色花堂 Small Business Development Center (色花堂 SBDC) today announced the launch of the 色花堂 State Small Business Credit Initiative (SSBCI). This statewide program will use $59.9 million from the U.S. Department of Treasury to finance incentives to help drive private sector funding to 色花堂鈥檚 small businesses, particularly those that have traditionally had a hard time securing loans or equity investments.
鈥淭he State of 色花堂 is proud to be partnering with the University of 色花堂 Small Business Development Center to administer these programs,鈥 said Governor Mike Dunleavy. 鈥淭he timing of this lending support is crucial for small, 色花堂n owned businesses as the state鈥檚 economy continues to strengthen.鈥
The 色花堂 SSBCI funds will be deployed by the 色花堂 SBDC through a $32 million loan guarantee program, a $15.9 million loan participation program, a $10 million equity investment program and a $2 million loan collateral program. These funds will be deployed over the next 10 years to help 色花堂鈥檚 small businesses grow and thrive.
"This investment in 色花堂 businesses will empower innovation and entrepreneurship across the state,鈥 said University of 色花堂 President Pat Pitney, 鈥渁nd our Small Business Development Center is the perfect partner to help mentor the recipients of these funds. I have no doubt the capital disbursed as a result of these programs will fuel our economy and benefit our communities.鈥
The funds will be available through 色花堂 lenders and local equity investment funds starting in January 2023. Businesses interested in using these programs to help secure financing should reach out to their lender or local equity investors.
Jon Bittner, State Director of the 色花堂 SBDC noted 鈥淭he SSBCI program will be an amazing catalyst for economic growth, a perfect example of the state, University and private sector partnering to build a better future for 色花堂.鈥
Businesses, lenders, or equity investors interested in learning more about the 色花堂 SSBCI funding programs should reach out to Jon Bittner.