SSBCI program will support small businesses through state and Tribal programs, will provide technical assistance to businesses applying for aid;
SSBCI previously supported nearly $8.4 billion in new capital for small businesses following the Great Recession
After hearing directly from hard-hit Montana small businesses about the challenges they’ve faced throughout the pandemic, U.S. Senator Jon Tester announced today that he secured $56,234,176 for the State Small Business Credit Initiative (SSBCI) in the recently passed American Rescue Plan (ARP), which will support business financing through state and Tribal programs.
Tester, a longtime champion of the SSBCI program, pushed hard to include this funding in the ARP. He was the only member of the Montana delegation to vote in favor of the legislation
“Montana’s small businesses need access to capital fast in order to create jobs, and I’m proud to have secured this funding for the SSBCI program in the American Rescue Plan because it has a proven track record of doing that,” said Tester. “Now the state needs to again partner with our local economic development organizations to get this relief out the door and into our economy quickly, because these development folks know the needs of businesses in their communities better than anyone in Washington or Helena ever could. They’re going to be essential partners in making sure our state’s small businesses - which are the backbone of our economy, by the way - get growing and creating jobs again.”
SSBCI was created following the 2008 financial crisis and was hugely successful in Montana when the state distributed funding through regional economic development organizations. An October 2016 evaluation of SSBCI found that, by the end of 2015, state SSBCI programs supported nearly $8.4 billion in new capital in small business loans and investments with $1.04 billion in program funding.