Funding to create jobs and encourage over $130 million in lending and investments to small businesses and manufacturers has been awarded to the State of Arkansas by United States Department of Treasury (Treasury).
Arkansas received $13,168,350 under the State Small Business Credit Initiative (SSBCI) which is expected to generate a minimum “bang for the buck” of at least $10 in new private lending for every $1 in federal funding. As such, $13 million is expected to support more than $130 million in new private lending.
The Arkansas Development Finance Authority (ADFA) will use these SSBCI funds to support and provide additional funding for its existing Arkansas Capital Access Program, Bond Guaranty/Loan Participation Program, Risk Capital Matching fund, the Disadvantaged Business Enterprise/Small Business Loan Guaranty Program, the Arkansas Development Finance Authority Co-investment Fund and the Seed and Angel Capital Network.
The SSBCI program was a critical part of the Small Business Jobs Act that President Obama signed into law in September of 2012. Small businesses have historically created two out of every three jobs in our country. But when small businesses can’t access credit, they can’t invest in new equipment, expand their operations or create jobs. This program helps ensure that more small businesses can get the loans they need to hire, expand, and invest in their local communities.
SSBCI funding to interested small businesses and industries will start immediately.
For additional information about the program available today, please visit the following links:
Participating ADFA Programs
Contact: Brad Henry, VP Development Finance, 501-682-5901