The Department of the Treasury has approved four states for up to $750 million in funds to help expand access of small businesses and underserved entrepreneurs to capital.
Venture capital, loan guarantee and capital access initiatives operated by the governments of Colorado, Oregon, Montana and New York will receive funding under the State Small Business Credit Initiative, the department said Friday.
New York, for instance, has been approved for up to $501.5 million in funds to run loan participation, venture capital, loan guarantee and venture capital programs in support of small companies.
“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” said Treasury Secretary Janet Yellen.
“I’m excited to see how SSBCI funds will promote equitable economic growth across the country,” Yellen added.