Small Business Lending & State Small Business Credit Initiative (SSBCI)
Small Business Lending
Enacted into law as part of the Small Business Jobs Act of 2010 (the Jobs Act), the Small Business Lending Fund (SBLF) is a dedicated investment fund that encourages lending to small businesses by providing capital to qualified community banks and community development loan funds (CDLFs) with assets of less than $10 billion. Through the SBLF, participating Main Street lenders and small businesses can work together to help create jobs and promote economic growth in local communities across the nation.
- To find out more go to the Treasury Department Resource Center for Small Business.
State Small Business Credit Initiative (SSBCI)
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the "Act"). The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers. The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses. Under the State Small Business Credit Initiative, participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The State Small Business Credit Initiative will allow states to build on successful models for state small business programs, including collateral support programs, Capital Access Programs (CAPs) and loan guarantee programs. Existing and new state programs are eligible for support under the State Small Business Credit Initiative.
To find out more go to the Treasury Department Resource Center for Small Business.
District of Columbia Microloan Program
The DC Certified Business Enterprise Revolving Micro Loan Fund (“DC CBE RMLF”) is a financing tool designed to sustain and/or increase the level of business activity of small and/or disadvantaged businesses in the District of Columbia. Applications are available online through the Department of Small and Local Business Development website. Completed applications, with requisite attachments, must be submitted to DSLBD.