Treasury Launches Historic Equity Measurements for ARPA Small Business Investments Program
WASHINGTON – Today, the U.S. Department of the Treasury launched a historic demographic information collection effort to measure equity outcomes for small businesses supported by the State Small Business Credit Initiative (SSBCI) program. The information collected by Treasury will support the program’s commitment to expanding access to capital for businesses owned and controlled by socially and economically disadvantaged individuals (SEDI businesses).
The American Rescue Plan Act of 2021 included $10 billion for SSBCI to provide to states, the District of Columbia, territories, and Tribal governments for programs that help small businesses access capital, including $2.5 billion in allocations to support SEDI businesses. SSBCI will provide recipient jurisdictions funding for a range of programs that will increase access to credit for small businesses, including through lending and equity capital investments, to help businesses grow in the years ahead. Treasury’s implementation of the SSBCI program is designed to expand access to capital, promote economic resiliency, and create new jobs and economic opportunity.
"Treasury is committed to promoting a strong and equitable economic recovery from the pandemic, and reliable, comprehensive data is a critical part of measuring our success in doing so," said Deputy Secretary Wally Adeyemo. "The State Small Business Credit Initiative program’s design is intended to help remedy the unfortunate reality that underserved communities have historically faced greater barriers to accessing capital than others, preventing them from pursuing their business ideas and ambitions. This new reporting will give Treasury the information we need to assess the impact of this program in communities across the country and work to provide these communities with the capital they need to realize their entrepreneurial visions."
To read the full press release, visit: https://home.treasury.gov/news/press-releases/jy0626
SSBCI Interim Final Rule: https://home.treasury.gov/system/files/136/SSBCI-Demographics-Related-Reporting-Requirements-IFR.pdf