Nine more states have been approved for a piece of nearly $10 billion in relief money being distributed by the federal government to promote small business growth.
The U.S. Department of Treasury on Monday announced the approval of plans from Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota and Vermont. It previously announced funding for programs in Hawaii, Kansas, Maryland, Michigan and West Virginia.
According to the department, Arizona was approved for up to $111 million.
This funding is dispersed among the following:
- Arizona Loan Guarantee Program
- Arizona Multi-Fund Venture Program
- Arizona Venture Co-Invest Program
"All three programs will focus on underserved businesses, with a goal of expanding access to capital for underserved businesses," the department describes online.
The money is part of the State Small Business Credit Initiative, established in 2010 and reauthorized under the American Rescue Plan to support state programs that help small businesses access capital as they emerge from the pandemic.
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Caleb Fernández is a digital content producer for KGUN 9. After earning his bachelor's degree from Penn State in Advertising/Public Relations, Caleb went to New York where he learned production assistance, photography and art direction. Share your story ideas and important issues with Caleb by emailing caleb.fernandez@kgun9.com or by connecting on LinkedIn, Instagram, and Twitter.
