Close this search box.
Blog » News » The Department of the Treasury makes a $97 million pledge to support Alabama’s business

The Department of the Treasury makes a $97 million pledge to support Alabama’s business

Treasury fund SSBCI $97 million

The U.S. Department of the Treasury has pledged $97 Million to support Alabama small business.

The move comes through the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI).

U.S. Deputy Secretary of the Treasury Wally Adeyemo, said of the funding, “We are helping entrepreneurs across the country unlock access and opportunity, and we’re excited to expand this work to include Alabama’s small businesses – providing collateral, supporting venture capital programs, and reaching communities in need of investment.”

SSBCI makes $97 in funding available

The current administration decided to invest in the SSBCI via the American Rescue Plan. According to the Treasury release, the initiative aims to enhance “business stability, growth, and success.”

$10 billion has been made available to the SSBCI as part of the rescue plan to support small businesses and entrepreneurship in communities across the United States.

The SSBCI aims to fund “states, the District of Columbia, territories, and Tribal governments for those jurisdictions to create tailored programs that offer funding to small businesses and entrepreneurs through equity/venture capital, loan participation, loan guarantee, collateral support, and capital access programs.”

Alabama state’s $97 million investment will focus on operating five individual programs, including a collateral support program, a loan participation program, and two equity/venture capital programs.

The Alabama Collateral Support Program has been allocated $26.9 million. According to the release, this will be used to enhance small businesses’ opportunities to find lenders.

Furthermore, the Innovate Alabama Co-Investment Program will receive $16 million, and the similarly named Innovate Alabama Fund-of-Funds Program will receive $9 million.

Both aim to support equality between venders and start-ups that may traditionally be overlooked by lenders, including venture capitalists. These include female-owned businesses and minority entrepreneurs.

The allocated funds aim to support those “located in Alabama’s distressed communities, as well as venture capital funds dedicated to reaching underserved businesses.”

Image: Pixlr.

About Due’s Editorial Process

We uphold a strict editorial policy that focuses on factual accuracy, relevance, and impartiality. Our content, created by leading finance and industry experts, is reviewed by a team of seasoned editors to ensure compliance with the highest standards in reporting and publishing.

Financial News Writer and Editor
Brian-Damien Morgan, an accomplished journalist and features writer, boasts a rich career that has evolved across various media platforms. With extensive experience in the print sector of several UK newspapers, Brian transitioned seamlessly into the realm of digital broadcasting and specialized financial content creation. Brian now focuses on finance, technology, legal matters, and the wide spectrum of money-related topics.

About Due

Due makes it easier to retire on your terms. We give you a realistic view on exactly where you’re at financially so when you retire you know how much money you’ll get each month. Get started today.


Top Trending Posts

Due Fact-Checking Standards and Processes

To ensure we’re putting out the highest content standards, we sought out the help of certified financial experts and accredited individuals to verify our advice. We also rely on them for the most up to date information and data to make sure our in-depth research has the facts right, for today… Not yesterday. Our financial expert review board allows our readers to not only trust the information they are reading but to act on it as well. Most of our authors are CFP (Certified Financial Planners) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Learn more about annuities, retirement advice and take the correct steps towards financial freedom and knowing exactly where you stand today. Learn everything about our top-notch financial expert reviews below… Learn More