Treasury announces funding for technical support for small businesses

On Tuesday, the U.S. Treasury made available an additional $10 million in technical assistance through the State Small Business Initiatives Contribution (SSBCI) program under the American Rescue Plan Act.

The funds awarded to four states, two territories, the District of Columbia and one tribal government will support programs that provide legal, accounting and financial advisory services to small businesses that qualify. The Treasury initially allocated $200 million. This announcement brings the total amount of awards made this year to more than $145 million.

“Today’s announcement reinforces President Biden’s commitment to investing in small businesses and entrepreneurs,” said U.S. Deputy Treasury Secretary Wally Adeyemo. “Providing entrepreneurs with assistance, such as accounting services and legal advice, is critical to unlocking their growth potential and continuing the nation’s historic small business boom.”

The SSBCI TA Program supports small businesses and entrepreneurship across the United States to promote stability and growth. The Treasury Department also administers the SSBCI Capital Program to help participating jurisdictions implement small business credit and equity/venture capital programs.

As part of the award announced Tuesday, Minnesota received nearly $2 million in TA funding for the Minnesota Small Business Development Center from the Minnesota Department of Employment and Economic Development. Levelock Village in Alaska was the first tribal government to receive TA funding, receiving $65,327 to provide legal and financial counseling services to underserved and very small businesses participating in the tribe’s SSBCI-backed investment program.