The U.S. Treasury Department’s State Small Business Credit Initiative on Thursday released an annual report detailing how the program helps small businesses grow and create jobs nationwide. Through 2014, participating states including Florida expended $864 million in program funds, which spurred more than $6.4 billion in private sector lending and investment to small businesses, the report said. Business owners reported that these funds will help them retain or create nearly 141,000 jobs.
The program allocated more than $97.6 million in SSBCI funds to the Florida Department of Economic Opportunity to help local businesses access the capital they need to grow and hire, and Florida is among the top states to have put its total allocation of program funds to use. Through 2014, Florida businesses reported that the SSBCI funds they received will help them retain or create 2,569 jobs, said Treasury spokesman Dan Cruz.
SSBCI aims to help spur new private sector lending or investments in small companies by leveraging the federal support offered by the program. Through 2014, states were able to generate $7.36 in private sector lending and investments for every $1 of federal support, Cruz said. SSBCI was created when President Obama signed into law the Small Business Jobs Act in 2010. Through SSBCI, the Treasury Department will award nearly $1.5 billion to state programs across the country that support small businesses, including small manufacturers.