Congresswoman Scanlon Announces $267.8 Million in New American Rescue Plan Funding to Support Pennsylvania Small Businesses
Washington,
July 19, 2022
Washington, D.C. – Congresswoman Mary Gay Scanlon (PA-05) today announced that Pennsylvania has been awarded $267.8 million in American Rescue Plan funding through the State Small Business Credit Initiative (SSBCI) to support small businesses and underserved entrepreneurs as they emerge from the pandemic and spur economic growth across the Commonwealth.
On March 11, 2021, President Biden signed the American Rescue Plan Act, providing $10 billion to fund the State Small Business Credit Initiative (SSBCI), which was originally established in 2010 and has been highly successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs. The new SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects and creating sustainable growth.
“Small businesses are the lifeblood of Pennsylvania’s economy – creating jobs and making our communities vibrant,” said Rep. Scanlon. “But they’re still hurting from the pandemic and need our support as they recover. I’m pleased to share that thanks to the American Rescue Plan, $267.8 million is headed to Pennsylvania to empower our small business owners with the capital they need to thrive and promote growth across the Commonwealth. I’m proud to have cast my vote for the historic funding that the American Rescue Plan continues to deliver to our region and will continue doing everything I can to secure support for the small businesses that drive our economy.”
The program is administered at the federal level by the U.S. Department of the Treasury. The Pennsylvania Department of Community and Economic Development (DCED) will distribute the new funds to eligible economic development partners, who will then administer the funding to qualifying businesses in the form of equity investments and loans.
Find information on some of the key programs Treasury has approved for Pennsylvania here.
Find information on Pennsylvania State Small Business Credit Initiative (PA-SSBCI) here.
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