U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda

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U.S. Department of the Treasury Announces New Funding to Support Technical Assistance for Small Businesses as Part of the Biden-Harris Administration’s Investing in America Agenda

WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of plans for an additional $10 million in technical assistance (TA) funding allocated to four states, two territories, the District of Columbia, and one Tribal government under the American Rescue Plan Act’s State Small Business Credit Initiative (SSBCI) TA Grant Program. Included in these approvals is the first SSBCI TA grant for a Tribal government. 

Part of President Biden’s economic agenda, the SSBCI TA Grant Program supports programs that provide legal, accounting, and financial advisory services to qualifying small businesses. Treasury allocated $200 million by formula to states, the District of Columbia, territories, and Tribal governments for the TA Grant Program and, as of today, has announced awards totaling over $145 million. 

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

Reauthorized and expanded by the American Rescue Plan Act, SSBCI is a nearly $10 billion program to support small businesses and entrepreneurship in communities across the United States to promote small business stability, growth, and success- in states, the District of Columbia, territories, and Tribal governments. In addition to the TA Grant Program, Treasury also administers the SSBCI Capital Program, where participating jurisdictions implement credit and equity/venture capital programs to provide capital to small businesses. 

The first Tribal government to receive a TA grant is Levelock Village. Approved for $65,327 in TA grant funding, Levelock Village will use contractors to provide legal and financial advisory services to underserved and very small businesses participating in the Tribe’s SSBCI-supported direct investment program (previously approved for up to $627,054) or seeking other small business support. TA programs like that of Levelock Village – a remote Alaska community accessible only by air or water travel with an economy that relies on local fishing and hunting – will support access to capital and small business support services in Indian Country, which are often banking and TA deserts.  

The $10 million TA investment also included four states, two territories, and the District of Columbia. This includes Minnesota, which was approved for $1,972,321 in TA grant funding, and will use the Minnesota Small Business Development Center (SBDC) statewide network within the Minnesota Department of Employment & Economic Development to implement its TA program. The SBDC lead center will coordinate with its nine regional SBDC offices around the state, as well as other business service organizations, to identify eligible beneficiaries. Under the management of the SBDC, TA contractors will provide eligible legal and accounting services.

With today’s announcement, Treasury has announced the approvals of SSBCI TA grants totaling over $145 million and representing 48 states, the District of Columbia, territories, and Tribal governments. Treasury anticipates additional approvals of applications from Tribal governments to follow. See the full list of approved programs here.

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Official news published at https://home.treasury.gov/news/press-releases/jy2441

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