Credit unions in Alabama have an opportunity to help their local small businesses through a program from the U.S. Treasury. The state of Alabama still has more than five percent of its $31.3 million in State Small Business Credit Initiative (SSBCI) funds available for small business lending and investment as of Sept. 30, 2015, according to the U.S. Treasury Department’s quarterly SSBCI report.
State programs leverage SSBCI funds to generate private lending and investment for small businesses and manufacturers that are growing, but lack access to capital. Nationally, the SSBCI program has disbursed more than $1.3 billion of the total allocation to participating states since the program’s inception, with a six percent increase in funds deployed in the third quarter of 2015. Recycled SSBCI funds also continue to steadily increase, with 26 states reporting recycling more than $120 million into new SSBCI-supported loans or investments.
With the success of the program, Pres. Obama proposed in his fiscal 2016 budget an extension of the program through 2021 and an additional $1.5 billion in funding. Access the state-by-state quarterly results to see some of the ways the funds have helped local businesses. To get involved with the SSBCI program, visit the U.S. Treasury website.