The State Small Business Credit Initiative (SSBCI) is going to aid to businesses in Granite state as they are going to receive $ 13 millions as loans. SSBCI, the new program, is going to draw in Federal funds of $ 13 billion to New Hampshire, in-order, to help small businesses find access to credit and create new jobs.
SSBCI is a new $1.5 billion initiative that has been included in the Small Business Jobs Act of President Barack Obama. The Small Business Jobs Act got singed into law in October. The fund makes state programs very leveraging in itself and it helps to intensify private lending to small businesses and manufacturers considered credit worthy. It is meant to help businesses that cannot find loans for expansion or creation of new jobs.
For states to qualify for grant, they have to make it evident that each dollar of federal funding would result in leveraging at-least $10 in lending to small businesses. It is the federal government’s SSBCI funding commitment that is expected to support $15 billion in new business lending nationwide.
The $1.5 billion SSBCI funding in New Hampshire is going to goad small business lending programs and will be instrumental for leveraging $130 million new loans to small businesses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to