Rep. Rick Larsen, WA-02, today hailed an announcement by the U.S. Department of Treasury that Washington state will lend more than $216 million to small businesses, thanks to a federal grant. The State Small Business Credit Initiative (SSBCI) funding of $19.7 million will leverage an additional $197 million in private funds, to help small businesses grow and create jobs across the state.
“Small businesses are a major source of new jobs, and this funding will help them get the money they need to grow and create jobs,” Larsen said. “Innovative small businesses are critical elements in rebuilding our economy, but they have struggled to have access to capital. Now they will have access to the resources they need to grow, getting people in Northwest Washington back to work.”
The SSBCI was created by the Small Business Jobs Act of 2010, which Larsen supported. The grant, which will be administered by the Washington Department of Commerce, will leverage at least $10 for every $1 in federal funding. The state is partnering with Enterprise Cascadia and the University of Washington Center for Commercialization to create a Capital Access Program, the Craft3 Small Business Credit Initiative, and the university of Washington Center for Commercialization W Fund to administer the funds.
