July 08, 2014

Manchin Touts $13 Million In Support of Small Business in Mountain State

Report shows West Virginia is a national leader in growing small businesses

WASHINGTON – Today, U.S. Senator Joe Manchin announced that state economic development agencies in West Virginia have deployed $12,786,134 to grow small businesses through the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI).  The funding encourages small businesses to increase their lending, expand their operations, make investments and create new jobs. Agencies in West Virginia have continued to be a national leader in deploying small business funds through the program.

“Small businesses are the engine of our economy, creating the jobs and spurring the economic development that keeps our state strong,” Senator Manchin said. “But in these sluggish economic times, small businesses are having a tough time gaining access to the capital they rely on to make smart investments, hire more workers, and expand their operations. It is important to ensure our small businesses have the resources they need to stay competitive, create more jobs and help move our economy forward.”

Since 2011, West Virginia has deployed 97 percent of its total $13,168,350 in SSBCI funds through the West Virginia Capital Access Network to leverage greater levels of private lending to small businesses. Since December 2013, the West Virginia Capital Access Network has made 39 SSBCI investments and provided loans to a variety of businesses.   

Through SSBCI, the U.S. Treasury Department will award up to $1.5 billion nationwide to fund programs that support small businesses including small manufacturers. To date, more than $1 billion has been deployed to states and municipalities. Additionally, the program is expected to help spur up to $15 billion in new private sector lending or investment in small companies by leveraging $10 in private capital for every dollar of federal support by the program’s end.

To learn more about the State Small Business Credit Initiative, please visit http://www.treasury.gov/resource-center/sb-programs/Pages/ssbci.aspx.

 For information on all of Treasury’s small business programs, visit http://www.treasury.gov/resource-center/sb-programs/Pages/default.aspx.