Sunday, May 26, 2024

Big Opportunity for Small Businesses: Up to $113 Million of Capital and Credit Support Now Available Through SSBCI

by BIZ Magazine

BATON ROUGE, La. – Louisiana has officially launched the State Small Business Credit Initiative, making up to $113 million of federal support available to small business owners via private equity funds and financial institutions around the state.

Louisiana Economic Development has created an online resource to help entrepreneurs and providers take full advantage of the program, which is funded and regulated by the U.S. Treasury and administered by states in collaboration with private lenders and investors. LouisianaSSBCI.com contains provider links and detailed information about eligibility requirements and application processes for each of the five equity investment and credit support programs:

  • Collateral Support: Pledged cash of up to $250,000 to secure small business loans of up to $1 million.
  • Loan Guaranty: Guarantees on loans of up to $1.5 million, increasing small business borrowing power by reducing lender risk.
  • Micro Lending: Loans of up to $100,000 for smaller financing needs.
  • Seed Capital: Capital for start-up or early stage businesses in exchange for investor involvement.
  • Venture Capital: Capital for existing small businesses in exchange for investor involvement.

LED does not provide funds directly to businesses, acting instead as a bridge between the U.S. Treasury, financial institutions and the entrepreneurs and small businesses they serve. Businesses interested in applying should contact one of the participating equity funds or financial institutions listed on the individual program pages at LouisianaSSBCI.com, or by contacting the Small Business Development Center in their region.

“This major award of federal dollars represents an extraordinary opportunity for small businesses across Louisiana, and especially those in our underserved communities,” LED Secretary Don Pierson said. “LED looks forward to supporting our banks, financial institutions and the networks that support start-ups and facilitate small business investments to ensure that Louisiana entrepreneurs and the communities they serve experience SSBCI’s maximum benefit.”

To receive email updates about the latest SSBCI news and information, click here and check the Small Business box. If you have a question for the Louisiana SSBCI team, email [email protected].

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