The U.S. Department of Treasury recently announced that they were soliciting input on delivering Technical Assistance Funds for the State Small Business Credit Initiative (SSBCI) Program. NCBA CLUSA provided feedback to ensure that the program actively considers cooperatives, not only to ensure a level playing field but also to center cooperatives as a preferred strategy for inclusive community economic development.
As part of the American Rescue Plan Act, Congress revitalized the State Small Business Credit Initiative (SSBCI), a program first used in the recovery from the 2008 financial crisis. SSBCI allocates funding for state and tribal governments to provide low-cost financing and technical assistance (TA) to support small businesses. Within the program, the Treasury Department is authorized to provide up to $500 million in technical assistance funding and requested public input on how it can use these funds to provide TA to very small businesses (VSBs) and business enterprises owned and controlled by socially and economically disadvantaged individuals applying to SSBCI programs and other initiatives.
NCBA CLUSA’s comments focused on ensuring that any technical assistance opportunities are applicable to cooperative business development and financing. Technical assistance is a critical component to small business development that co-ops should have equitable access to as other business structures. NCBA CLUSA previously submitted comments to inform implementation of SSBCI programs and also advocated for the inclusion of cooperatives.
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