The federal government in the United States has announced a program called the State Small Business Credit Initiative (SSBCI) to disburse US$10 billion among states to help local small businesses, especially minorities and other underserved sections. The funds will be distributed through authorized organizations such as community development investment funds (CDFIs), minority deposit institutions (MDIs), community banks, and economic development groups in the form of loans, grants, and equity investment. Small businesses can access the funds by approaching multiple authorized organizations and submitting the company’s financial records to prove their credentials and eligibility.
