Over $10 billion in funding will be distributed to nine states through the State Small Business Credit Initiative and Pennsylvania is set to get the largest amount of money.
Millions in American Rescue Plan funding is headed to Pennsylvania to support small businesses and underserved entrepreneurs, and spur economic growth across the state.
The American Rescue Plan, signed in March 2021 by President Joe Biden, reauthorized the State Small Business Credit Initiative (SSBCI) and expanded its funding to $10 billion to give small businesses the capital needed to grow. Pennsylvania will receive $267.8 million.
“Small businesses are the lifeblood of Pennsylvania’s economy – creating jobs and making our communities vibrant,” said US Rep. Mary Gay Scanlon (D-Delaware), who voted in favor of the rescue plan. “But they’re still hurting from the pandemic and need our support as they recover.”
The funds will go to qualifying businesses through equity investments and loans distributed by the state Department of Community and Economic Development through eligible economic development partners.
Pennsylvania will operate three different programs to distribute the funding:
- $142 million has been allocated to two of the programs, equity capital investments and venture capital investments for seed and early-stage technology companies and underserved venture capital firms.
- $125 million has been allocated to a loan participation program which will offer loans up to 50% of total financing to small businesses.
Politics
Dave McCormick attends another fundraiser hosted by 2020 fake electors
McCormick attended a campaign fundraiser on Thursday co-hosted by multiple fake electors. Dave McCormick continues to associate himself with...
Pennsylvania’s richest billionaire could lose big on possible TikTok ban
Jeffrey Yass, who is worth over $28 billion, could lose a lot of money if Congress bans TikTok. The billionaire owns close to 15% of the platform....
Biden’s 2025 budget prioritizes lowering costs for families, taxing the rich
The president's budget includes proposals to lower childcare costs, create a paid family leave program, lower drug costs, and strengthen Social...
Local News
VIDEO: Should you throw your children birthday parties?
Do you think kids should get birthday parties every year? Pennsylvania momfluencer Marissa Light doesn’t think so, saying in a recent TikTok video...
We asked, you answered: What’s your favorite grocery store in Pennsylvania?
From family-owned community staples like Urbaniak Brothers in Erie, to Central Pa. favorite Stauffers of Kissel Hill, to chains like Giant Eagle and...