How Philly-Area Businesses And Start-Ups Can Tap Into $584M In New Federal Funding
$584 million in federal funding has been targeted for businesses in the Delaware Valley under the State Small Business Credit Initiative program.
Millions in federal funding is earmarked for Pennsylvania, New Jersey, and Delaware to help small businesses. But where does it come from and how can local entrepreneurs get it?
The money is coming from a new $10 billion funding round approved by Congress for the State Small Business Credit Initiative (SSBCI), a program from 2010 that, at the time, provided $1 billion in funding to states, territories, and eligible municipalities to help grow their investment, loan, and venture capital infrastructure for small businesses.
Pennsylvania’s share — approximately $268 million — was approved last year, and earlier this month the Treasury Department authorized $61 million in funds for Delaware and $255 million for New Jersey businesses. Of course, just because the money has been approved doesn’t mean it’s coming quickly. Which means that if you’re running a small business in the area, there’s still time to take advantage. But you better act quickly.