Small businesses who receive a small business loan or other financing:
01.
Are 54% more likely to qualify for future business loans;
02.
are 54% more likely to survive; and
03.
increase their sales by an average of 41%.
State Small Business Credit Initiative (SSBCI)
Funding for this $25.3 million Program comes from the U.S. Treasury’s State Small Business Credit Initiative (SSBCI), which was created by the U.S. Congress in 2010 and reauthorized through the American Rescue Plan Act of 2021. Additionally, it will support the deployment of $1.1 billion in federal funding separately approved for capital support programs from the California Infrastructure and Economic Development Bank (IBank) and the California Pollution Control Financing Authority. Lenders across the state are expected to leverage the $1.1 billion in funding for existing capital support programs into $18 billion in new loans for small businesses.
This project is being supported, in whole or in part, by a subaward made under federal award number SSBCI-21031-0018 awarded to the California Office of the Small Business Advocate (CalOSBA) by the U.S. Department of the Treasury.
Whatever stage of business you are in, capital is part of your journey. Are you ready to begin your capital readiness journey?
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