If you’re a small business in Alabama, you could get some support from the U.S. Treasury Department to help grow your business.
The U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI) has released a quarterly report that shows Alabama has “deployed” more than $28 million to grow small businesses and that Alabama is a leading state in deploying the funds to local lenders and small businesses.
The report also notes that states have expended, obligated or transferred $835 million through the Treasury Department’s SSBCI program to support small business lending and investments across the country, according to the U.S. Treasury Department Office of Public Affairs.
Alabama has deployed 92 percent of its total $31,301,498 in SSBCI funds through the Alabama Department of Economic and Community Affairs (ADECA), according to the U.S. Treasury Department. The state has participated in the SSBCI program since 2011, and the ADECA is using these resources to leverage greater levels of private lending to small businesses. ADECA has supported 112 loans as of December 31, 2013, to a variety of businesses.