Another way for small
businesses to obtain financing is through a program run
by the states called the State Small Business Credit
Initiative (SSBCI). States provide direct lending
to small businesses under the SSBCI program through
different loan programs manage by local financial
institutions. The amount of the loan
varies from state to state.
The
SSBCI was created by the Small Business Jobs Act of
2010. It provided $1.5 billion to strengthen state
programs that support lending to small businesses.
This program provides a non-bureaucratic resource for
funding and provides access to capital that may not
otherwise be available.
You
can access these program by going to the respective
state website listed below and follow the application
procedures.
