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WV to get nearly $12.8 million from US Treasury State Small Business Credit Initiative

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 A new quarterly report from the U.S. Treasury Department’s State Small Business Credit Initiative found West Virginia to be a leading state in awarding the funds to local lenders and small businesses.

West Virginia has awarded nearly $12.8 million, according to the report, which also noted that states have expended, obligated or transferred $835 million through the Treasury Department’s SSBCI program to support small business lending and investments throughout the country.

“The SSBCI program provided West Virginia the opportunity to design and create credit and equity programs that simply were not available to small business owners in the state,” said West Virginia Jobs Investment Trust Executive Director Andrew Zulauf. “We now have a collaborative infrastructure within the state, where an approved network of lending agencies work together to not only provide financing, but to assist entrepreneurs and small business owners with operational support in the area of business plan development, financial modeling, market research and legal expertise.”

West Virginia has participated in the SSBCI program since 2011, and 97 percent of the state’s total $13,168,350 in SSBCI funds have been distributed through the West Virginia Capital Access Network. The network has made 39 SSBCI investments and provided loans to businesses since December 2013.

SSBCI was created in September 2010 through the Small Business Jobs Act of 2010. President Barack Obama proposed an extension of SSBCI and an additional $1.5 billion in funding in his 2015 budget.

SSBCI funds are not repaid to the federal government. The U.S. Treasury Department will award as much as $1.5 billion through SSBCI to fund programs that support small businesses, including small manufacturers.