According to the US Treasury Department, the State Small Business Credit Initiative (SSBCI) and the Small Business Lending Fund (SBLF) “have collectively resulted in over $27 billion of additional capital for America’s small businesses, including an increase of $18.7 billion in small business lending reported by SBLF participants and $8.4 billion in SSBCI-supported small business lending and investing,” Although nearing their end, requests have been made to both continue and expand these programs in the near future.
The programs have stimulated business lending in over 47 states and the District of Columbia. According to US Treasury Secretary Jacob Lew, “With a relatively small investment, the program has supported $8.4 billion in new small business lending or investing through almost 17,000 transactions, 42 percent of which were to businesses in low and moderate income communities.”
Both the SSBCI and SBLF have done wonders to keep small businesses afloat in today’s economy. Although statistics were also given for the increase in GDP and business income, we are well aware that the biggest benefits were larger corporations. An additional $1.5 billion is being requested for program expansion, as well as ideas to decrease the wealth gap between minority and women owned businesses as they are compared to the average small enterprise.