---------- Forwarded message ----------
From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Tue, May 6, 2014 at 9:43 AM
Subject: Update: SSBCI Creating Jobs, Supporting Local Communities Across the Country
To: iammejtm@gmail.com
From: U.S. Department of the Treasury <subscriptions@subscriptions.treas.gov>
Date: Tue, May 6, 2014 at 9:43 AM
Subject: Update: SSBCI Creating Jobs, Supporting Local Communities Across the Country
To: iammejtm@gmail.com
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The State Small Business Credit Initiative (SSBCI) hit the ground running after Congress approved and President Obama signed the SmallBusiness Jobs Act in September 2010. In partnership with our state programs across the nation, SSBCI has already disbursed more than $1 billion of our nearly $1.5 billion in funds. Preliminary data suggests that through 2013, business owners who received loans or investments backed by SSBCI funds estimated that over 90,000 jobs will be created or retained in the coming 24 months that were at risk of loss. With so much activity in a relatively short period of time, it is important to take stock of what we have accomplished. Last week, state directors and other officials from SSBCI programs representing 48 states, Washington D.C., and four territories gathered in Washington for the fourth national SSBCI conference. Attendees shared insights, success stories, and best practices. On Thursday, we were joined by Treasury Deputy Secretary Sarah Bloom Raskin, who stressed why SSBCI is so vital to local communities: "Promoting access to capital for small businesses – both loans and investments – is tremendously important. Access to capital spurs our nation's continued economic recovery and job creation for all Americans. Through programs like the State Small Business Credit Initiative, Treasury has played a crucial role in local economies all across the country by helping creditworthy businesses obtain the capital they need to create jobs and expand their operations." Recently, Secretary Lew also had the opportunity to see SSBCI's real impact up-close. During a two-day trip to Detroit, he toured New Center Stamping, a Michigan small business that leveraged $3.7 million in funding from SSBCI to secure a $7.5 million loan. Those funds will allow New Center Stamping, an auto parts supplier, to purchase new equipment and hire new employees. New Center Stamping's story is just one example of how the SSBCI program, which has deployed over $1 billion to date, is creating jobs and opportunities across the country. Treasury Under Secretary for Domestic Finance Mary Miller put it best during this week's conference when she said, "Given our success to date, I hope that Congress will support the Administration's proposal to extend SSBCI. Having built these relationships and pipelines over the past three years, we should not let these powerful federal-state partnerships lapse." I could not agree more. Now, back to work.
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Jeremy Tobias Matthews
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