Summary
The State Small Business Credit Initiative (SSBCI), established in 2010, provided $1.5 billion in formula funds to states, municipalities, and territories to support investment in small businesses and manufacturers. Initially, most jurisdictions were slow to spend or obligate their funds. However, recent reports from the Treasury Department show that more than $891 million (61%) of the allocated funds have been disbursed by states, reflecting a significant increase in activity. However, disbursement remains slow in many states. While 10 states have spent, obligated, or transferred at least 90% of their allocation, 18 jurisdictions have used less than half.