State Small Business Credit Initiative could help small businesses
CHEYENNE, Wyo. (Wyoming News Now) - The Wyoming Business Council is applying to receive the State Small Business Credit Initiative or SSBCI from the federal government.
“The SSBCI Program is a once-in-a-generation opportunity for Wyoming businesses to get access to capital that they may have not otherwise had access to,” said Bert Adam, Investment Director, Wyoming Business Council.
Wyoming will receive 58 million dollars from investing in small businesses if awarded. This initiative is designed to help businesses that have had a challenge getting capital in the past.
Although the initiative focuses on small, new, socially, or economically disadvantaged businesses, everyone can apply for these funds.
The money will be distributed to banks, credit unions, venture capital funds, or angel funds to administer to local businesses.
“The 75 percent that did need funding, we saw that 20 percent was interested in equity funding,” said Adam.
The Wyoming Business Council will start accepting business partner applications by June 2022.
For more information on the initiative click here.
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