Under SSBCI, all states are offered the opportunity to apply for federal funds for state-run programs that partner with private lenders to increase the amount of credit available to small businesses. States must show that a minimum of $10 in new private lending will result from every $1 in federal funding.
Connecticut’s plan will use its $13.3 million in SSBCI funding to support the Capital Access Program (CAP), which provides loan portfolio insurance to encourage private financial institutions to lend to creditworthy small businesses. The state expects that CAP will foster more than $133 million in additional small business lending statewide.
To read the full, original article click on this link: Missouri, Connecticut get federal funds boost to support small businesses | Governing People
