The Department of Community Affairs will be rolling out the State Small Business Credit Initiative over the next several months. This initiative is a component of the Small Business Jobs Act signed by Obama in 2010. Under this act, $1.5 billion goes to states to support state-run small business capital access program or other credit support programs. Georgia’s allocation amount is $47,808,507. This money must be used for programs with private lenders to extend access to credit for small businesses and must also demonstrate a minimum of $10 in new private lending for every $1 in federal funding.
The DCA has created three programs to be implemented in Georgia: the Georgia Capital Access Program (GCAP), the Small Business Credit Guarantee (SBCG) and the Georgia Funding for Community Development Financial Institutions (CDFIs). To learn more about each of these programs, CLICK HERE to visit the Georgia SSBCI website.
The Council will be supporting the DCA with this initiative. For more information, please contact Josh Stephens at email@example.com.