Treasury approves $635.6 million in SSBCI funding for Texas and Washington

The U.S. Department of Treasury has announced approval of $635.6 million in State Small Business Credit Initiative (SSBCI) funding for Texas and Washington. The addition of these two states means 48 states and three territories have had their SSBCI programs approved.

Texas

Texas has been approved for $472.0 million to operate a capital access program and loan guarantee program. The loan guarantee program will be allocated $354.1 million to increase access to financing by providing loan guarantees to small and medium-sized businesses throughout the state.

Washington

Washington has been approved for $163.4 million to operate a collateral support program, three loan participation programs and an equity/venture capital program. Washington State Venture Capital Fund, the state’s equity/venture capital program, has been allocated $49 million and will provide capital commitments to new venture capital funds with diverse investment teams that invest in underserved startups. The state will also allocate $13 million to one of three loan participation programs to improve payment flexibility for small business growth. The remaining programs include: a revenue-based loan program focused on underbanked communities in the state to provide access to capital through a revenue-based debt product; a separate loan participation program; and the state’s collateral support program. More information on the programs can be found here.