US vice president, Treasury to provide $175M for small businesses

US Vice President Kamala Harris and the Treasury Department on Friday announced $175 million in funding to support small businesses.

In a statement, the Treasury Department said the aid would be delivered as part of the Capital Readiness Program (CRP) — a technical assistance program funded by the Treasury's State Small Business Credit Initiative (SSBCI).

The Treasury said it increased previously announced support for the CRP to a total of $125 million in SSBCI funding.

It also announced the approval of the first awards under the SSBCI Technical Assistance Grant Program to 12 states, which total over $57 million.

"The investments through the State Small Business Credit Initiative are a key part of the Biden-Harris Administration’s efforts to fuel the small business boom by providing small businesses and entrepreneurs the resources they need to succeed," said Treasury Deputy Secretary Wally Adeyemo.

"Today's announcements are important steps in helping unlock the potential of entrepreneurs in underserved communities across the nation who may have otherwise never had the support needed to pursue their business ideas and ambitions," he added.

The Treasury said SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding to amplify its effects and provide small business owners with the resources they need to grow sustainably.