SHAHEEN: NEW REPORT UNDERSCORES IMPORTANCE OF REAUTHORIZING SMALL BUSINESS LENDING PROGRAM

Program has provided over $12 million to leverage lending to New Hampshire businesses, supporting nearly 4,000 Granite State jobs

October 01, 2014

U.S. Senator Jeanne Shaheen (D-NH) today welcomed new data demonstrating the State Small Business Credit Initiative’s (SSBCI) success in supporting job creation and small business growth in New Hampshire and across the country, and renewed her call to reauthorize the program. The U.S. Treasury report released today shows the New Hampshire Business Finance Authority has deployed $12,312,536 to leverage private loans and investments in small businesses while local businesses have reported that the new loans and investments will create or retain 3,910 jobs.  

“Small businesses are the backbone of New Hampshire’s economy, and programs like the State Small Business Credit Initiative are common-sense ways to help them create jobs in New Hampshire,” Shaheen said. “The latest data reinforces the program’s effectiveness in helping small businesses get access to credit in New Hampshire and underscores the importance of reauthorizing SSBCI so we can help more companies grow, create jobs and spur economic growth.”

Shaheen, a member of the Senate Small Business and Entrepreneurship Committee, has made supporting small businesses in New Hampshire a top priority and was a strong advocate of the SSBCI in the Small Business Jobs Act and introduced legislation earlier this year to reauthorize the program. Through the program, the New Hampshire Business Finance Authority has leveraged $168 million in lending to New Hampshire small businesses.

SSBCI helps small businesses better access capital for growth and expansion by leveraging billions of dollars in private investments. Since the beginning of the program, the Treasury Department has provided more than $1 billion in SSBCI funds to participating states. Of that amount, states have expended $590 million, which leveraged more than $4 billion in new loans and investments to approximately 8,500 businesses through 2013. Business owners have reported that more than 95,000 jobs will be created or saved as a direct result of SSBCI support. Additionally, 80 percent of SSBCI supported loans or investments went to businesses with 10 employees or less.