WASHINGTON, D.C. — The U.S. House of Representatives last week passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package to support COVID-19 recovery and relief.
The bill includes $10 billion to reauthorize the State Small Business Credit Initiative (SSBCI), according to the Council of Development Finance Agencies (CDFA). The SSBCI is one of CDFA’s top legislative priorities.
CDFA led a broad, national coalition of organizations to stress the importance of reauthorizing SSBCI to Congress through a national sign-on letter, a targeted messaging campaign, and numerous meetings with congressional offices.
“CDFA is grateful to our members and partners for supporting the reauthorization of SSBCI,” said Toby Rittner, CDFA’s president and CEO. “We now urge the Senate to move quickly to pass the American Rescue Plan. Small businesses need help urgently, and state development finance agencies are ready to immediately deploy capital to businesses in need through this innovative and proven program.”