SSBCI Funding Would Allow Pennsylvania Small Businesses to Expand and Create Jobs
WASHINGTON, DC—U.S. Senator Bob Casey (D-PA) today sent a letter to Secretary of the Treasury Timothy Geithner to voice his support for Pennsylvania’s application for State Small Business Credit Initiative Funding (SSBCI).
“Pennsylvania is expected to receive $29.2 million through the SSBCI as a result of the passage of the Small Business Jobs Act of 2010,” Senator Casey wrote. “This funding will be used provide loans in varying amounts to small businesses. It is my understanding that this funding will leverage a significant amount of private investment and lending.”
With focus on job creation and industry growth, state agencies will award funding to support long-term economic development in Pennsylvania.
SSBCI was signed into law in September 2010 and allows states to leverage private funding to expand successful small business initiatives that are not receiving the loans they need to grow and create jobs.
A copy of Senator Casey’s letter is below.
Dear Secretary Geithner:
I write to express my strong support for the Commonwealth of Pennsylvania’s application for State Small Business Credit Initiative (SSBCI) funding. The Pennsylvania Department of Community and Economic Development will be responsible for administration of this funding and has selected four state programs as recipients. These programs focus on fostering community and economic development; providing capital for the acquisition of machinery and equipment for manufactures; and strengthening life sciences. Each of the selected initiatives has a strong record in supporting small businesses across the Commonwealth.
As you know, Pennsylvania is expected to receive $29.2 million through the SSBCI as a result of the passage of the Small Business Jobs Act of 2010. This funding will be used provide loans in varying amounts to small businesses. It is my understanding that this funding will leverage a significant amount of private investment and lending. State agencies responsible for administration of the funds will focus on job creation and the growth of industries that will support our Nation’s long-term economic development. I have been informed that the SSBCI funding will create nearly 10,000 jobs and retain thousands of private sector jobs in Pennsylvania.
I respectfully ask for an expeditious review of Pennsylvania’s application for SSBCI funds. The apportionment of such a sizable amount to the Commonwealth indicates its capability to implement programs that will provide small businesses with the needed funds for continued development and expansion.
Thank you for your consideration of my views and please feel free to contact me directly with questions or concerns.
Sincerely,
Robert P. Casey, Jr.
United States Senator
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