The initial money will fund venture financing in Maryland and lending to small manufacturing businesses in Michigan, among other programs. Biden administration officials say the funding remains critical in the current environment to ensure small businesses thrive over the long run and to ensure entrepreneurship opportunities are more available in disadvantaged communities. “It’s clear Democrats never intended for this program to provide temporary and targeted relief for small businesses affected by Covid-19,” Mr. McHenry said. Deputy Treasury Secretary Wally Adeyemo said the department intentionally took time to design the SSBCI program to provide support for small businesses. Deputy Treasury SecretaryWally Adeyemosaid the department intentionally took time to carefully design the program to provide support for small businesses, particularly those that typically struggle to access capital.

Source: Wall Street Journal May 29, 2022 14:55 UTC