Kansas gets $69M to help small businesses

Kansas is expected to get $69 million in additional federal support to help small business develop. It's part of a U.S. Treasury Department program to support companies through the pandemic.

By

State News

May 19, 2022 - 3:45 PM

Kansas is set to receive $69 million in small business investment aid through the federal American Rescue Plan. Republican U.S. Rep. Jake LaTurner, left, and U.S. Sen. Jerry Moran, right, voted against the bill. Democratic U.S. Rep. Sharice Davids, center, voted for it. Photo by (Tim Carpenter/Kansas Reflector)

TOPEKA — Kansas is in line to receive as much as $69 million in additional federal support for small business development and entrepreneurship through a U.S. Treasury Department program used to support companies through the pandemic.

The American Rescue Plan expanded the State Small Business Credit Initiative, or SSBCI, established in 2010 to assist businesses following the Great Recession from 2007 to 2009. The goal is to improve access to capital in rural and other traditionally underserved communities.

States participating in SSBCI operate under the expectation each would generate business lending at least 10 times the amount of federal aid.

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