Time: 2024-10-15
California has been award 0 million in Federal funds to aid small business turn and hire More employee, announce the U.S. Treasury Department on Oct. 7. This new support will let California to supply one-on-one support to aid entrepreneur seize new opportunity make by state investing in infrastructure and invention, harmonize to U.S. Deputy Secretary of the Treasury Wally Adeyemo.
The California Office of the Small Business Advocate will use the funds to support small business growth through the Biden administration's State Small Business Credit Initiative ( SSBCI ) Investing in America Small Business Opportunity Program ( SBOP ). The enterprise in California will receive support from 6.25 million in match funds, part of the administration's economic agenda concentrate on connect underserved and very small business to the capital necessitate to participate in key supply irons such as electric vehicle fabrication, semiconductor fabrication, construction, transportation_system, and clean_and_jerk energy generation.
California Lt. Gov. Eleni Kounalakis mention to the 0 million investing as a significant win for the state's small business. She stress that the investing will guarantee the state remains at the forefront of economic growth and invention, especially for small business own by woman and people of color. U.S. Speaker Emerita Nancy Pelosi express her pride in partner with President Biden to deliver transformative investing for small business. U.S. Rep. Maxine Waters foreground the importance of the support in guarantee that small business across California are aware of and can entree billion of dollar in low-cost Federal and state financing.
CalOSBA Director Tara Lynn Gray express gratitude for the Treasury Department's choice of their application. Gray mention that the proposal is plan to complement exist Federal investing in the Technical Assistance for Capital Readiness Program and state-degree investing from Gov. Newsom's administration in the Accelerate California plan. The team at CalOSBA purpose to diversify California's invention economy and addition small business engagement in state catching, goal that will be significantly support by the new funding.
In addition to the 0 million award to California, the Treasury Department has also approve SSBCI Technical Assistance grant for 48 legal_power total 45 million. The department expect foster blessing of application in the approach future, continue to support small business across the nation.
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