Washington, D.C. – The Economic Innovation Group (EIG) applauds the inclusion of the State Small Business Credit Initiative (SSBCI) in the American Rescue Plan Act of 2021. The reauthorization of SSBCI is a major step forward in recognizing the economic challenges faced by underserved communities and restoring entrepreneurial activity across the country.
“Since the inception of our organization, EIG has underscored the deep need for policies that address issues around regional inequality and economic dynamism, like SSBCI in the American Rescue Plan,” said John Lettieri, President and CEO of EIG. “The restoration of SSBCI in this relief package will provide crucial federal support to small businesses and emerging entrepreneurs that will drive a robust and inclusive recovery from the pandemic recession. Policymakers should not stop here, and should pursue additional steps aimed at addressing spatial inequality and economic disparities.”
EIG recently released a bold, bipartisan policy framework, “Uplifting America’s Left Behind Places: A Roadmap for a More Equitable Economy,” encouraging lawmakers to continue pursuing policies that address geographic inequality in left behind communities across America. This brief outlines EIG’s recommendations for institutional reforms and the enactment of programs like the SSBCI, to activate the power of private funding in regions underserved by venture capital, incubate entrepreneurial ecosystems by supporting small businesses, and promote an equitable, place-conscious economic recovery from the pandemic recession. The SSBCI was originally passed through the Small Business Jobs Act of 2010 to strengthen state programs that support financing small businesses and entrepreneurs. The American Rescue Plan Act of 2021 allocates $10 billion for state governments to leverage private capital to support recovering and emerging businesses after the pandemic.
EIG Media Contact: [email protected]
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is a bipartisan ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C., EIG convenes leading experts from the public and private sectors, produces original research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.