A federal pandemic aid program aimed at boosting small businesses’ access to capital is getting off the ground more than a year after it was authorized, at a time when firms now face rising risks of high inflation and an economic slowdown.
The Treasury Department this month began distributing nearly $200 million to five states through the State Small Business Credit Initiative, a $10 billion program that directs money to states, territories and tribal governments for programs that provide capital. do or encourage private loans. The initial funding will lend to venture financing in Maryland and small manufacturing businesses in Michigan, among other programs.