{"database": "press", "table": "releases", "rows": [["https://www.reed.senate.gov/news/releases/ri-delegation-delivers-773k-to-fuel-local-small-business-growth", "RI Delegation Delivers $773k to Fuel Local Small Business Growth", "2023-11-22", "2023", "2023-11", "Democrat", "Senate", "RI", "Jack Reed", "R000122", "www.reed.senate.gov", "jackreed", "https://www.reed.senate.gov/news/releases", "scraper", "PROVIDENCE, RI \u2013 In an effort to help Rhode Island small business owners unlock the resources they need to succeed, U.S. Senators Jack Reed and Sheldon Whitehouse and Congressmen Seth Magaziner and Gabe Amo today announced that the Ocean State is set to receive $773,624 to help very small and underserved businesses access more federal, state, and local funding opportunities and contracts.\n\nThis federal investment in growing Rhode Island\u2019s small and underserved businesses flows from the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI). Reed and Whitehouse voted to establish the original SSBCI program in 2010 and helped to reauthorize it and deliver a $10 billion boost to the program as part of the American Rescue Plan Act, which was signed into law by President Biden on March 11, 2021.\n\nThe federal funds announced today are from the SSBCI Technical Assistance Grant Program and will be used to provide legal, accounting, and financial advisory services to help eligible small businesses apply for the SSBCI capital program and access other governmental small business programs. Earlier this year, Senators Reed and Whitehouse and former Congressman David Cicilline secured $61.7 million in SSBCI funding for the Rhode Island Commerce Corporation to establish new small business credit-assistance programs to improve Rhode Island small businesses and entrepreneurs access to capital.\n\n\u201cRhode Island\u2019s small businesses are the lifeblood of our communities and help to drive our economy forward. When we invest in the resources they need to thrive, we are helping to grow their ventures and boost job creation throughout our state,\u201d said Senator Reed, a senior member of the Appropriations Committee. \u201cThis technical assistance funding through SSBCI will help our very small and underserved businesses access additional investments and will have a positive impact on economic development for our Main Street businesses, neighborhoods, and communities that need it most.\u201d\n\n\u201cMore than half of all working Rhode Islanders are employed by a small business,\u201d said Senator Whitehouse. \u201cThis investment from our American Rescue Plan will help underserved and very small businesses tap into federally funded sources of capital and create jobs.\u201d\n\n\u201cSmall businesses are the foundation of a strong economy, and they are an essential part in creating good-paying jobs and expanding opportunities for working Rhode Islanders,\u201d said Representative Seth Magaziner. \u201cThis federal funding will increase access to capital, support entrepreneurs, and give local small business owners a fair shot at success.\u201d\n\n\u201cSmall businesses across our district are the backbone of our economy. The federal investments Rhode Island secured today will support job creation throughout our state by increasing funding opportunities,\u201d said Congressman Amo. \u201cI am proud these resources were made possible because Congress passed President Biden's American Rescue Plan. We need to continue to ensure that all small and underserved businesses thrive and are part of our state\u2019s economic recovery.\u201d\n\nSSBCI was first created under President Obama as part of the Small Business Jobs Act, which became law on September 27, 2010. Under the program, the Treasury Department allocated $1.5 billion to fund state programs across the country that support small businesses, including small manufacturers.\n\nAs a result of this law, over $13 million in SSBCI funds were made available to Rhode Island to support businesses and the local economy. Rhode Island used the first SSBCI funding wave years ago to leverage $15 in outside financing for each $1 in SSBCI funds invested, providing nearly 90 loans/investments to small businesses with a median principal loan/investment of $70,545.\n\nUnder the law, each state designs its own small business programs, and Rhode Island has implemented credit and equity initiatives to fund small business credit expansion activities in the state.\n\nRI Commerce, which administers the state\u2019s SSBCI capital programs, anticipates that this funding will provide technical assistance to approximately 242 underserved and very small businesses, potentially resulting in about 121 successful applications to the state\u2019s SSBCI capital programs.", 1, "2026-03-30T01:40:41Z", "2026-04-08T01:01:09Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.reed.senate.gov/news/releases/ri-delegation-delivers-773k-to-fuel-local-small-business-growth"], "units": {}, "query_ms": 1.0799029842019081, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}