On Tuesday, May 24, 2022, Congressman Al Green released the following statement:

“Last year, my legislation, H.R. 1669 – the State Small Business Credit Initiative (SSBCI) Renewal Act, was signed into law as part of H.R. 1319 – The American Rescue Plan Act. The SSBCI Renewal Act reauthorizes the SSBCI program to unleash $100 billion in capital for small businesses through state, territorial, and tribal government programs. The SSBCI program provides disadvantaged businesses greater access to capital and the tools they needed to make sound credit decisions,” Congressman Al Green said. “By increasing access to capital and expertise, this program has helped small businesses hire more people, as well as helped communities across the nation overcome longstanding barriers to building wealth.”

“This bill that Congressman Phillips and I are introducing makes several changes to the original SSBCI program. It extends the time horizon of the SSBCI program from seven to 11 years, extends the time that a municipality has to submit an application to the SSBCI program from 12 to 18 months, and allows disbursement of SSBCI awards to an entity receiving $1 million or less in a lump sum, as opposed to a series of three payments.”

Congressman Green, who serves as Chairman of the House Financial Services Subcommittee on Oversight & Investigations, added, “Supporting small businesses is not a Democratic or Republican issue. It is an American issue. It is our job to ensure that the small businesses that make up the backbone of our economy are supported and given the tools they need to thrive. I am proud to partner with Congressman Phillips to strengthen the SSBCI and continue pushing capital into the hands of socially and economically disadvantaged businesses.”

“The vast majority of entrepreneurs lack access to financing from entities such as banks and investment firms, a significant barrier to overcome for those attempting to start their own business. Many also lack the personal funds to make up for this financing gap,” Rep. Phillips said. “The State Small Business Credit Initiative tackles this issue head-on and will spur entrepreneurship, economic growth, and job creation across the country by expanding access to capital for small business owners – particularly for those in minority and underserved communities.”

The full text of this bill can be found here.