N.H. BFA responds to federal credit initiative
The Granite State's Business Finance Authority has deployed 92 percent of federal funds granted to support small business lending and investments.
The New Hampshire Business Finance Authority deployed some $12.1 million in targeted federal funds to grow small businesses, according to the U.S. Treasury Department’s State Small Business Credit Initiative.
According to the initiative, the BFA was able to deploy 92 percent of its total $13.1 million in SSBCI funds, which support small business lending and investments across the country. That percentage makes New Hampshire one of the leading states in deploying the funds to local lenders and small businesses.
All told, states have expended, obligated or transferred $835 million through the SSBCI program.
The BFA has made 10 SSBCI investments and provided 271 loans assisting traditional manufacturing companies and high-tech firms, such as biotech, software and advanced manufacturing.
The BFA has participated in the SSBCI program since 2011.
“The U.S. Treasury Department, states and private sector lenders are investing in local communities to help drive economic growth, and these efforts are supporting small businesses in New Hampshire,” said the U.S. Treasury Department Deputy Secretary Sarah Bloom Raskin. “Small businesses are at the forefront of the nation’s economic recovery, and the State Small Business Credit Initiative provides entrepreneurs and small business owners with access to the resources they need to grow and create jobs.”
Through SSBCI, the U.S. Treasury Department can award up to $1.5 billion to fund programs that support small businesses, including small manufacturers. To date, more than $1 billion has been deployed to states and municipalities.
SSBCI funds are not repaid to the federal government; they remain with the state to be redeployed to support more small business development locally. To date, states have reported recycling more than $14.7 million, and this number is expected to grow as the program continues.
Additionally, the program is expected to help spur up to $15 billion in new private sector lending or investment in small companies by leveraging $10 in private capital for every dollar of federal support by the program’s end, according to officials.