Washington, D.C. — U.S. Senator Jon Ossoff is working to help Georgia’s small businesses quickly access vital new relief and support.
In a U.S. Senate Banking Committee hearing yesterday, Sen. Ossoff secured a commitment from U.S. Treasury Secretary Janet Yellen to swiftly allocate funds designated to Georgia’s small businesses to ensure they get the help they need.
Small businesses across Georgia are set to receive about $200 million from the Treasury Department’s State Small Business Credit Initiative (SSBCI) this year.
The SSBCI provides funding to all U.S. states and territories to promote American entrepreneurship and expand small businesses’ access to capital.
Please find a transcript of the exchange below:
SEN. OSSOFF: “I want to also discuss the State Small Business Credit Initiative. This, as I understand it, has been useful for small businesses in Georgia. Last year, Congress authorized an additional $10 billion to expand access to capital for small businesses through the State Small Business Credit Initiative. Georgia expects to receive about $200 million through our Department of Community Affairs to support lending to small businesses. So, I’m asking for a similar commitment that you will work with my office to determine how we can expedite the full provision of that resource to the state of Georgia, to help Georgia’s small businesses.”
SEC. YELLEN: “Yes, of course. We’re working very hard on getting the money out under that initiative, and we’ll work closely with you all to make sure it’s successful.”