Capital to small businesses and entrepreneurs in MAGNOLIA
The U.S. Treasury Departments State Small Business Credit Initiative (SSBCI) today released a new Quarterly Report detailing how the program continues to help small businesses grow and create jobs. Since the beginning of the program, the Treasury Department has disbursed more than $1.1 billion to participating states.
Through the State Small Business Credit Initiative, the Treasury Department, states, and private sector lenders and investors are supporting small businesses and creating a lasting impact on the economy, said Clifton Kellogg, Director of the SSBCI program. More than $1 billion in State Small Business Credit Initiative funds have been distributed, making a real difference at the local level. Because of these funds, businesses have been able to buy new equipment, expand their facilities, and hire workers.
Small businesses and entrepreneurs need capital to build their businesses, and SSBCI is designed to help spur new private sector lending or investment in small companies by leveraging private capital along with the federal support offered by the program. Through SSBCI, the Treasury Department will award nearly $1.5 billion to state programs across the country that support small businesses, including small manufacturers. SSBCI funding is not repaid by participating states to the federal government. Instead, to help even more small businesses, repaid loans and investments remain with participating states to be redeployed locally. The SSBCI Quarterly Report shows that as of September 2014, participating states have recycled more than $60 million to support additional investments.
States have made considerable progress in deploying these funds to support economic growth locally. The states that have deployed the most SSBCI funds by percentage of allocation include: North Dakota (Mandan Consortium), Idaho, Arkansas, Colorado, Montana, South Carolina, New Hampshire, Michigan, Kansas, and Alabama. The states that have deployed the most SSBCI funds by dollar amount include: California, Michigan, Florida, Illinois, Alabama, North Carolina, Texas, New York, Ohio, and Georgia.
SSBCI was created when President Obama signed into law the Small Business Jobs Act on September 27, 2010. The Treasury Department awarded allocations to all fifty states by early 2012, based on a formula set by the Small Business Jobs Act that considered population and unemployment levels. Each state designs its own small business programs, and five types of programs are eligible for SSBCI funds: Capital Access Programs, Loan Guarantee Programs, Loan Participation Programs, Collateral Support Programs, and Venture Capital Programs. In the SSBCI 2013 Annual Report business owners reported that more than 95,000 jobs will be created or saved as a direct result of SSBCI support.
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Two years of community college free for responsible students in MAGNOLIA
The President unveiled a new proposal: Make two years of community college free for responsible students across America.
In our growing global economy, Americans need to have more knowledge and more skills to compete -- by 2020, an estimated 35 percent of job openings will require at least a bachelor's degree, and 30 percent will require some college or an associate's degree. Students should be able to get the knowledge and the skills they need without taking on decades' worth of student debt.
If all 50 states choose to implement the President's new community college proposal, it could:
Save a full-time community college student $3,800 in tuition per year on average
Benefit roughly 9 million students each year
Under President Obama's new proposal, students would be able to earn the first half of a bachelor's degree, or earn the technical skills needed in the workforce -- all at no cost to them.
What students have to do: Students must attend community college at least half-time, maintain a 2.5 GPA, and make steady progress toward completing their program.
What community colleges have to do: Community colleges will be expected to offer programs that are either 1) academic programs that fully transfer credits to local public four-year colleges and universities, or 2) occupational training programs with high graduation rates and lead to in-demand degrees and certificates. Community colleges must also adopt promising and evidence-based institutional reforms to improve student outcomes.
What the federal government has to do: Federal funding will cover three-quarters of the average cost of community college. Participating states will be expected to contribute the remaining funds necessary to eliminate the tuition for eligible students.
Expanding technical training programs:
President Obama also proposed the new American Technical Training Fund, which will expand innovative, high-quality technical training programs across the country. Specifically, the fund will award programs that:
Have strong employer partnerships and include work-based learning opportunities
Provide accelerated training
Accommodate part-time work
Read the full fact sheet on the President's proposal here.