The U.S. Department of the Treasury announced that Illinois will receive up to $354.6 million to administer four programs as part of the State Small Business Credit Initiative (SSBCI). The expanded program offering through SSBCI will enable Illinois to support small businesses across the state – helping them attract more capital investment and expand or launch business operations, while supporting key sectors. All of the new programs will launch in the coming months. A major challenge for small businesses is gaining access to funding and capital – especially those owned by historically underrepresented populations such as women and people of color. Illinois’ SSBCI funding allows the state to greatly expand its small business support programs. Illinois’ four programs include the existing Advantage Illinois program, which provides favorable funding terms through a loan participation model; a new Advantage Illinois loan guarantee model, which will support businesses that have had difficulty receiving loans in the past; a new venture capital direct equity program that will support emerging technologies and industries; and a Climate Bank Finance program to issues loans to small businesses in the clean energy space. The State Small Business Credit Initiative (SSBCI) was reauthorized as part of the American Rescue Plan Act (ARPA). The SSBCI program provides a combined $10 billion to states, with Illinois eligible to receive up to $354.6 million. The programs will launch in the near future; interested businesses can visit www2.illinois.gov to apply or for general information.