Sunday, September 24, 2023

Treasury Announces Approval of Up to $353.4 Million to Support Small Business Success Across Four States

These State Small Business Credit Initiative funds are awarded to Delaware, Kentucky, Tennessee, and Wyoming to support local small business financing and investment programs


WASHINGTON — Today, the U.S. Department of the Treasury announced the approval of four additional state plans for up to $353.4 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden’s American Rescue Plan. Treasury has now announced the approval of state and territory plans corresponding to over $7 billion in SSBCI funding to support small business and entrepreneurship and expand access to capital.

“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” said Secretary of the Treasury Janet L. Yellen. “These SSBCI funds will promote equitable economic growth across the country.” 

President Biden’s American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic. This includes $2.5 billion in funding and incentives to support underserved businesses. SSBCI funding is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, amplifying the effects of this funding and providing small business owners with the resources they need to sustainably grow and thrive.

In January, the Census Bureau released data which showed that over the last two years Americans have applied to start 10.5 million new businesses, making 2021 and 2022 the strongest two years on record for new business applications. The investments being made through SSBCI are a key part of the Biden-Harris Administration’s strategy to keep this small business boom going by expanding access to capital and by providing entrepreneurs the resources they need to succeed. The work Treasury has done through SSBCI’s implementation process to help these funds reach traditionally underserved small businesses and entrepreneurs will continue to be critical to ensuring the small business boom lifts up communities disproportionately impacted by the pandemic.

The following descriptions highlight some of the key programs that Treasury has approved for these states: 

  • Delaware, approved for up to $60.9 million, will operate four programs: a capital access program, a loan participation program, and two equity/venture capital programs. The loan participation program, allocated $27.5 million, will offer up to 50 percent participation in small business loans for equipment and working capital. The Delaware Early Stage VC Program, allocated $22.5 million, will support the formation of new VC funds with Delaware-based managers, focused on investments in underserved startups. The Delaware Accelerator and Seed Capital Program, allocated $7.5 million, will support an estimated three accelerator programs, supporting idea-stage startups, including those developed by underserved owners and managers.
  • Kentucky, approved for up to $117.1 million, will operate four programs: one loan participation program, one collateral support program, and two equity/venture capital programs. The Kentucky Cabinet for Economic Development (KCED) is the implementing entity for all programs.  The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. KCED, through the Kentucky Economic Development Finance Authority, will administer the loan participation and collateral support programs. These programs will expand access to capital for underserved communities by using existing initiatives, such as Shaping Our Appalachian Region (SOAR) and Promise Zone Counties, to conduct outreach in low-to-moderate income communities in the state and to women, veteran, and minority-owned businesses, businesses owned by individuals with disabilities, or those with limited English proficiency.
  • Tennessee, approved for up to $116.9 million, will operate four programs, a loan participation program and three venture capital programs. Tennessee allocated $46.9 million for a debt program that will participate in loan transactions with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) that serve rural to urban areas of the state, including underserved communities. Tennessee, in partnership with LaunchTN, allocated $70 million for the equity program focused on direct investments in early-stage startups, along with a fund-of-funds strategy investing in emerging venture capital fund managers.
  • Wyoming, approved for up to $58.4 million, will operate two equity/venture capital programs. The funds program, allocated $23.4 million, will provide limited partnership investments in Wyoming-based seed/early-stage venture capital funds. The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. Both programs will provide access for venture capital investments for in-state entrepreneurs.

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Denton Black Film Festival Institute, Local Filmmakers to Begin Filming ‘Quakertown, USA’ Documentary Series This Fall

Denton Black Film Festival Institute, Local Filmmakers to Begin Filming ‘Quakertown, USA’ Documentary Series This Fall
Denton Black Film Festival

Denton Black Film Festival logo

Quakertown, USA, a dramatic, two-part documentary series chronicling the forced removal and relocation of a thriving community of more than 400 residents in Denton, Texas, will begin production this fall, the Denton Black Film Festival Institute and Southroad Pictures announced today.

The jointly produced series, against the backdrop of early 20th century Texas, will tell the story of Quakertown representing a multi-generational tragedy impacting the families who lost their homes, their land, and their livelihoods, but the human element leans in toward stories of recovery and resiliency from these stunning acts of indifference and cruelty.

The Denton Black Film Festival Institute received $250,000 from the city of Denton toward the production of this documentary series. A GoFundMe campaign has been launched to raise the additional funds needed to produce the series.

“We believe that the Quakertown story can become a lighthouse of illumination for the entire country,” said Linda Eaddy, film programming director, Denton Black Film Festival. 

Filming of the series Quakertown, USA will begin this winter for an anticipated release in late 2024. The series will be created by veteran filmmakers King Hollis and Lindell Singleton, the team who brought the acclaimed historical documentary about the 1936 Texas centennial, “Rising: The Hall of Negro Life,” to PBS earlier this year and their film, “Echoes from the Hill,” slated for release this Fall.

Executive Producer King Hollis said, “I am delighted to work on a series about my hometown, where I spent my summers and where my family resides. It’s a personal story. Lindell and I are pleased to continue our work on these essential historical documentary series.”

About the Denton Black Film Festival Institute

The institute evolved from the Denton Black Film Festival (DBFF) to provide a platform to serve Black creatives of all backgrounds. The activities and events are open to ALL filmmakers, however, because of historical exclusion and limited participation in the film industry, we recognize a special need for support for those of the African and Black Diaspora. The Film Festival is an annual cultural event, featuring the works of seasoned and emerging filmmakers, creatives from around the country and talented college students, musicians, artists and spoken word poets. Held each January, thousands attend the celebration of storytelling in various art forms, which takes place in various venues. The next festival is slated for January 24-28, 2024, in person and extended virtually from January 28 to February 5. Website:

About Southroad Pictures

Southroad Pictures, a subsidiary of Southroad Holdings, Inc., is a global black-owned studio and creator of acclaimed content across the narrative, documentary and commercial production spaces. Building on the legacy of its founding partners, Southroad Pictures and partners exist at the leading edge of developing, producing and distributing compelling, aspirational and factual programming that makes a difference around the world.

Contact Information:
Neil Foote
CEO, Foote Communications
[email protected]
(214) 448-3765

Original Source: Denton Black Film Festival Institute, Local Filmmakers to Begin Filming 'Quakertown, USA' Documentary Series This Fall
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