Press Release
☷Readout of White House Convening to Announce New Small Businesses Investment Funds
White House ( By Press Release office)
Feb 17,2024
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The Biden - Harris Administration recently announced new milestones for the SBIC program , showing their dedication to supporting high tech startups and advanced manufacturing small businesses . The White House NEC and SBA held a meeting with business leaders to celebrate these reforms , which aim to diversify and expand private sector investment in small businesses . The reforms include partnerships with the Department of Defense to support small businesses in critical technology and manufacturing sectors . These changes will help boost investment in underserved markets and create jobs . Additionally , SBA announced the licensing of the first fund under the new reforms , showing progress in supporting small businesses . Overall , the SBIC program has been successful in providing funding to a diverse range of small businesses , including women - owned , minority - owned , and veteran - owned businesses . These reforms have improved access to capital for historically underserved businesses and have led to job creation and economic growth . SBA is investing $125 million in the Accrual SBIC fund to support early - stage technology companies in Salt Lake City . They also approved Stifel North Atlantic to raise private capital for the Additive Manufacturing fund , as part of the SBA - DOD SBIC Critical Technologies initiative . These initiatives demonstrate the Biden - Harris Administration ' s commitment to small businesses . Participants in the discussion highlighted the importance of SBIC funds in helping businesses grow and the significance of public - private partnerships in supporting small business development .
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