A federal pandemic aid program aimed at boosting small businesses’ access to capital is getting off the ground more than a year after it was authorized, when firms are now facing the headwinds of high inflation and the growing risks of an economic downturn.

The Treasury Department this month began distributing nearly $200 million to five states through the State Small Business Credit Initiative, a $10 billion program that directs money to states, territories and tribal governments for programs that provide capital or encourage private lending. The initial money will fund venture financing in Maryland and lending to small manufacturing businesses in Michigan, among other programs.

This post first appeared on wsj.com

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

They appeared in deepfake porn videos without their consent. Few laws protect them.

Artificial intelligence-generated pornography featuring the faces of nonconsenting women is becoming more…

80-year-old mother of missing man disappears while looking for him

An 80-year-old woman who went out to look for her missing son…

Michigan Gov. Gretchen Whitmer signs stricter background check and storage bills

EAST LANSING, Mich. — Anyone who wants to buy a gun in…

Eurozone Recession Risk Grows as Pandemic Chills Services

The eurozone economy faces a rising risk of sliding into its second…