100 Black Angels & Allies Fund receives its first institutional investment from the State of Louisiana’s Economic Development Agency as a part of the Biden Administration’s State Small Business Credit Initiative.
On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities.
Read more about the $113 million dollars received by The State of Louisiana to invest in socially and economically disadvantaged business.