Investors Of The USA- The Support To Small Businesses
Small businesses in the USA have been the life and blood of the people of the local communities. Several reports have revealed that in the year 2021, 74% of more than $1 trillion in private equity investments have taken the initiative to support small businesses. The number of small businesses was up to 5,205, with an employee weight of less than 500. Therefore, if you are an owner of a small business in the USA, then you must know the value of the investment. Since the pandemic situation, investment and support to small businesses have been in the limelight for the economic boost of the country.
The USA Treasury has been one of the investors to support of small businesses. The department of treasury in the US has announced the approval of funding for small businesses in seven states. The amount of funding was up to $1.5 billion. This amount will be funded under the department of “State Small Business Credit Initiative (SSBCI)”. You should also know that the total amount of funding for all the states of the country was about $6.3 billion, through a specialized structure as per the reports of SSBCI.
If you are living in the US and very enthusiastic about doing business, then you should opt for the funding. The concept of entrepreneurship also lies within every small business owner, and that is why the secretary of the treasury, Janet L.Yellen, has stated that it has been a historical moment of success for small businesses in the USA. Bank of America also participates in promoting small businesses to grow and reach the next level.
The bank is one of the reputed monetary business organisation in the country, with a lot of customers who owns small businesses across all the states. The bank not only provides banking services, credit, and cash management services but also loans to small business owners. This works as funding for the businesses to grow and repay the debt with interest as per banking norms. Across the small business sector, the entire industry is on the verge of expansion with credit. Within the Bank of America, a section of the organisation is involved in investment which is called “Community Development Financial Institutions”.
The Bank of America, since 2020, have come together to help small business organisations with their clients and communities. As mentioned above, if you are the owner of a small business, you can easily apply and get funding from the organisation with the help of the collaboration of “The Small Business Administration (SBA)” and “The Paycheck Protection Program (PPP)”. The authority of the organisation claims that the Bank of America is the first-ever financial organisation in the US which began to accept PPP applications. In order to execute the program, the bank has trained and deployed a massive number of employees and teams to develop innovative technology that can support the PPP program for the sake of the growth of small businesses.
