![]() In December 2022, Babylon received a $150,000 equity investment from the Virginia Innovation Partnership Corporation supported by the State of Virginia’s SSBCI program. Today, the Vice President will visit Babylon Micro-Farms, a small manufacturing company based in Virginia that has become a leader in developing sustainable and affordable indoor farming equipment. These SSBCI-supported efforts include programs to reduce lender risk when investing in advanced technologies, expanding access to working capital, expanding opportunity for small business owners from disadvantaged backgrounds, and investing in innovative start-ups. In addition, Treasury has convened manufacturing-focused discussions among nearly twenty states to stand up initiatives to address a host of common challenges faced by small manufacturers. SSBCI is expected to catalyze up to $10 of private investment for every $1 of SSBCI capital funding, meaning this historic investment will provide tens of billions of dollars in public and private support for small businesses across the country. Already, 52 states and territories have been approved for over $8 billion in SSBCI capital for small business growth and expansion that will create hundreds of thousands of jobs over the next decade. Treasury Department, is providing small businesses with access to capital to invest in critical manufacturing equipment and assets. Today’s report illustrates how the Biden-Harris Administration’s historic SSBCI, authorized by the American Rescue Plan and administered by the U.S. ![]() White House Report Highlights How the Biden-Harris Administration’s Investing in America Agenda Works for Small Businesses, Works for Small Manufacturers Earlier this week, the White House released a report card demonstrating across-the-board progress on commitments designed to maintain the nation’s historic momentum in fostering new business creation and leading to the small business boom seen over the last two years. In 20, a record 10.5 million applications for new small businesses were filed, the strongest two years on record. They have created 3.1 million jobs, and employ nearly half of all private sector workers. Since the start of this Administration, we have seen record progress made by small businesses. Vice President Harris will travel to Richmond, Virginia to highlight the report, visit one of the nation’s thriving small manufacturing companies, and discuss how the Biden-Harris Administration’s Investing in America agenda is rebuilding the U.S manufacturing base by empowering small businesses. Today, in celebration of National Small Business Week and in recognition of the critical role that small manufacturing businesses play in the economy, the White House released a report detailing how the Biden-Harris Administration’s Investing in America agenda is providing critical support for small businesses in manufacturing industries, including through the State Small Business Credit Initiative (SSBCI). Vice President Visits State Small Business Credit Initiative Recipient and Releases New Report Demonstrating Administration’s Support for Small Manufacturers
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