Georgia is receiving just under $200 million in funds over the next 10 years to support entrepreneurs who lack access to traditional bank loans.
The money comes from the State Small Business Credit Initiative (SSBCI) Grant, a $10 billion federal program to expand access to capital through business loans.
“If you’re a new business, if you don’t have a personal business history, you don’t have a lot of assets for collateral, it’s challenging for banks to lend money,” said Allan Adams, the state director for the University of Georgia Small Business Development Center.
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