Signage is seen at the United States Department of the Treasury headquarters in Washington, D.C., U.S., August 29, 2020. REUTERS/Andrew Kelly/File Photo

WASHINGTON, Nov 10 (Reuters) – The U.S. Treasury Department on Wednesday released new implementation guidance for the $10 billion State Small Business Credit Initiative Program, designed to allow firms in disadvantaged communities access capital.

The program, approved under coronavirus relief legislation passed in March, aims to catalyze $10 of private investment for every $1 of federal funding. Treasury said in the the guidance that it will provide $2.5 billion in seed capital for jurisdictions to reach businesses owned by socially or economically disadvantaged individuals and over $600 million in funding to Native American tribes.

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Reporting by David Lawder

Our Standards: The Thomson Reuters Trust Principles.

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