Warnock helps secure $200 million to promote state small businesses

WASHINGTON, D.C. — U.S. Senator the Rev. Raphael Warnock, D-Ga., announced Tuesday he secured nearly $200 million in federal funds to increase access to capital and promote entrepreneurship for small businesses in Georgia.

The investments come from the State Small Business Credit Initiative, which was created by the American Rescue Plan. These investments will help small businesses expand operations, create jobs and support minority entrepreneurs or students of HBCUs get their businesses started. In March, Warnock led his colleagues in urging officials to use SSBCI funds to boost domestic manufacturing in Georgia.

“When I speak to small business owners across the state, I hear that access to capital, especially for those from underserved communities, often holds folks back from starting businesses and creating jobs in our communities,” Warnock said in a news release. “I’m glad that Georgia’s small businesses will get a much-needed jolt to help them continue to innovate, grow our economy and create jobs.”

A member of the Senate caucus that focuses on boosting small businesses in underserved communities, Warnock is an advocate for Georgia’s small businesses, introducing legislation to protect them from security breaches, securing federal investments to provide relief to small businesses as they navigated COVID-19, and championed the expand Child Tax Credit, which provided families with much-needed relief that they were able to spend at local small businesses.

Staff Photo: Ulf Kirchdorfer