Wisconsin will receive up to $79.1 million through the federal State Small Business Credit Initiative as part of the American Rescue Plan.

The U.S. Department of Treasury announced Thursday it was planning to allocate $339 million to Wisconsin, Arkansas, Rhode Island, Guam and the U.S. Virgin Islands to support small businesses and expand their access to capital.

“This is an historic investment in entrepreneurship, small business growth, and innovation through the American Rescue Plan that will help reduce barriers to capital access for traditionally underserved communities,” Treasury Secretary Janet Yellen said in a statement. “These SSBCI funds will promote equitable economic growth across the country.”

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