capital for new business startups and other small business developments, particularly in disadvantaged communities, by attracting $10 of private investment for every $1 of taxpayer funding. It was reauthorized and expanded as part of last year's $1.9 trillion American Rescue Plan Act.
New York state was approved for up to $501.5 million, including a capital access program, loan guarantees, loan participation and venture capital programs, the Treasury said. The state has allocated $154 million to programs to provide equity support to small businesses through private venture capital and accelerator funds.
Colorado was approved for up to $104.7 million, Oregon for up to $83.5 million and Montana for up to $61.3 million, the Treasury said.Reporting by David Lawder; Editing by Jacqueline Wong