A new report from the federal government’s State Small Business Credit Initiative shows Washington placed 12th among other U.S. states and territories in a ranking of local small-business funding deployed through the end of 2013.
Washington deployed 72 percent, or $14.2 million, of its SSBCI allocation by the end of last year.
The SSBCI was created through the Small Business Jobs Act, signed into law by President Obama in 2010. The initiative directed the U.S. Department of the Treasury to award nearly $1.5 billion to states to fund programs supporting small businesses and small manufacturers.
In the new report, directors of the initiative wrote in support of a proposal in the president’s 2015 federal budget that would extend the SSBCI program with an additional $1.5 billion in funding.
Directors said the report also shows significant progress on the part of all state programs. The total funds expended, obligated, transferred or recycled by state programs reached $750 million, or 51 percent of the nearly $1.5 billion of total allocated funds, by the end of last quarter.
Idaho leads U.S. states in terms of the percentage of funds deployed through 2013, reporting 99 percent of its funding has been issued to small-business owners. Washington is closely followed by Oregon in the rankings, which has deployed 71 percent of its funds.