We are excited to share that our $250,000 loan to Immersion Research in Confluence, PA was 1 of only 10 loans featured in the Summary of States’ 2014 Annual Report for the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). See page 11 of the report.
It’s nice to be noticed and represent 1 of the 12,400 small business loans totaling $6.4 billion made through the SSBCI Program. Each featured loan represented 1,240 other loans. That’s pretty snazzy that we stood out from the crowd.
Immersion Research is a leading maker of kayaking gear. Our loan enabled owners, John and Kara Weld, to purchase and renovate a former school building that they had been renting along Pennsylvania’s Youghiogheny River. “People come from all over the world to kayak the Yough. Paddlers stop by to see where stuff is made and repaired. We’re well known in our sport and people love that we’re a local company and we’re right on the river,” said Kara Weld, co-owner of Immersion Research. Read their full story.
The SSBCI program supports private lending and investing to small businesses by awarding funds to State agencies for lending and investing programs. The Progress Fund received SSBCI funds, which it has used towards funding 30 new small business loans totaling $8,224,110 in Pennsylvania.
The U.S. Treasury’s State Small Business Credit Initiative (SSBCI) was created by the Small Business Jobs Act of 2010 to support private lending and investing in small businesses. From 2011 through 2014, States utilized $864 million in SSBCI funds to support over 12,400 private sector loans or investments to small businesses totaling $6.4 billion. These funds helped to create or save more than 140,000 jobs. View the full Summary of States’ 2014 Annual Report.