LINCOLN- The U.S. Treasury Department announced that Nebraska is one of eleven states that will be getting a share of $1 billion in funding for the State Small Business Credit Initiative.

The state's cut is $64 million, to be split equally between a loan participation program and a venture capital program.

The loan program will provide companion loans for up to 50% of the principal loan amount through the Nebraska Growth Loan Fund. The venture capital program will provide direct investments through seed and Series A investment rounds distributed by the Nebraska Seed and Development Fund.

“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,” Secretary of the Treasury Janet Yellen said in a news release.

The latest grants to Nebraska and the other states bring the total to $4.8 billion in funding to 31 states.

With the $64 million, Nebraska has now gotten $177 million in federal grants in just the past two months. $88 million was awarded to expand rural broadband, and $25 million was awarded to establish a robotics cluster.

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