Pennsylvania has been awarded nearly $268 million in American Rescue Plan funding, through the State Small Business Credit Initiative (SSBCI).

The Pennsylvania Department of Community and Economic Development (DCED) will distribute the funds to eligible economic development partners who will then administer the funding to qualifying businesses through equity investments and loans, according to a news release from Gov. Tom Wolf’s office.

Pennsylvania will operate three different programs, including equity capital investments and venture capital investments, direct equity investments and a loan participation program, which will extend loans of no more than 50 percent of total financing to small business borrowers through certified economic development organizations (CEDOs) and community development financial institutions (CDFIs).