The money is provided through the State Small Business Credit Initiative, which was extended by President Joe Biden‘s American Rescue Plan of 2021. Since Biden signed the act, his administration has approved more than $6.6 billion in federal dollars exclusively for small business expansion.

“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,” Treasury Secretary Janet Yellen said in announcing the government’s latest effort to increase funding to “promote equitable economic growth across the country.”

The SSBCI, which was created in 2010, has helped level the playing field for rising entrepreneurs by providing nearly $10 billion to dozens of states to increase access to the marketplace, especially in economically challenged communities that have struggled to reemerge from the pandemic.

The Treasury has already set aside $2.5 billion in funding and incentives to support cash-strapped businesses across the country, which are expected to be sweetened by private investments that offset some of the dollars spent by taxpayers.

The new injection of cash will provide “small business owners with the resources they need to sustainably grow and thrive,” the Treasury said in a statement.

The government said its efforts came in response to data that showed more than 10 million Americans filed applications to launch a new business during the past two years, which was an all-time record.

The Biden White House saw an opportunity to employ the Obama-era policy to reenergize a sagging U.S. economy and take advantage of a nationwide small business boom that could potentially boost the middle class.

“The work Treasury has done through SSBCI’s implementation process to help these funds reach traditionally underserved small businesses and entrepreneurs will continue to be critical to ensuring the small business boom lifts up communities disproportionately impacted by the pandemic,” the Treasury Department statement said.

Earlier this month, the Treasury Department said it would send Puerto Rico as much as $109 million in federal funds to help small business owners in the American territory. In all, the initiative will bring $300 million in fresh cash to U.S. territories for governments to launch venture capital investments, loan participation programs and increase access to credit markets. Meanwhile, Arkansas has been approved to receive as much as $81.6 million; Rhode Island, $61.7 million; and Wisconsin, $79.1 million.