The White House today announced that the Obama Administration’s fiscal 2012 budget will propose an expansion of the New Markets Tax Credit (NMTC) program to $5 billion from $3.5 billion to encourage investments in startup companies and small businesses based in low-income areas. In addition, the White House released an online fact sheet about the initiative, and announced that the Treasury Department will host a March 2011 conference to explore access to capital for small businesses. The announcement was part of the launch of the Startup America Initiative, which is described as a coordinated public/private partnership to accelerate high-growth entrepreneurship. The White House is expected to release its official FY-2012 budget in mid-February.

White House to Launch “Startup America” Initiative