MARQUETTE — U.S. Sens. Gary Peters, D-Bloomfield Hills, and Debbie Stabenow, D-Lansing, announced Thursday that the U.S. Department of the Treasury will provide up to $236,990,950 to the state of Michigan as part of the State Small Business Credit Initiative.

This federal investment will be used to expand small business lending programs and a venture capital fund investment program.

“As we work to bolster our economic recovery, we must ensure that Michigan small businesses have the resources they need to stay afloat,” Peters said in a statement. “This funding will directly help our small business community create jobs, adapt operations and support local economies across our state. The State Small Business Credit Initiative is a proven success, and I’m pleased that the program I helped champion will continue to support businesses right here in Michigan.”

This funding comes after the senators led efforts to “enact significant funding for the program as part of the American Rescue Plan Act that was signed into law last year and urged the Treasury Department to use these relief funds for small businesses to restore and strengthen domestic manufacturing,” officials said in a news release.

“The COVID-19 crisis has taken an incredible toll on small businesses in our state and made us appreciate even more their importance to our communities and our economy,” Stabenow said in a statement. “Given the stress of this pandemic on so many small businesses, access to capital is more important than ever. This funding will help our businesses create jobs, help our economy recover and strengthen domestic manufacturing — helping to prevent further delays and disruptions to U.S. supply chains.”

Peters and Stabenow championed the original language that established the program in the Small Business Jobs Act of 2010 as members of the U.S. House and Senate, respectively, according to the release.

“Our small businesses are the backbone of our nation’s economy and here in Michigan, we’re committed to doing all we can to provide the support, resources and opportunities they need to grow and thrive,” Quentin L. Messer, Jr., CEO of the Michigan Economic Development Corporation, said in a statement. “We’re grateful and proud to be among the first states to receive this critical allocation and appreciate the steadfast partnership of Sen. Peters, Sen. Stabenow and the entire Whitmer-Gilchrist administration in securing this additional SSBCI funding. This approved application only continues the work. We look forward to building on this progress over the coming year as we lift up small businesses throughout Michigan.”