New York’s State Small Business Credit Initiative (SSBCI) application has been approved.

The allocation is expected to spur more than $550 million in small businesses lending to help create new private sector jobs, according to New York U.S. Sen. Kirsten Gillibrand.

The funding comes through the Small Business Jobs Act that Senator Gillibrand voted to pass last year.

“My number one focus is creating good-paying, family-supporting jobs for New York,” Gillibrand said. “When we increase capital for small businesses, we can help get more new businesses off the ground, help existing businesses grow and thrive, and create more good-paying jobs.”

Under the Small Business Jobs Act, New York can access $55.4 million in SSBCI funds. New York expects to generate a minimum of at least $10 in new private lending for every $1 in federal funding. The $55.4 million allocation for New York is expected to support more than $550 million in new private lending.

According to Gillibrand, small businesses are responsible for half of all private sector jobs and 70 percent of all new jobs created in the last decade. But nearly 60 percent of all small business report having trouble getting the credit they need.

The New York State Department of Economic Development, in cooperation with the Empire State Development Corporation, will use these funds to support a the New York Capital Access Program ($19 million); the Innovate New York Fund ($26 million), a new fund of funds program for early-stage companies; and the New York Bonding Guarantee Assistance Program ($10 million).

For more information about the SSBCI, visit http://www.treasury.gov/resource-center/sb-programs/Pages/ssbci.aspx.