Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. Tennessee SSBCI Funding $117M Approved: This state will operate four programs, a loan participation program and three venture capital programs. Can I apply directly to EFI for a loan or a grant under the SSBCI Program? This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. The following programs are allowable under SSBCI Guidelines: Collateral Support Enables financing that might otherwise be unavailable due to a collateral shortfall. See our full post on North Carolina SSBCI funding, Pennsylvania SSBCI Funding $268M Approved & Accepting Applications: Two programs have been approved, including a revolving loan fund ($125,838,132), and a direct venture investment ($125,000,000) component that will provide funding or capital. 2011 State Small Business Credit Initiative Application. Please read the attachment for complete information on submissions. South Dakota SSBCI Funding $62M Approved: The state has allocated these new funds entirely to support a loan participation program, which will be dispersed through approved lending institutions and CDFIs. Florida received a total SSBCI allocation of $97,662,349. West Virginia SSBCI Funding $72M Approved: Two programs are being developed, including half of the funds being allocated to a seed capital co-investment fund. Apply now. The American Rescue Plan Act of 2021 reauthorized theState Small Business Credit Initiative (SSBCI)as part of the national response to the coronavirus pandemic-induced recession. March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. Wisconsin SSBCI Funding $79M Approved: This state will operate seven programs: a capital access program, a collateral support program, a debt/equity hybrid program, two loan participation programs, and two equity/venture capital programs. The original SSBCI, in place from 2010 until 2017, was the Obama Administration's response to the 2008-2009 financial crisis. SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. See our full post on South Carolina SSBCI funding. New Hampshire SSBCI Funding $61M Approved: The program will operate five programs for the state including the a capital access program, a loan guarantee program, and 3 separate loan programs. Community banks and nonprofit mission-based lenders, particularly CDFIs, are important to reach this programs intended populations and will be utilized to the greatest extent possible. ET, 2022. The funds will be available through state approved community banks, CDFIs, and non-profits. For applying to SSBCI Application, you will need all these business-related documents. The programs are designed to invest in seed/early-stage startups raising seed through Series A investment rounds and provide low-interest loans to pre-seed, seed, and early-stage startups raising equity capital from primarily angel investors but also VC investors. Alcohol and Tobacco Tax and Trade (TTB) Bureau of Engraving and Printing (BEP) Bureau of the Fiscal Service (BFS) Territories, based on their proportion of unemployed persons as a percentage of the national total. Idaho SSBCI Funding $66M Approved: This state will operate two programs: a collateral support program (CSP) and a loan participation program. CDFIs as eligible lenders that receive credit support: CDFIs may enroll transactions in the states lending programs just like traditional banks. Florida's Strategy to Deploy SSBCI Funding. Borrowers may not be businesses where the Borrower is an executive officer, director, or principal shareholder of the Partnering Lender or member of the immediate family of an executive officer, director, or principal shareholder of the Partnering Lender(s). The U.S. Department of the Treasury has extended the deadline for Tribal governments to initiate their SSBCI capital applications to February 11, 2022, at 11:59 p.m. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 178 years old! Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01st September 2022. For additional information for lendersclick here. Any Florida-based small business, or small business that will be located in Florida, with 500 employees or less. Therefore, Floridas SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Floridas small businesses. Learn More Capital Access Program This will be underlined. How does a lender become enrolled in the SSBCI Program(s)? See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. (SSBCI) APPLICATION Applicants must complete and submit this application form, relevant attachments, and the signature on or before 5:00 pm ET form June 27, 2011 to Treasury, . Who is eligible for SSBCI funding? I look forward to keeping Florida free for future generations. By filling out this form and submitting it to Maryland's SSBCI Program, you are authorizing Maryland's SSBCI Program and its contracted entities to contact you by phone, text, and email. The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. State Small Business Credit Initiative (SSBCI) About SSBCI The State Small Business Credit Initiative (SSBCI) was created through the Small Business Jobs Act of 2010 (the "Act"). More information about approved lenders and the application process will be provided later in the year. Position: Assistant Director SSBCI Technical Assistance Program (Eastern Region) Location: Kutztown. This credit enhancement uses public resources to encourage private lenders to lend money to businesses by providing a cash deposit as collateral for a business loan or credit facility. This program will provide collateral security for performance bonds required by small contractors working on public and private construction projects. See our full post on Maryland SSBCI funding, Michigan SSBCI Funding $236M Approved & Accepting Applications: Three programs were launched to include a collateral support program, loan participation, and capital access. What is the State Small Business Credit Initiative? Work type: On Campus, Staff Full-time. Restrictions apply to refinancing and other uses; please refer to the SSBCI Policy Guidelines for additional details. All of the programs will support small businesses, with a priority on underserved businesses, such as businesses owned by low-and moderate-income individuals, people of color, and people in communities impacted by energy transitions and in rural areas. Include a valid email address and phone number for the SSBCI application process. Administered by the U.S. Department of the Treasury, this initiative is the second installment of the program originally passed under the Small Business Jobs Act of 2010. Water Based Spray Foam, Applicants may also amend their submitted "Initiated Application" from December 12, 2021, to February 11 at 11:59 p.m. On August 19, Governor Kathy Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Alaska SSBCI Funding $60M Approved & Accepting Applications: The state will help lenders provide new funding opportunities for Alaskans in the commercial fishing, mariculture, manufacturing and tourism and other sectors with capital needs. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. An overview of the results is here. If you wish to find out more about the application process, you can refer to all the instructions and information provided in the given segments. DEO has submitted an application that details how the state will utilize SSBCI funds to provide access to capital for small businesses and targeted business populations. The SSBCI funds may be used as a companion loan, or the funds may purchase a portion of the loan made by the private lender. Maximum participation term is five (5) years. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. The loan participation program, allocated $27.5 million, will offer up to 50 percent participation in small business loans for equipment and working capital. Implement: Collateral Support Program - $88 million Venture Capital Program - $20 million. On March 11, 2021, the U.S. Congress enacted the American Rescue Plan Act, which, in part, provides $10 billion to fund the State Small Business Credit Initiative (SSBCI). However, these transactions will be undertaken to help mitigate any perceived credit weaknesses by the Partnering Lender. We look forward to you joining us at the Florida State University Turnbull Center on May 16th, 2023! DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. Florida SSBCI Funding $488M Approved: On September 9th, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Floridas State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. small businesses, big impact: ensuring small and minority-owned businesses share in the economic recovery 117th congress (2021-2022) !Reference Link : https://www.enterpriseflorida.com/wp-content/uploads/EFI_Microfinan. Members MUST meet one or more of the eligibility requirements for SSBCI enrollment, as attested to by their provider: Autoimmune disorders Cancer Cardiovascular disorders Chronic alcohol and other drug dependence Chronic heart failure Chronic and disabling mental health conditions Chronic lung disorders Dementia Diabetes End-stage liver disease Start getting your backyard ready for the season! See our full post on Montana SSBCI funding. The funds, once received by the states, will then be. Enter the type of applicant, name of the applicant, and intent notice in the eligibility portion of the application. SSBCI Equity Program Assistant Director. Issued by: Centers for Medicare & Medicaid Services (CMS) Issue Date: April 24, 2019. Colorado has also allocated $35 million to an existing cash collateral support program that enables small businesses and non-profit organizations to secure credit by pledging a cash deposit as collateral. October 11, 2022 Jefferson City The U.S. Department of Treasury has approved Missouri's State Small Business Credit Initiative's (SSBCI) application, representing nearly $27 million to support small businesses, startups, and entrepreneurs. After leading advocacy efforts to secure reauthorization of the SSBCI program in 2021, CDFA hosted a 10-part biweekly SSBCI Briefing Series and four-month SSBCI Learning Series, launched a national SSBCI Coalition of more than 150 members, worked with SSBCI practitioners to provide recommendations to Treasury on program guidance, and has provided direct technical assistance to various states. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. All SSBCI loan draws must be properly matched with the private capital at the time of the draws. Utah SSBCI Funding $69M Approved: This state will operate three programs: a loan participation program, a loan guarantee program, and a capital access program (CAP). In the Discover phase of the Planning process, different kinds of stakeholders are made to complete a public survey. Arkansas allocated $15 million to a loan guarantee program and $7.5 million to a loan participation program that are each designed to reach underserved businesses. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. The purpose of the position is to focus the strategic programming for the SSBCI program across the PASBDC network for Very Small Businesses (VSB's) and Socially Economic Disadvantaged . Of the total amount funded, Georgia was allocated $48,024,748. My name is Raj Singh. SSBCI, a program established in 2010, was reauthorized and funded through The American Rescue Plan Act in 2021. Typical term between 3 to 18 months (until SBA take-out), Fee is typically .50% of participation (1.00% if ground-up construction). Furthermore, the corporation has released a Request for Proposal (RFP) to identify suitable partners to launch SSBCI-funded programs later in 2023 and beyond. Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. On February 10, 2022, the Florida Department of Economic Opportunity (DEO) applied for the SSBCI. Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. The equity/venture capital programs, allocated up to $91.5 million combined, will provide equity support for small businesses by investing as a limited partner in qualified venture capital funds. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. The Washington State Department of Commerce hereafter called "COMMERCE," is initiating this Request for Proposals (RFP) to solicit proposals from firms interested in participating in a project to assist with the implementation of the federal State Small Business Credit Initiative (hereafter, SSBCI). However, if you are applying under any of the three categories, you can refer to the information provided here as help and guide. Businesses that may qualify for this loan program are entities that carry on a business activity for profit or not-for-profit in South Carolina, including: For more information about the SSBCI program, contact BDC at www.BDCofSC.org or call (803) 798-4064 or contact JEDA at www.scjeda.com or call (803) 737-0268. See our full post on Kansas SSBCI funding, Maine SSBCI Funding $62M Approved & Accepting Applications: Program will be operated by Grow Maine, and work with statewide intermediary lenders. In September 2022, DEOannouncedthe approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. SSBCI was signed into law as part of the American Rescue Plan Act of 2021. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. The loan proceeds must be used for a business purpose. A business purpose includes, but is not limited to, startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. On February 4, 2022, IBank and the California Pollution Control Financing Authority submitted a joint application to the U.S. Treasury to draw California's $1. Borrowers must have less than 500 employees on average; 750 employees maximum. 2021-2022. In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. A list of financial institutions participating in these program is has been released since funding has been allocated to each organization.