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. SSBCI is administered at the federal level by the U.S. Treasury. In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. Advancing Development Finance Knowledge, Networks & Innovation, Treasury announces approval of up to $339 million to support small business success across three states and two U.S. SSBCI Small Business Expression of Interest Form Please complete the form below to be added to our email list. Delaware SSBCI Funding $61M Approved: This state will operate four programs: a capital access program, a loan participation program, and two equity/venture capital programs. The loan programs will consist of $57 million to be deployed to eligible small businesses. 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. MA organizations also have broad discretion in determining what may be considered 'a reasonable expectation' when choosing to offer specific items and services as SSBCI. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. Grade: Grade 81. Once U.S. Treasury approves the application, the allocated funds will be disbursed to the State of Florida for the administrations of the States SSBCI program. 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. Furthermore, the corporation has released a Request for Proposal (RFP) to identify suitable partners to launch SSBCI-funded programs later in 2023 and beyond. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. It will further help in building and strengthening the delivery system of capital across and within the state. The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. .css-1hnz6hu{position:static;}.css-1hnz6hu::before{content:'';cursor:inherit;display:block;position:absolute;top:0px;left:0px;z-index:0;width:100%;height:100%;}.css-722v25{font-weight:var(--chakra-fontWeights-bold);}Skip TeamFebruary 28, 2023 13 min read. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. The SSBCI was originally created through federal legislation - the Small Business Jobs Act of 2010. 10 It held states accountable by thoroughly detailing their agenda for underserved communities. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. You have selected a link to a website that is outside of the floridajobs.org domain. SSBCI Program ssbci.manager@dca.ga.gov The Small Business Jobs Act of 2010 (the "Act") became law in the fall of 2010. The venture capital programs are designed to invest in funds in need of additional capital to launch and scale and to make co-investments in companies alongside private investors by matching the lead investors structure and terms. New Mexico allocated over $65 million to a new equity/venture capital program designed to provide equity support to small businesses by committing capital to private VC funds, including those targeting early-stage companies. Book a time to talk with us here. Additional eligible lenders must meet the definition of the term Financial Institution as defined in Section 655.005, Florida Statutes. 48 states/territories have been approved for SSBCI funding, and 16 states are accepting SSBCI applications through lenders. CDFA hosted this public briefing on January 20, 2022 to provide an overview and demonstration of the new SSBCI Leverage Ratio Data Table as well as the Enrolled Loan Data Table. After completing all segments, you will need to submit the application. We use cookies to ensure that we give you the best experience on our website. Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and . The equity/venture capital programs, allocated up to a combined $50 million, will allow the state to invest in funds as a limited partner and to make direct co-investments alongside a lead investment in small businesses. The SSBCI program is managed by the U.S. Dept. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. Also Read: How to Apply for Google Illinois Settlement? Copyright All rights reserved. The SSBCI program does not offer grants or direct loans. May 11, 2022 - Applications for SSBCI capital programs from Tribal governments must be initiated and completed ( application materials ). 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). Community Development Financial Institutions (CDFIs) areeligible lendersas well aseligible borrowersunder the SSBCI program. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. Add the number of employees you plan to have in your office along with the other business-related details. The LPP, allocated $26 million, will originate companion loans used to help fill the gap needed to secure senior loans from banks, institutional lenders, and credit unions. Hawaii SSBCI Funding $62M Approved & Accepting Applications: Hawaii is launching four HI-CAP programs that will include Collateral assistance, Loans, a CDFI Loan Pool Program, and an Investment Program. CDFI Investment Areas are generally low-income, high-poverty areas that receive neither sufficient access to capital nor support for the needs of small businesses, including minority-owned businesses. If you want help applying in your state, we can help you as a Skip VIP member, along with applying for other funding and growing your business. Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). Montana SSBCI Funding $61M Approved & Accepting Applications: Program will operate a loan participation program modeled after a successful program in the previous iteration of SSBCI. American Rescue Plan (ARPA) Act - Title III, Subtitle CSmall Business (SSBCI) Small Business Jobs . The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . School/Business unit: UAA Chancellor. How to check University of Florida (UF) Application status? For additional information for lendersclick here. Florida's SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. 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. The lender makes such a loan with the expectation that the portion above 50% will be taken-out by a SBA note. When expanded it provides a list of search options that will switch the search inputs to match the current selection. This allotment of State Small BUsiness Credit Initiative (SSBCI) funding will continue to help small businesses through . This provision helps one to expand and support their businesses in times of COVID crisis. December 9, 2022 - Learn more Apply for this Guaranteed $125K FOR FL BASED BUSINESSES SSBCI Funding ! Glad Recycling Bags 13 Gallon. 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. In order to maximize the effectiveness of these programs and to meet the needs of small businesses in Florida, we have prioritized stakeholder engagement to ensure this program supports the small businesses that keep our economy strong. A list of financial institutions participating in these program is has been released since funding has been allocated to each organization. Vermont SSBCI Funding $58M Approved & Accepting Applications: Vermont will operate two programs with the new approved SSBCI funds - including a loan participation program, and a venture capital program. Work type: On Campus, Staff Full-time. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. SSBCI application deadlines for Tribal Governments: Council of Development Finance Agencies, Treasury Announces Approval of up to $339M to Support Small Business across Three States and Two U.S. The new version of the SSBCI program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses who are looking for capital. The U.S. Treasury Department, through the North Carolina State Legislature's recently passed budget, allocated nearly $202 million in federal funding to the Rural Center to support small businesses throughout the State. An equal opportunity employer/program. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. Final. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Wisconsin has also dedicated $15 million to the Wisconsin Housing and Economic Development Authority (WHEDA), which will offer credit support to small businesses that receive financing from Community Development Financial Institutions (CDFIs). Under no circumstances will a loan participation be permitted under a scenario that allows the Partnering Lender to incur less than 20% risk of loss (based on the total required financing). This form is not an application for funding. What are Socially and Economically Disadvantaged Individuals (SEDI)? Florida has been allocated $488,486,572 to utilize for various technical assistance, capital access, credit support, and venture capital programs designed to help small businesses grow and thrive. The next thing that follows is an email in your mentioned email address stating that you have completed your signing process. Any Certified Development Company (CDC) can participate FFCFC reviews CDC underwriting for compliance on behalf of EFI. State Small Business Credit Initiative Application (OMB Control # 1505-0227) Page 1 of 4 . 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. After five years, Florida must show that taken together, $10 in new small business lending or investment was generated by every $1 in SSBCI funding. All remaining sections, also referred to as the "Full Application," of the capital program application are due by February 11 at 11:59 p.m. Typical loan participation is 100% of second mortgage note. Once loans are approved within Florida for your small business initiatives, you can spend the amount in the following ways. Of the $79.1 million, Wisconsin has allocated $50 million to two venture capital funds, which will invest in small businesses. These funds will support businesses owned or controlled by socially and economically disadvantaged individuals, including minority-owned, women-owned, veteran-owned, rural, or other targeted small business populations across the state. See our full post on Colorado SSBCI funding. DEO encourages Florida-based small businesses to sign up for updateson funding opportunities through SSBCI. You have selected a link to a website that is outside of the floridajobs.org domain. 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. Kansas SSBCI Funding $69M Approved & Accepting Applications: Program will include a capital multiplier loan program, along with venture funds, that will assist small businesses in both rural and urban areas. CDFA and guest speakers from The Choctaw Nation and gener8tor held this webinar on March 11, 2022 for a discussion on how Tribal Governments can utilize the State Small Business Credit Initiative (SSBCI) program. See the CDFI Public Viewer for a map of CDFI Investment Areas for the purposes of SSBCI. The program will be overseen by the New Hampshire Business Finance Authority. 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. During this webinar, CDFA provided an overview of the information included in SSBCI for Tribal Governments, and guest speakers discussed their approach to maximizing the program from the Tribal Government perspective and the perspective of a mission-aligned fund manager. Indiana SSBCI Funding $99M Approved: Program will include credit enhancement and collateral programs for small businesses. After five years, Florida must show that taken together, $10 in new small business lending or investment was generated by every $1 in SSBCI funding. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. This program will provide collateral security for performance bonds required by small contractors working on public and private construction projects. March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). Funding through the SSBCI program is administered through a network of partner lenders. How much has Florida been allocated for SSBCI? In January, the Michigan Strategic Fund board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through an American Recovery Plan allocation. Created as part of the Small Business Jobs Act of 2010, SSBCI was designed by the federal government to help states strengthen existing loan and equity programs and/or create new programs that support financing small businesses. Borrowers must be Florida businesses (or businesses locating in Florida). Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. Lecture 2/27. Air-dried Dog Food Vs Kibble, Treasury Launches the 2021 State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Application Portal on 8/1/2022 Treasury Announces North Carolina Approved to Receive Up to $201.9 Million to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (7/29/2022) CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. However, if the transaction is structured strictly as an Asset Purchase, supported with a purchase contract describing the tangible assets being transferred (real estate, equipment, inventory, etc), and there is valuation that supports the asking price (with no amount attached to goodwill or business value), the transaction might be deemed eligible. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. The following programs are allowable under SSBCI Guidelines: Collateral Support Enables financing that might otherwise be unavailable due to a collateral shortfall. In the Discover phase of the Planning process, different kinds of stakeholders are made to complete a public survey. However, states such as Arizona, Connecticut, Indiana, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont have already received plan approval. SSBCI FAQ What is the State Small Business Credit Initiative? Oklahoma allocated $32.7 million to the Oklahoma Business Lending Partnerships program which will provide subordinate companion loans originated by partners and CDFIs that will accompany senior loans originated by other financial institutions. Are you a business seeking a loan of $250,000 or less? 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. Contact SSBCI Program ssbci.manager@dca.ga.gov The Georgia Loan Participation Program (GA LPP) will enable lenders to provide more loans to businesses since the lender is able to diversity its risk by sharing exposure with the State. Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. This inaugural version of the SSBCI delivered around $1.5 billion to states and generated over $10 billion of investment funding into state programs supporting small businesses. See our full post on Maine SSBCI funding, Maryland SSBCI Funding $198M Approved & Accepting Applications: Three programs are available through the Maryland State Small Business Credit Initiative Program. The new loan guarantee program has been allocated $22.9 million, which will offer higher guarantees for transactions that have a significant impact. #groundhogday #springiscoming The Kentucky Cabinet for Economic Development (KCED) is the implementing entity for all programs. Elks Scholarship 2023 Application Guide Are you Eligible? 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. The program expands access to capital for underserved communities by using a multi-pronged marketing and partnership strategy with various organizations and lenders in the jurisdiction. 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. When will the SSBCI Program be available? Therefore, Floridas SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Floridas small businesses. Tennessee SSBCI Funding $117M Approved: This state will operate four programs, a loan participation program and three venture capital programs. Utah allocated $27.6 million to the LPP, which will provide companion loans to enable greater extension of credit and lower blended interest rates for small business borrowers. Small businesses operating in Maryland with less than 500 employees. California is disbursing funds over the next 8 years, and over three phases. SSBCI Coalition members help inform CDFAs SSBCI efforts and participate in joint efforts to guide implementation. 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. Appeal Decision of Referee to the Commission, File an OnlineAppeal with the Commission, Quarterly Census of Employment and Wages (QCEW), Local Area Unemployment Statistics (LAUS), Occupational Employment and Wage Statistics (OEWS), Low-Income Home Energy Assistance Program, Contact Your Local LIHEAP Provider for Help, Low-Income Household Water Assistance Program, Contact Your Local Weatherization Office for Help, Contact Your Local CSBG Provider for Help, Community Development Block Grant Program, Accessing Comprehensive Plans and Plan Amendments, Local Workforce Development Area WIOA Plans, Workforce Program Materials and Information, Community Planning, Development and Services, Florida Small Business Emergency Bridge Loan Program, Rural Community Development Revolving Loan Program. Ohio SSBCI Funding $182M Approved: This state plans to operate one loan participation program, one collateral support program, and two venture capital programs. This section provides resources to help better understand and navigate the SSBCI program. of the Treasury. What are Socially and Economically Disadvantaged Individuals (SEDI)? 6. t . Additionally, on Friday, Floridas Legislative Budget Commission approved the plan to distribute the first tranche of funding totaling $142 million for an existing small business loan program and venture capital investment program. CDFA hosted this public briefing on November 22, 2021 to provide an overview of the new SSBCI Capital Program Policy Guidelines as well as application timelines and requirements. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. DEO's State Small Business Credit Initiative Informational Webinar. Loan proceeds may not be used for holding passive investments such as commercial real estate ownership, or the purchase of securities; and lobbying activities; or, Loan proceeds may not be used to repay delinquent federal or state income taxes unless the borrower has a payment plan with the relevant taxing authority; or, Loan proceeds may not be used to repay taxes held in trust or escrow, e.g. The LPPs have combined funding of over $66 million, and the state estimates they will directly result in the creation of over 2,000 jobs. Disbursement 1 . With SBA 504 Loans, lenders are permitted to finance equipment and owner-occupied real estate purchases up to ninety-percent (90%) of the total project cost. Participating States funded new or existing state . Apply now. Transactions for smaller amounts will be considered on a case-by-case basis. Many features of this website will not function without Javascript. Massachusettss $30 million venture capital program, administered by MassVentures, provides pre-seed, seed, seed-extension and early-stage venture capital equity investments in Massachusetts-based technology companies. In Step 1, as part of the Discover Phase, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey. Business-related documents must be submitted with the start date and other information details. The original SSBCI, in place from 2010 until 2017, was the Obama Administration's response to the 2008-2009 financial crisis. SSBCI was signed into law as part of the American Rescue Plan Act of 2021. Tennessee allocated $46.9 million for a debt program that will participate in loan transactions with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) that serve rural to urban areas of the state, including underserved communities. The SSBCI portal link is given here in this section. 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. May 11, 2022 - Applications for SSBCI capital programs from . DEO will exercise due care to ensure that each financial institution participating in SSBCI possesses sufficient commercial lending experience, financial and managerial capacity, and operational skills to meet the objectives of SSBCI. See our full post on South Carolina SSBCI funding. Additionally, the following conditions qualify as SEDI businesses: Business enterprises that certify they are owned and controlled by individuals whose residences are in Community Development Financial Institution (CDFI) Investment Areas (see FAQ below); Business enterprises that certify that they will operate a location in a CDFI Investment Area; Business enterprises that are located in a CDFI Investment Area. This application is currently under review. The following are the typical terms: The most common Loan Participation is the504 Bridge Loan Participation. ssbci.manager@dca.ga.gov. ET, 2022. Blue Buffalo Tastefuls Singles, The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. This multi-year initiative is part of Governor Ron DeSantis large-scale effort to prioritize workforce development, cultivate a business-friendly environment, and stimulate aggressive economic growth. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. The Collateral Support Program enables financing that might otherwise be unavailable due to a collateral shortfall. Created as part of the Small Business Jobs Act of 2010, SSBCI was designed by the federal government to help states strengthen existing loan and equity programs and/or create new programs that support financing small businesses.