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. 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 program will be overseen by the New Hampshire Business Finance Authority. The program is designed to help states address the challenges small businesses face in securing financing. "Florida's small businesses are the heartbeat of our communities and are crucial to our state's success, and we are honored to continue supporting them through Florida's SSBCI program." 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 . State Small Business Credit Initiative Program - JEDA Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. $10 Billion in Grant Money from SSBCI Soon to Get to Small Businesses 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. The Angel Match Program will expand access to capital for underserved communities by focusing outreach, technical assistance, and capital investment in rural communities, Tribal communities, and communities undergoing economic transitions such as coal communities. What is the State Small Business Credit Initiative? SSBCI funds are used alongside private funds to support a loan to a borrower. I am a Digital Marketer, Seo Consultant, and Entrepreneur. 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. SSBCI 1.0 was passed in 2010 and in both the issued fundings; the target is small business financing and technical assistance to support different business structures and ventures. Kristin Aiello David Darby Gregory Stepanich The Illinois SSBCI Funding $355M Approved: This state will operate four programs: one new loan guarantee program; two loan participation programs, one through the existing Advantage Illinois structure and one new program focused on supporting emerging businesses in the green energy sector; and a new equity/venture capital program for small businesses. This section provides resources to help better understand and navigate the SSBCI program. These programs include loan and equity funding, and various venture capital and startup programs. State Small Business Credit Initiative (SSBCI) 2.0 Florida Has $142M Available For Small Businesses, Start-Ups The Loan Participation Program is available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. SSBCI Coalition members help inform CDFAs SSBCI efforts and participate in joint efforts to guide implementation. 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. 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 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. Kentucky SSBCI Funding $117M Approved: This state will operate four programs: one loan participation program, one collateral support program, and two equity/venture capital programs. To date, there are 29 financial institutions that have been approved to disperse SSBCI funding. Arkansas SSBCI Funding $81M Approved: This state will operate seven SSBCI programs: a capital access program, two loan participation programs, two loan guarantee programs, and two equity/venture capital (VC) programs. DEO encourages Florida-based small businesses to, 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 State Small Business Credit Initiative (SSBCI), 2021 State Small Business Credit Initiative Homepage, SSBCI Demographics-Related Reporting Requirements, Community Planning Development & Services. North Carolina SSBCI Funding $201M Approved & Accepting Applications: Three programs have been approved to include, capital access, venture capital, and a loan participation program. See our full post on Montana SSBCI funding. How To Seal Cracks With Caulk, Sharon Geltner on LinkedIn: #palmbeachartspaper #robertflynnjohnson # This Program will provide funding to incubators, accelerators, and other eligible organizations across the country with expertise to support underserved entrepreneurs by providing training and other critical resources, tools, and technical assistance to access capital. The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds. SSBCI Equity Program Assistant Director. Business-related documents must be submitted with the start date and other information details. ET, 2022. An equal opportunity employer/program. SSBCI Small Business Expression of Interest Form Please complete the form below to be added to our email list. Priority is given to very small businesses (<10 employees) and SEDI individuals who own or operate for-profit or . The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. The Florida Department of Economic Opportunity Announces Availability 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). 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. New Mexico SSBCI Funding $74M Approved: This state will operate two programs: a collateral support program and an equity capital program. 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. 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. New exhibit of portraits at The Society of the Four Arts in Palm Beach, Florida thru 4/2. 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). Goals: To assess the availability of and enrollment in MA plans offering new types of supplemental benefits in 2019 and 2020. Any Florida-based small business, or small business that will be located in Florida, with 500 employees or less. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. Are you a business seeking a loan of $250,000 or less? Post this step, you will need to complete ten sections out of which you have to read through three segments and fill another seven segments. Georgia Loan Participation Program | Georgia Department of Community Funds Available for Lending Through State Small Business Credit Initiative The funds will also support American entrepreneurship and democratize access to startup capital across the country, including in underserved communities. You need to start Googling "SSBCI" and your state, or you can go to the Council of Development Finance Agencies' state resources map. The Delaware Early Stage VC Program, allocated $22.5 million, will support the formation of new VC funds with Delaware-based managers, focused on investments in underserved startups. Startups and emerging growth companies can receive capital from this fund. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. As part of the American Rescue Plan Act signed into law in March 2021, $10 billion of additional funding was reauthorized for the State Small Business Credit Initiative (SSBCI). When expanded it provides a list of search options that will switch the search inputs to match the current selection. Florida SSBCI Funding $488M Approved: On September 9th, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Florida's State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. The funds will be available through lenders approved by the state. Virginia SSBCI Funding $230M Approved: This state will operate five programs: two loan participation, one loan guarantee, and two equity/venture capital programs. 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. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. These programs are being ran by three separate agencies. Control of the content of this website belongs to the website's owner and not to the Department of Economic Opportunity. In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. Many features of this website will not function without Javascript. Oklahoma SSBCI Funding $82M Approved: This state will operate two programs through the Oklahoma Center for the Advancement of Science and Technology: a loan participation program and an equity/venture capital program. Scaling and focusing on underserved entrepreneurs is another advantage of the program. Water Based Spray Foam, Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. As defined by SSBCI, a Very Small Business has fewer than 10 employees, including independent contractors and sole proprietors, at the time of the loan, investment, or other/equity support. DEO encourages Florida-based small businesses to sign up for updateson funding opportunities through SSBCI. The US Treasury Department is planning a $10 billion second monetary installment as part of the American Jobs Plan. The federal government is offering $10bn to small businesses - here's 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. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. Additionally, Wisconsin has earmarked $6 million to the WEDC Capital Catalyst Fund, a loan participation program that provides matching capital to revolving loan funds managed by nonprofits. Furthermore, the corporation has released a Request for Proposal (RFP) to identify suitable partners to launch SSBCI-funded programs later in 2023 and beyond. 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. Position: Assistant Director SSBCI Technical Assistance Program (Eastern Region) Location: Kutztown. 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. Small Business Initiatives - Enterprise Florida You have selected a link to a website that is outside of the floridajobs.org domain. State Small Business Credit Initiative (SSBCI) Territories, U.S. Treasury Announces Preliminary SSBCI Allocations to Tribal Governments, MBDA Seeking Applications for SSBCI TA Funds, SSBCI Learning Series - Insights on SSBCI 2.0 Program Implementation, SSBCI Learning Series - Emerging Models and Best Practices for Delivering Technical Assistance, SSBCI Learning Series - Enhanced Efforts to Engage and Support SEDI-Owned Business, SSBCI Learning Series - SSBCI Program Modifications and Evaluations, Treasury SSBCI Capital Program Reporting Guidance, SSBCI Technical Assistance Grant Program Guidelines, Briefing: Capital Program Policy Guidelines, Analysis of the Capital Program Policy Guidelines, Interim Final Rule: Reporting Requirements - March 2022, SSBCI Programs Fact Sheet - November 2021, Maryland Invests $250K in SSBCI Funds in Woman- and Minority-Led Startup, State Small Business Credit Initiative (SSBCI), Treasury State Small Business Credit Initiative (SSBCI), Tennessee Makes $70M in SSBCI Funds Available to Local Startups, U.S. Treasury Approves Three Additional States' SSBCI Plans, Delaware Approves $60M to Support Small Businesses, CDFA-Treasury: A Guide to the SSBCI Application Tables Webinar. 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. No. Online submissions are only open for three categories whereas the general application timeline is already over. (Included in these activities is the production, servicing, or distribution of otherwise legal products that are to be used in connection with an illegal activity, such as selling drug paraphernalia or operating a motel that knowingly permits illegal prostitution); or, Borrowers may not be businesses engaged in gambling enterprises, unless the business earns less than 33% of its annual net revenue from lottery sales; or, Borrowers may not be businesses where the principal of the company has been convicted of a sex offense against a minor; or. State Small Business Credit Initiative Application (OMB Control # 1505-0227) Page 1 of 4 . This button displays the currently selected search type. Assistant Director SSBCI Technical Assistance Program CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. *Applications are being accepted. PDF Medicare Drug Health Plan Contract Administration Group 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. SSBCI was signed into law as part of the American Rescue Plan Act of 2021. The Act created the State Small Business Credit Initiative, funded with $1.5 billion to strengthen state lending programs that support small businesses and manufacturers. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. Control of the content of this website belongs to the website's owner and not to the Department of Economic Opportunity.