See our full post on California SSBCI funding, Colorado SSBCI Funding $105M Approved & Accepting Applications: The state will operation three programs, including a venture capital program, to which it has allocated nearly $60 million. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. . Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. Scaling and focusing on underserved entrepreneurs is another advantage of the program. 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. Application requirements and funding amounts are to be determined by U.S. Treasury. The capital program application portal was launched on 11/22/2021 and the technical assistance grant program application portal was launched on 8/1/2022. Since 2010, CDFA has advised state agencies and intermediaries on the implementation and ongoing deployment of SSBCI funds. An equal opportunity employer/program. Community Planning Development & Services. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. 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. 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). Apply now. Loan proceeds may not be used for transfer of ownership or business acquisition (purchase of Goodwill). Virginia SSBCI Funding $230M Approved: This state will operate five programs: two loan participation, one loan guarantee, and two equity/venture capital programs. Please populate the information seen below to determine if you are eligible to submit a capital program application for the SSBCI program administered by the U.S. Department of the Treasury (Treasury). Add the number of employees you plan to have in your office along with the other business-related details. Florida has been initially 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. Floridas 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. 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). How much has Florida been allocated for SSBCI? Application" button in Section 10: Application Certification. SSBCI will allocate at least $500 million to Tribal . Eligibility for your funds involves the fulfillment of the following conditions. State Small Business Credit Initiative (SSBCI) October 31, 2022 - Applications for SSBCI capital programs from Tribal governments must be initiated and completed (application materials). If you are pursuing financing for a small business, you should contact a local lender in your area and discuss your financing needs and, if needed, apply for a small business loan. Start getting your backyard ready for the season! You have selected a link to a website that is outside of the floridajobs.org domain. Georgia SSBCI Funding $200M Approved: This state will operate five programs: a loan guarantee program, two loan participation programs, and two equity/venture capital programs. The primary objective of Florida's SSBCI Program is to leverage private capital for Florida's small businesses, which are defined as businesses with 500 employees or less. Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. Participating States funded new or existing state . SSBCI FAQ What is the State Small Business Credit Initiative? Any Certified Development Company (CDC) can participate FFCFC reviews CDC underwriting for compliance on behalf of EFI. Funding is . Include a valid email address and phone number for the SSBCI application process. Floridas SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. 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. Different types of capital that will get included would involve the ones given below; To apply you must know more about the different funding categories. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. 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. Incorporate your address must be a complete mailing address and just not a PO Box address. 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. Indiana SSBCI Funding $99M Approved: Program will include credit enhancement and collateral programs for small businesses. 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. Funds Are Critical to Florida's Small Businesses The SSBCI is critical to small businesses, which identified "the elimination of access to debt financing" as the No. Contact CDFA to discuss your technical assistance needs. California's application submitted. Job Description & How to Apply Below. Lending is provided by participating lenders. CDFIs as eligible borrowers of SSBCI funds: Non-depository CDFIs are eligible borrowers under the program. March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). Job Number: 523989. Disbursement 1 . On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . 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. An equal opportunity employer/program. It provides loans and/or loan participations to commercial lenders, credit unions and Certified Development Finance Institutions (CDFIs) that extend credit to small businesses in Florida. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. And community development financial institutions (CDFIs) and community banks . Auxiliary aids and services are available upon request to individuals with disabilities. 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. This program will provide collateral security for performance bonds required by small contractors working on public and private construction projects. Contact Us. 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. 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. 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. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. 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 program is designed to help states address the challenges small businesses face in securing financing. 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. 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 was originally created through federal legislation - the Small Business Jobs Act of 2010. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. Blue Buffalo Tastefuls Singles, 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 businesses operating in Maryland with less than 500 employees. 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. payroll or sales taxes; or. 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. 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. Program Consideration: Loan Participation Program Loan . The initiative is designed to provide funding through grants for businesses to get access to credit and investment programs for existing small businesses and start-ups, and technical assistance to small businesses applying for SSBCI funding and other . CDFIs as eligible lenders that receive credit support: CDFIs may enroll transactions in the states lending programs just like traditional banks. 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. . As defined by SSBCI, SEDI businesses are businesses owned by individuals who have had access to credit on reasonable terms diminished as it compares to others in comparable economic circumstances based on the following criteria: (1) Membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society; (6) Long-term residence in an environment isolated from the mainstream of American society; (7) Membership of a federally or state-recognized Indian Tribe; (8) Long-term residence in a rural community; (10) Residence in a community undergoing economic transitions (including communities impacted by the shift towards a net-zero economy or deindustrialization); or, (11) Membership of another underserved community as defined in Executive Order 13985. 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. We use cookies to ensure that we give you the best experience on our website. Shadow or not, spring is just around the corner! This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Our highly anticipated summit is taking place February 27, 2023 at the What is the State Small Business Credit Initiative? This provision helps one to expand and support their businesses in times of COVID crisis. This section provides resources to help better understand and navigate the SSBCI program. CDFA hosts monthly SSBCI Coalition meetings to provide SSBCI updates and 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"). ENABLING LEGISLATION On March 11, 2021, President Biden signed The American Rescue Plan Act, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). Job Summary. In addition, this program gives rural and Native American entrepreneurs greater opportunity to create new businesses and expand existing small businesses creating jobs and economic opportunities in Montanas rural counties and Indian Country. Businesses can apply for loans of up to $10 million with a maximum loan amount of 2.5 times the average monthly payroll cost. Each SSBCI transaction, whether the relevant location is in a CDFI Investment Area or not, must be determined immediately before the closing of the relevant loan, investment, or other credit or equity support-related transaction, at the time that ownership and control is assessed. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Segments that you need to fill in the application form include the following: Fill in the information required in the different sub-sections of each segment. Loan Guarantee Provides a private lender with the necessary security (typically a partial guarantee) to approve a loan or line-of-credit for eligible small businesses. California SSBCI Funding $1.1B Approved & Accepting Applications: California has allocated over $118 million to a capital access program, over $390 million to a small business loan guarantee program, over $472 million to a program that will help to provide collateral for small business loans. RT @GovRonDeSantis: Happy Birthday Florida! A list of Tribal They will provide loan guarantees, direct loans, and equity capital. To participate in the SSBCI program, Tribal governments were required to submit a Notice of Intent (NOI) to Treasury by December 11, 2021. 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 completed application and relevan be saved and emailed to . Many features of this website will not function without Javascript. 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. The funds, once received by the states, will then be. SSBCI, or State Small Business Credit Initiative, is a . What are Socially and Economically Disadvantaged Individuals (SEDI)? Maximum participation term is five (5) years. This provision helps one to expand and support their businesses in times of COVID crisis. Minnesota will operate a new loan participation program with an allocation of $12.5 million that provides loans to Minnesota businesses purchasing machinery, equipment, or software to increase productivity and automation. Applications to become a subrecipient will be accepted until January 14, 2022 11:59 EST. Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. Job Description & How to Apply Below. A list of financial institutions participating in these program is expected to be released early fall. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. "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 . SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. SSBCI Program ssbci.manager@dca.ga.gov The Small Business Jobs Act of 2010 (the "Act") became law in the fall of 2010. There will be up to 3 funds that will be managed by Community Development Financial Institutions, or non-bank community lenders. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. The US Treasury Department is planning a $10 billion second monetary installment as part of the American Jobs Plan. Ohio SSBCI Funding $182M Approved: This state plans to operate one loan participation program, one collateral support program, and two venture capital programs. When expanded it provides a list of search options that will switch the search inputs to match the current selection. 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 How can we participate in the program? Cyclical innovations can be facilitated with the help of this program. To continue, you need to sign using your name and email address. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. A business purpose includes, but is not limited to: start-up costs, working capital, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real-estate investment purposes.