Kristin Aiello David Darby Gregory Stepanich The 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. The Virgin Islands have also allotted $4.5 million to a new Payment, Surety, and Performance Bond Program (PSP Bond). *Please note that the PDF version of the Application Instructions below is not the application and should not be filled out or sent to Treasury. 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. My name is Raj Singh. 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 . The following are the typical terms: The most common Loan Participation is the504 Bridge Loan Participation. These programs are being ran by three separate agencies. 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. Application requirements and funding amounts are to be determined by U.S. Treasury. 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. Details of approved states below. 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. reasonable expectation of improving or maintaining the health or overall function of the chronically ill enrollee. Book a time to talk with us here. Overview The Pennsylvania State Small Business Credit Initiative (PA-SSBCI) provides funding to economic development partners for the implementation and administration of capital programs to support small businesses through loans and equity investments: The Revolving Loan Fund component provides funding or capital to economic development organizations in the Commonwealth to create or . Virginia SSBCI Funding $230M Approved: This state will operate five programs: two loan participation, one loan guarantee, and two equity/venture capital programs. 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. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . 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. 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. Originally created in 2010 and federally administered through the United States Department of the Treasury (U.S. Treasury), SSBCI allocates $10 billion in funding to states to use for their own capital access initiatives. To date, only 27 banks are participating in these programs. Florida received a total SSBCI allocation of $97,662,349. However, if you are applying under any of the three categories, you can refer to the information provided here as help and guide. Who is eligible for SSBCI funding? 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. SSBCI will allocate at least $500 million to Tribal . If you continue to use this site we will assume that you are happy with it. 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. 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. Arizona SSBCI Funding $111M Approved: The state will have three programs available, two of which are venture capital funding initiatives ($87 Million), focusing on Series A-stage funding for technology startups, and one loan guarantee program ($24 Million) geared towards underserved communities. When expanded it provides a list of search options that will switch the search inputs to match the current selection. See the CDFI Public Viewer for a map of CDFI Investment Areas for the purposes of SSBCI. Borrowers may not be businesses that earns more than half of its annual net revenue from lending activities; Borrowers may not be businesses engaged in pyramid sales, where a participants primary incentive is based on the sales made by an ever-increasing number of participants; or, Borrowers may not be businesses engaged in activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted. 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. The Loan Participation Program is available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. Florida Approved For $488 Million Grant To Support Small Businesses. The U.S. Department of the Treasury released its methodology summary for preliminary SSBCI allocations for Tribal governments on February 21, 2023. 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 U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. I have an experience of 7 years in the digital world and launched many digital products. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at 2010-2017 Archive. Nebraska SSBCI Funding $64M Approved & Accepting Applications: This state will operate two programs: a loan participation program and a venture capital program, each allocated $32 million. Lessons Learned for using SSBCI to help capital reach minority entrepreneurs. A loan originated to place under the protection of the approved state program prior debt that is not covered under the approved state program and that is or was owed by the borrower to the lender or to an affiliate of the lender. GA LPP is used to purchase a portion of a loan originated by a lender to an eligible small business borrower. DEO will target institutions in the financial services sector that align with the mission of SSBCI. 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. (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, . 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. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. The State Small Business Credit Initiative (SSBCI) is a $10 billion small business program managed by the U.S. Department of the Treasury (Treasury). IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. (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. To date, there are 29 financial institutions that have been approved to disperse SSBCI funding. The two programs will consist of a loan participation program, and a venture capital program. ET, 2022. >>> Treasury SSBCI Resources Alabama 10 It held states accountable by thoroughly detailing their agenda for underserved communities. Colorado State Small Business Credit Initiative Please note that there is no application specific to the State Small Business Credit Initiative (SSBCI) program. These transactions will be processed by Florida First Capital Finance Corporation (FFCFC), working in conjunction with Enterprise Florida. U.S. Treasury Extends Tribal Government SSBCI TA Grant Program Application Deadline, U.S. Treasury Announces SSBCI Tribal Government Capital Program Application Submissions, SSBCI Comes to Indian Country: New Federal Funding for Tribes to Invest in Indian Country Small Businesses and Native Entrepreneurs, Treasury Department Publishes SSBCI Fact Sheet for Tribal Governments. Guam SSBCI Funding $58M Approved: This US Territory will operate three programs: . In addition to strengthening capital programs that support private financing to small businesses, SSBCI is also intended to ensure more equal access to . New exhibit of portraits at The Society of the Four Arts in Palm Beach, Florida thru 4/2. SSBCI FAQ What is the State Small Business Credit Initiative? Please read the attachment for complete information on submissions. The Capital Access Program is apooled loan insurance program where a private lender originates a loan, and the borrower and lender contribute a percentage of the loan per eligible small business, which is then matched by SSBCI funding. Typical term between 3 to 18 months (until SBA take-out), Fee is typically .50% of participation (1.00% if ground-up construction). For example, New York has allocated over $154 million to a program that provide equity support to small businesses by investing through private venture capital funds and accelerator funds. 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. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. I am small business seeking financing. 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. Virgin Islands SSBCI Funding $57M Approved: This U.S. territory will operate four programs: a collateral support program, a loan participation program, and two loan guarantee programs. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). California is disbursing funds over the next 8 years, and over three phases. The funds program, allocated $23.4 million, will provide limited partnership investments in Wyoming-based seed/early-stage venture capital funds. Scaling and focusing on underserved entrepreneurs is another advantage of the program. SSBCI, or State Small Business Credit Initiative, is a . Include a valid email address and phone number for the SSBCI application process. . Bureaus. 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. 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. See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. The 504 Bridge Loan Program will address this timing difference. This provision allows a financial institution to lend to a CDFI with SSBCI support to provide CDFIs with funds, or increased capacity to do small business loans. Programs will prioritize minority, women, individuals with disabilities, and veteran owned small business. If you have not yet set up the business, you can provide an average estimate of your finances to get the money for investing in the startup program. Here's the full summary list. The funds, once received by the states, will then be. 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) 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. How does a lender become enrolled in the SSBCI Program(s)? Want help applying for these? Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. 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 2022, Wellcare is offering a wide range of innovative SSBCI benefits including:* Flex Card for Utilities Assistance - Building off the success of its Flex Card for dental, vision, and hearing expenses, Wellcare will offer a Flex Card for utilities payments - a growing issue for the financially insecure population. Javascript is disabled. Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. Reading segments are the user instructions, application documents, and different terms along with their definitions. ET, 2022. No. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! 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. To continue, you need to sign using your name and email address. Indiana is leveraging SSBCI to expand venture capital investments and create a new program to invest in small business loan funds throughout the state. Funding through Florida's SSBCI programs may be used to fund start-up costs, business procurement, franchise fees, equipment, inventory and the purchase, construction, renovation or tenant . All SSBCI loan draws must be properly matched with the private capital at the time of the draws. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. The Small Business Loan Program of the Illinois Finance Authority. The original SSBCI, in place from 2010 until 2017, was the Obama Administration's response to the 2008-2009 financial crisis. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. We look forward to you joining us at the Florida State University Turnbull Center on May 16th, 2023! 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. This provision helps one to expand and support their businesses in times of COVID crisis. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. 2021-2022. Auxiliary aids and services are available upon request to individuals with disabilities. Classification: Administrative Management 2. 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. 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. 1 issue facing them in Florida.2 The initiative can help with How can we participate in the program? Rhode Island SSBCI Funding $61.7M Approved: The Rhode Island Commerce Corporation is actively working to provide support to small businesses in the state through the State Small Business Credit Initiative (SSBCI) program. Florida SSBCI 2.0 Allocation: $324 million Florida's venture capital program, managed by the Florida Opportunity Fund, offers equity investments and convertible debt instruments to emerging Florida companies, particularly those with long-term growth potential. The Maryland Department of Housing and Community Development has been designated as the lead agency to administer Maryland's State Small Business Credit Initiative (SSBCI) funds in partnership with the Maryland Department of Commerce and the Maryland Technology Development Corporation . complete application for SSBCI Capital Program funding. In the Discover phase of the Planning process, different kinds of stakeholders are made to complete a public survey. Can I apply directly to EFI for a loan or a grant under the SSBCI Program? In September, the DEO announced the approval of the state SSBCI application by the United States Department of the Treasury for $488 million in funding with $142 million ready for immeidate. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. Furthermore, the corporation has released a Request for Proposal (RFP) to identify suitable partners to launch SSBCI-funded programs later in 2023 and beyond. You have selected a link to a website that is outside of the floridajobs.org domain. This form is not an application for funding. 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. The loan programs will consist of $57 million to be deployed to eligible small businesses. Many features of this website will not function without Javascript. 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 . The LPP will provide companion loans for up to 50% of the principal loan amount through the Nebraska Growth Loan Fund. 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). 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. Florida's Strategy to Deploy SSBCI Funding. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. #groundhogday #springiscoming See our full post on Michigan SSBCI funding. The inaugural version of SSBCI was a success. Learn More Capital Access Program 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. This program will provide collateral security for performance bonds required by small contractors working on public and private construction projects. Nevada SSBCI Funding $113M Approved: This state will operate five programs: a collateral support program, three loan participation programs, and a venture capital program. The SSBCI Coalition is a nationwide coalition of small business and SSBCI experts and practitioners. What are Socially and Economically Disadvantaged Individuals (SEDI)? SSBCI Coalition members help inform CDFAs SSBCI efforts and participate in joint efforts to guide implementation. See our full post on Colorado SSBCI funding. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. Minnesota SSBCI Funding $97M Approved & Accepting Applications: This state will operate six programs. With the new SSBCI funds, we expect to be allocated $104,773,554 and to receive these dollars in late summer 2022. 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. CDFA hosted this National SSBCI 2.0 Call serving as an interface between Treasury and stakeholders during the rulemaking process. 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.