No. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . In addition to strengthening capital programs that support private financing to small businesses, SSBCI is also intended to ensure more equal access to . 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. Administrative Unit: University of Alaska Anchorage. I am small business seeking financing. Addresses inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. 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 was signed into law as part of the American Rescue Plan Act of 2021. The Act also created the State Small Business Credit Initiative (SSBCI), administered by Treasury to strengthen state programs that support lending to small businesses. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. This provision helps one to expand and support their businesses in times of COVID crisis. 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). See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. 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. 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. May 11, 2022: Deadline for Tribal governments to initiate and submit their complete SSBCI capital application. 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. The completed application and relevan be saved and emailed to . What types of lenders can use the program? CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. The program will be overseen by the New Hampshire Business Finance Authority. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. 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. This initiative will expand access to capital and help small businesses grow. 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. Copyright All rights reserved. The 504 Bridge Loan Program will address this timing difference. 6. t . Job Description & How to Apply Below. 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 Borrowers may not be businesses engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade, such as wildcatting for oil and dealing in commodities futures, unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business. MBDA is seeking proposals for its $93.5 million Capital Readiness Program grant competition to help minority and other underserved entrepreneurs launch and scale their businesses. The CDFA Online Resource Database includes webcast presentations, program guidance, disclosure documents, and more from the Treasury's SSBCI staff. DEO's State Small Business Credit Initiative Informational Webinar. Can I apply directly to EFI for a loan or a grant under the SSBCI Program? State Small Business Credit Initiative: Implementation and Funding Issues Congressional Research Service 2 costs).6 As of December 31, 2016, all 57 participants had received their first tranche, 56 had received their second tranche, and 53 had received their third tranche.7 States were expected to leverage their SSBCI funds to generate new small business lending that is Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at 2010-2017 Archive. Online submissions are only open for three categories whereas the general application timeline is already over. To be eligible, businesses must be Florida-based and have 500 employees or less. The Florida Allocation Agreement expired according to its terms on March 31, 2017; and WHEREAS, pursuant to Florida's SSBCI Application, the Venture Capital Program ("FLVCP") was created $108 million. U.S. Treasury SSBCI Preliminary Allocation Table. 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. 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. 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. Lessons Learned for using SSBCI to help capital reach minority entrepreneurs. The loan programs will consist of $57 million to be deployed to eligible small businesses. Funding through Floridas SSBCI programs may be used to fund start-up costs, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business. 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. . SSBCI, or State Small Business Credit Initiative, is a . 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). This new program is designed to significantly increase the number of eligible CDFI and non-profit local economic development agencies with revolving loan funds (RLFs) that can participate in the program. offer as SSBCI provided that the item or service has a . 2011 State Small Business Credit Initiative Application. Lending is provided by participating lenders. 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. Both programs are direct investment programs that will provide equity support directly to small businesses and startups by co-investing alongside private investors. Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. How can we participate in the program? With the new SSBCI funds, we expect to be allocated $104,773,554 and to receive these dollars in late summer 2022. Grade: Grade 81. 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 . 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. 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. To participate in the SSBCI program, Tribal governments were required to submit a Notice of Intent (NOI) to Treasury by December 11, 2021. If you are an investor, bank, credit union, or CDFI and are interested in learning more about SSBCI, please contact the Florida Department of Economic Opportunity at SSBCI@DEO.MyFlorida.com and a representative will reach out. The SSBCI program is managed by the U.S. Dept. 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 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 . 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. 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. 178 years old! Loan proceeds may not be used to reimburse funds owed to any owner, including any equity injection or injection of capital for the business continuance. These programs are being ran by three separate agencies. 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. The Collateral Support Program enables financing that might otherwise be unavailable due to a collateral shortfall. 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. Tallahassee, FL - Today, the Florida Department of Economic Opportunity (DEO) announced that $142 million in new capital is available for small businesses and startups through Florida's State Small Business Credit Initiative (SSBCI). 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 . 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. The primary objective of Floridas SSBCI Program is to leverage private capital for Floridas small businesses, which are defined as businesses with 500 employees or less. Minnesota SSBCI Funding $97M Approved & Accepting Applications: This state will operate six programs. On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . Learn about the different Maryland SSBCI programs and find the right one for you. of the Treasury. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. . CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. RT @GovRonDeSantis: Happy Birthday Florida! 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). 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. 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 will allocate at least $500 million to Tribal . Elks Scholarship 2023 Application Guide Are you Eligible? This allotment of State Small BUsiness Credit Initiative (SSBCI) funding will continue to help small businesses through . Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01st September 2022. These funds will support businesses owned or controlled by socially and economically disadvantaged individuals, including minority-owned, women-owned, rural, or other targeted small business populations across the state. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. >>> Treasury SSBCI Resources Alabama Colorado State Small Business Credit Initiative Please note that there is no application specific to the State Small Business Credit Initiative (SSBCI) program. I am a Digital Marketer, Seo Consultant, and Entrepreneur. On February 10, 2022, the Florida Department of Economic Opportunity (DEO) applied for the 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. ET, 2022. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. If you continue to use this site we will assume that you are happy with it. Florida Approved For $488 Million Grant To Support Small Businesses. 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). Once loans are approved within Florida for your small business initiatives, you can spend the amount in the following ways. 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. More information about approved lenders and the application process will be provided later in the year. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. 10 It held states accountable by thoroughly detailing their agenda for underserved communities. Iowa SSBCI Funding $96M Approved: This state will operate four programs, including two venture capital programs, to which they have allocated $53 million. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Your social security number and a government-issued tax ID. The inaugural version of SSBCI was a success. How does a lender become enrolled in the SSBCI Program(s)? Blue Buffalo Tastefuls Singles, The SSBCI program does not offer grants or direct loans. 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. Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. Once the federal government disburses the funding, the approval of Floridas application gives DEO the ability to administer various capital access, credit support, and venture capital programs designed to help Floridas small businesses grow and thrive. 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. 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. However, these transactions will be undertaken to help mitigate any perceived credit weaknesses by the Partnering Lender. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. Community Planning Development & Services. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. 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. Scaling and focusing on underserved entrepreneurs is another advantage of the program. However, if you are applying under any of the three categories, you can refer to the information provided here as help and guide. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Who is eligible for SSBCI funding? Auxiliary aids and services are available upon request to individuals with disabilities. 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). Treasury is responsible for overseeing an estimated $4 billion in SBLF program funds and $1.5 in SSBCI funds distributed to financial institutions. 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. 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. To add financial details of your business like the amount you earn if you already have a set business. 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. Nevada SSBCI Funding $113M Approved: This state will operate five programs: a collateral support program, three loan participation programs, and a venture capital program. 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. Virginia SSBCI Funding $230M Approved: This state will operate five programs: two loan participation, one loan guarantee, and two equity/venture capital programs. 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. December 9, 2022 - Learn more Book a time to talk with us here. How much has Florida been allocated for SSBCI? To continue, you need to sign using your name and email address. Job Description & How to Apply Below. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). Though substantial funding has been designated for allocation to the State of Illinois, Treasury has not yet fully approved the State's Application for SSBCI funds. 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. CDFIs as eligible lenders that receive credit support: CDFIs may enroll transactions in the states lending programs just like traditional banks. In the Discover phase of the Planning process, different kinds of stakeholders are made to complete a public survey. As of 2020, plans can also offer Special Supplemental Benefits for the Chronically Ill (SSBCI) nonmedical services such as pest control. After completing all segments, you will need to submit the application. An equal opportunity employer/program. All SSBCI loan draws must be properly matched with the private capital at the time of the draws. Apply for this Guaranteed $125K FOR FL BASED BUSINESSES SSBCI Funding ! Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. North Dakota SSBCI Funding $59M Approved: This state will operate two equity/venture programs. Learn More Capital Access Program How to check University of Florida (UF) Application status? This application is currently under review. 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). Small businesses operating in Maryland with less than 500 employees. See our full post on Montana SSBCI funding. You have selected a link to a website that is outside of the floridajobs.org domain. Disbursement 1 . It includes the criteria that must be met for an enrollee to be eligible for the Special Supplemental Benefits for the Chronically Ill (SSBCI) beginning CY 2020. 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. March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). Applications to become a subrecipient will be accepted until January 14, 2022 11:59 EST. It will further help in building and strengthening the delivery system of capital across and within the state. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. To date, only 27 banks are participating in these programs. CDFA hosted this National SSBCI 2.0 Call serving as an interface between Treasury and stakeholders during the rulemaking process. SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. See our full post on Michigan SSBCI funding. Treasury awarded funding to all 50 states, the District of Columbia, and all U.S. Any questions regarding the SSBCI program should be submitted to ssbci_information@treasury.gov. 48 states/territories have been approved for SSBCI funding, and 16 states are accepting SSBCI applications through lenders. Priority is given to very small businesses (<10 employees) and SEDI individuals who own or operate for-profit or . Florida's Strategy to Deploy SSBCI Funding. Connecticut SSBCI Funding $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund.