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New York SSBCI Funding $501M Approved & Accepting Applications: New York will operate multiple programs, including a capital access program, loan guarantee programs, loan participation programs, and venture capital programs. 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. The U.S. Department of the Treasury released its methodology summary for preliminary SSBCI allocations for Tribal governments on February 21, 2023. The CDFA Online Resource Database includes webcast presentations, program guidance, disclosure documents, and more from the Treasury's SSBCI staff. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. What are the types of assistance available through SSBCI? The US Treasury Department is planning a $10 billion second monetary installment as part of the American Jobs Plan. UPHS Member Newsletter: March 2023 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 . Small Business Lending Fund Program and State Small Business Credit Classification: Administrative Management 2. The SSBCI portal link is given here in this section. The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. . Wellcare Offers Innovative Special Supplemental Benefits for the Borrowers must be Florida businesses (or businesses locating in Florida). 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). 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. Startups and emerging growth companies can receive capital from this fund. The next thing that follows is an email in your mentioned email address stating that you have completed your signing process. h. rept. 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. The Florida Department of Economic Opportunity Announces Availability 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. 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). 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. Georgia Loan Participation Program | Georgia Department of Community Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. December 9, 2022 - Learn more 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 State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. New exhibit of portraits at The Society of the Four Arts in Palm Beach, Florida thru 4/2. See our full post on South Carolina 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. 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. See our full post on Colorado SSBCI funding. The U.S. Department of the Treasury (Treasury) issued revised SSBCI. 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. 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. 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. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. An overview of the results is here. If you want help applying for SSBCI funding, we can help you as a, To track updates & approvals for your state and. SSBCI is administered at the federal level by the U.S. Treasury. Sharon Geltner on LinkedIn: #palmbeachartspaper #robertflynnjohnson # 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. 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). 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. 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. 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. PDF VSBFA SSBCI 2 - Virginia A $10 billion stimulus package is being made available to small businesses as part of the State Small Business Credit Initiative (SSBCI). California is disbursing funds over the next 8 years, and over three phases. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. CDFA - CDFA State Small Business Credit Initiative Portal Permissible borrowers may include state-designated charitable, religious, or other nonprofit or philanthropic institutions; government-owned corporations; consumer and marketing cooperatives; and faith-based organizations, provided the loan is for a business purpose.. Floridas SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. The inaugural version of SSBCI was a success. For SSBCI 2.0, Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse . The LPP will provide companion loans for up to 50% of the principal loan amount through the Nebraska Growth Loan Fund. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. What are Socially and Economically Disadvantaged Individuals (SEDI)? 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. This button displays the currently selected search type. 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. I am small business seeking financing. 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 loan participation program, allocated $27.5 million, will offer up to 50 percent participation in small business loans for equipment and working capital. We look forward to you joining us at the Florida State University Turnbull Center on May 16th, 2023! Add the number of employees you plan to have in your office along with the other business-related details. SSBCI Coalition members help inform CDFAs SSBCI efforts and participate in joint efforts to guide implementation. Issued by: Centers for Medicare & Medicaid Services (CMS) Issue Date: April 24, 2019. WITS Online Application Status Here is How to Check, SCRIE Application Guide Know Requirements & Eligibility. A list of financial institutions participating in these program is has been released since funding has been allocated to each organization. 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. Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). Implement: Collateral Support Program - $88 million Venture Capital Program - $20 million. 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. State Small Business Credit Initiative (SSBCI) 2.0 The funds program, allocated $23.4 million, will provide limited partnership investments in Wyoming-based seed/early-stage venture capital funds. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. DEO will target institutions in the financial services sector that align with the mission of SSBCI. 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. Current status: Step 4 Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. With the new SSBCI funds, we expect to be allocated $104,773,554 and to receive these dollars in late summer 2022. 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. Currently, only two of the nine proposed programs are open for applications. SSBCI FAQ What is the State Small Business Credit Initiative? Additional eligible lenders must meet the definition of the term Financial Institution as defined in Section 655.005, Florida Statutes. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. Job Description & How to Apply Below. 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 The Florida Department of Economic Opportunity Announces Availability A list of financial institutions participating in these program is expected to be released early fall. The American Rescue Plan Act of 2021 reauthorized theState Small Business Credit Initiative (SSBCI)as part of the national response to the coronavirus pandemic-induced recession. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). 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. 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. 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. They will provide loan guarantees, direct loans, and equity capital. Wellcare Offers Innovative Special Supplemental Benefits for the Glad Recycling Bags 13 Gallon. How does a lender become enrolled in the SSBCI Program(s)? The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. I look forward to keeping Florida free for future generations. 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. 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"). The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. The lender makes such a loan with the expectation that the portion above 50% will be taken-out by a SBA note. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . #SmallBusiness Credit Initiative - Application Information @FLDEO is expected to announce details on the application process at their upcoming seminar on 3/8 at 3:30pm. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. Minnesota SSBCI Funding $97M Approved & Accepting Applications: This state will operate six programs. 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. ET, the same deadline for the submission of a complete SSBCI capital application. 178 years old! 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. 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. Enterprise Floridas International Offices, State Small Business Credit Initiative (SSBCI), 2023, Enterprise Florida, All Rights Reserved, Marketing Business Recruitment Event Expenses, Typical loan participation will be between 5-20% of the loan amount, up to a maximum 50% (1:1 min), Minimum $250,000 loan amount; maximum $5,000,000 (lower amounts permitted). 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. 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. This will be underlined. The Florida Allocation Agreement provided for the operation of the SSBCI. 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. 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. Any Certified Development Company (CDC) can participate FFCFC reviews CDC underwriting for compliance on behalf of EFI. The federal government is offering $10bn to small businesses - here's Here's the full summary list. 1 issue facing them in Florida.2 The initiative can help with 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. 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. 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) Any Florida-based small business, or small business that will be located in Florida, with 500 employees or less. Capital Access A loan portfolio insurance program (pooled loan insurance) 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. >>> Treasury SSBCI Resources Alabama 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. 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. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). 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. of the Treasury. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021.