See our full post on Kansas SSBCI funding, Maine SSBCI Funding $62M Approved & Accepting Applications: Program will be operated by Grow Maine, and work with statewide intermediary lenders. Florida Department of Economic Opportunity (DEO) has approved the State Small Business Credit Initiative (SSBCI) plan proposed by the United States Department of the Treasury. CDFIs as eligible borrowers of SSBCI funds: Non-depository CDFIs are eligible borrowers under the program. Elks Scholarship 2023 Application Guide Are you Eligible? When will the SSBCI Program be available? 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. Classification: Administrative Management 2. An equal opportunity employer/program. 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. The program will be overseen by the New Hampshire Business Finance Authority. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). 10 It held states accountable by thoroughly detailing their agenda for underserved communities. 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. 48 states/territories have been approved for SSBCI funding, and 16 states are accepting SSBCI applications through lenders. Treasury is responsible for overseeing an estimated $4 billion in SBLF program funds and $1.5 in SSBCI funds distributed to financial institutions. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! See our full post on Montana SSBCI funding. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . RT @GovRonDeSantis: Happy Birthday Florida! They will provide loan guarantees, direct loans, and equity capital. Minimum $250,000 loan amount; maximum $5,000,000. The programs are designed to invest in seed/early-stage startups raising seed through Series A investment rounds and provide low-interest loans to pre-seed, seed, and early-stage startups raising equity capital from primarily angel investors but also VC investors. The two programs will consist of a loan participation program, and a venture capital program. To continue, you need to sign using your name and email address. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. offer as SSBCI provided that the item or service has a . 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. 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). 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. 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. 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. 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. 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. How much has Florida been allocated for SSBCI? See our full post on South Carolina SSBCI funding. Contact Us. Details of approved states below. 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. 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. . The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. Job Description & How to Apply Below. Businesses can apply for loans of up to $10 million with a maximum loan amount of 2.5 times the average monthly payroll cost. It can be used for planning purposes. And community development financial institutions (CDFIs) and community banks . New Jersey SSBCI Funding $255M Approved: The New Jersey Economic Development Authority (NJEDA) will utilize this funding to develop six programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located in New Jersey. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. The new version of the SSBCI program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses who are looking for capital. The SSBCI portal link is given here in this section. 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. We use cookies to ensure that we give you the best experience on our website. Learn More Capital Access Program 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). It was considered a success across the . 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. . Eligibility for your funds involves the fulfillment of the following conditions. SSBCI will allocate at least $500 million to Tribal . The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. 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 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. 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. 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. 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. What are Socially and Economically Disadvantaged Individuals (SEDI)? Funds will be used to support businesses with limited . Venture Capital Targeted investment strategy implemented on an appropriate scale that can attract capable investment managers to support Florida small businesses and create value. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. 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. Stay tuned for the release of our 2023 Session Announcement.