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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. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. See our full post on Maine SSBCI funding, Maryland SSBCI Funding $198M Approved & Accepting Applications: Three programs are available through the Maryland State Small Business Credit Initiative Program. To continue, you need to sign using your name and email address. See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. Water Based Spray Foam, The program will be overseen by the New Hampshire Business Finance Authority. Include a valid email address and phone number for the SSBCI application process. The CDFA Online Resource Database includes webcast presentations, program guidance, disclosure documents, and more from the Treasury's SSBCI staff. Administrative Unit: University of Alaska Anchorage. The funds program, allocated $23.4 million, will provide limited partnership investments in Wyoming-based seed/early-stage venture capital funds. This initiative will expand access to capital and help small businesses grow. 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. To date, there are 29 financial institutions that have been approved to disperse SSBCI funding. The funds will be available through lenders approved by the state. "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 . Can I apply directly to EFI for a loan or a grant under the SSBCI Program? Treasury is responsible for overseeing an estimated $4 billion in SBLF program funds and $1.5 in SSBCI funds distributed to financial institutions. As of 2020, plans can also offer Special Supplemental Benefits for the Chronically Ill (SSBCI) nonmedical services such as pest control. complete application for SSBCI Capital Program funding. 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). 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. To participate in the SSBCI program, Tribal governments were required to submit a Notice of Intent (NOI) to Treasury by December 11, 2021. It will further help in building and strengthening the delivery system of capital across and within the state. When will the SSBCI Program be available? Loan Participation Medium to long-term small business financing either in the form of a purchase participation or companion loan where a private lender originates a senior loan and the state originates an equal or subordinate loan to the same borrower. 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. They do recommend speaking with a FAME loan officer before applying. To ensure effective program implementation, the corporation has enlisted the expertise of the Council of Development Finance Agencies and venture capital firm Cromwell Schmisseuer to advise on program strategy. 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. These SSBCI Initiative funds are awarded to Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin to support local small business financing and investment programs. This inaugural version of the SSBCI delivered around $1.5 billion to states and generated over $10 billion of investment funding into state programs supporting small businesses. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. A loan originated to refinance a loan or investment previously made to that borrower by the lender or an affiliate of the lender. The Loan Participation Program is available to qualified businesses that demonstrate adequate historical and/or proposed cash flow coverage and other credit underwriting metrics. 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 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 . This application is currently under review. The direct program will provide equity co-investments to private capital invested in seed and early-stage technology companies. CDFIs as eligible borrowers of SSBCI funds: Non-depository CDFIs are eligible borrowers under the program. Under SSBCI, any insured depository institution, insured credit union, certified development company, or community development financial institution, as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994, is eligible to participate. Stay tuned for the release of our 2023 Session Announcement. #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. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. 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). 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). 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. All SSBCI loan draws must be properly matched with the private capital at the time of the draws. 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. 2021-2022. 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 federal SSBCI funds are being deployed through specific programs to which small business owners can apply. Who is eligible for SSBCI funding? 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. However, there is often a timing difference between initial closing and that take-out. Guam SSBCI Funding $58M Approved: This US Territory will operate three programs: . The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds. More information about approved lenders and the application process will be provided later in the year. 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. 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. The funds, once received by the states, will then be. ET, 2022. >>> Treasury SSBCI Resources Alabama 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). Program Consideration: Loan Participation Program Loan . Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. Minnesota SSBCI Funding $97M Approved & Accepting Applications: This state will operate six programs. These transactions will be processed by Florida First Capital Finance Corporation (FFCFC), working in conjunction with Enterprise Florida. Iowa SSBCI Funding $96M Approved: This state will operate four programs, including two venture capital programs, to which they have allocated $53 million. 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. Elks Scholarship 2023 Application Guide Are you Eligible? 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. Scaling and focusing on underserved entrepreneurs is another advantage of the program. The next thing that follows is an email in your mentioned email address stating that you have completed your signing process. 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. North Dakota SSBCI Funding $59M Approved: This state will operate two equity/venture programs. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. 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.. 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. The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. After completing all segments, you will need to submit the application. offer as SSBCI provided that the item or service has a . 48 states/territories have been approved for SSBCI funding, and 16 states are accepting SSBCI applications through lenders. 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. Florida received a total SSBCI allocation of $97,662,349. DEO's State Small Business Credit Initiative Informational Webinar. 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. 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. Once U.S. Treasury approves the application, the allocated funds will be disbursed to the State of Florida for the administrations of the States SSBCI program. How can we participate in the program? How much has Florida been allocated for SSBCI? Download the Guidance Document. 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. What are the types of assistance available through SSBCI? Email instructions and a link were emailed to eligible jurisdiction point(s) of contact the same day each portal was launched. 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. Business-related documents must be submitted with the start date and other information details. 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. 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 State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. 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. I am a Digital Marketer, Seo Consultant, and Entrepreneur. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Loan proceeds may not be used for transfer of ownership or business acquisition (purchase of Goodwill). See our full post on Michigan SSBCI funding. 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. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. This section provides resources to help better understand and navigate the SSBCI program. American Rescue Plan (ARPA) Act - Title III, Subtitle CSmall Business (SSBCI) Small Business Jobs . 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. small businesses, big impact: ensuring small and minority-owned businesses share in the economic recovery 117th congress (2021-2022) Florida Approved For $488 Million Grant To Support Small Businesses. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. (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, . See our full post on South Carolina SSBCI funding. 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. Add the number of employees you plan to have in your office along with the other business-related details. SSBCI Equity Program Assistant Director. Participating States funded new or existing state . Connecticut SSBCI Funding $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund. 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. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. 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. After five years, Florida must show that taken together, $10 in new small business lending or investment was generated by every $1 in SSBCI funding. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. An equal opportunity employer/program. Small businesses run by women and people of color stand to benefit greatly from SSBCI. Details of approved states below. Auxiliary aids and services are available upon request to individuals with disabilities. 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. SSBCI is administered at the federal level by the U.S. Treasury. The inaugural version of SSBCI was a success. 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. What are Socially and Economically Disadvantaged Individuals (SEDI)? facilitate discussions that allow for networking, peer knowledge sharing, and problem-solving. The DEO and Enterprise Florida are required to obligate the SSBCI funds by August 2013. Start getting your backyard ready for the season! The Venture Capital Program is a targeted investment strategy implemented on an appropriate scale that can attract capable investment managers to support Florida small businesses and create value. Borrowers must have less than 500 employees on average; 750 employees maximum. 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. North Carolina SSBCI Funding $201M Approved & Accepting Applications: Three programs have been approved to include, capital access, venture capital, and a loan participation program. Both programs are direct investment programs that will provide equity support directly to small businesses and startups by co-investing alongside private investors. 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.