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Participating States funded new or existing state . 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). Wyoming SSBCI Funding $58M Approved: This state will operate two equity/venture capital programs. 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. Of the $79.1 million, Wisconsin has allocated $50 million to two venture capital funds, which will invest in small businesses. . 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. It can be used for planning purposes. This provision helps one to expand and support their businesses in times of COVID crisis. 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. 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. To continue, you need to sign using your name and email address. 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. Auxiliary aids and services are available upon request to individuals with disabilities. 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. And community development financial institutions (CDFIs) and community banks . 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. 2021-2022. Please read the attachment for complete information on submissions. These programs are being ran by three separate agencies. Georgia SSBCI Funding $200M Approved: This state will operate five programs: a loan guarantee program, two loan participation programs, and two equity/venture capital programs. CDFA hosted this public briefing on January 20, 2022 to provide an overview and demonstration of the new SSBCI Leverage Ratio Data Table as well as the Enrolled Loan Data Table. Delaware SSBCI Funding $61M Approved: This state will operate four programs: a capital access program, a loan participation program, and two equity/venture capital programs. The new loan guarantee program has been allocated $22.9 million, which will offer higher guarantees for transactions that have a significant impact. Once this step occurs, IFA will finalize all legal documentation, fulfill its staffing . 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Renovation of the construction site as well as the purchase of active or non-passive real estate. The loan participation program, allocated $27.5 million, will offer up to 50 percent participation in small business loans for equipment and working capital. Our highly anticipated summit is taking place February 27, 2023 at the Want help applying for these? DEO has submitted an application that details how the state will utilize SSBCI funds to provide access to capital for small businesses and targeted business populations. Hawaii SSBCI Funding $62M Approved & Accepting Applications: Hawaii is launching four HI-CAP programs that will include Collateral assistance, Loans, a CDFI Loan Pool Program, and an Investment Program. 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. The US Treasury Department is planning a $10 billion second monetary installment as part of the American Jobs Plan. SSBCI, administered by DEO in partnership with Enterprise Florida, Inc., has five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses, including very small businesses and businesses owned by socially and economically disadvantaged individuals. 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. Program Consideration: Loan Participation Program Loan . The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . December 9, 2022 - Learn more How does a lender become enrolled in the SSBCI Program(s)? 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. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. 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. SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. 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 direct program will provide equity co-investments to private capital invested in seed and early-stage technology companies. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. School/Business unit: UAA Chancellor. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. How much has Florida been allocated for SSBCI? *Applications are being accepted. 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. Therefore, Floridas SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Floridas small businesses. 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. New exhibit of portraits at The Society of the Four Arts in Palm Beach, Florida thru 4/2. Since 2010, CDFA has advised state agencies and intermediaries on the implementation and ongoing deployment of SSBCI funds. 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. 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. SSBCI dollars are not allowed by federal law to be used as grant funding. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. For applying to SSBCI Application, you will need all these business-related documents. Happy Groundhog Day! This provision helps one to expand and support their businesses in times of COVID crisis. 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. Add the number of employees you plan to have in your office along with the other business-related details. 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. 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. 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. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. DHCD's initial proposal is that each SBL be funded with 20% SSBCI funds and 80% private match capital for all non-S EDI and non-VSB businesses and with 30% States, U.S. territories, Washington, D.C., and Tribal Governments (Jurisdictions) are eligible to receive funding through SSBCI to capitalize financing and technical assistance programs for small businesses. Loan proceeds may not be used for transfer of ownership or business acquisition (purchase of Goodwill). The program is designed to help states address the challenges small businesses face in securing financing. 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. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. 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. Lecture 2/27. Contact CDFA to discuss your technical assistance needs. . 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. Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. 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. See our full post on Michigan SSBCI funding. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . Classification: Administrative Management 2. See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. As defined by SSBCI, a Very Small Business has fewer than 10 employees, including independent contractors and sole proprietors, at the time of the loan, investment, or other/equity support. The loan guarantee program, allocated over $36 million, provides lenders with the necessary security, in the form of a partial guarantee, to incentivize lenders to make loans to borrowers. A loan originated to refinance a loan or investment previously made to that borrower by the lender or an affiliate of the lender. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. Eligible lenders include any insured depository institution, insured credit union, or community development financial institution (CDFI), as those terms are defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 USC 4702). complete application for SSBCI Capital Program funding. 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. Floridas SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. 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. 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 funds, once received by the states, will then be. 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. Control of the content of this website belongs to the website's owner and not to the Department of Economic Opportunity. There will be up to 3 funds that will be managed by Community Development Financial Institutions, or non-bank community lenders. (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. Copyright All rights reserved. Currently, only two of the nine proposed programs are open for applications. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. Connecticut SSBCI Funding $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund. 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. Massachusettss $30 million venture capital program, administered by MassVentures, provides pre-seed, seed, seed-extension and early-stage venture capital equity investments in Massachusetts-based technology companies. *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. Maximum participation term is five (5) years. New Mexico SSBCI Funding $74M Approved: This state will operate two programs: a collateral support program and an equity capital program. The CDFA Online Resource Database includes webcast presentations, program guidance, disclosure documents, and more from the Treasury's SSBCI staff. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. 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. The Washington State Department of Commerce hereafter called "COMMERCE," is initiating this Request for Proposals (RFP) to solicit proposals from firms interested in participating in a project to assist with the implementation of the federal State Small Business Credit Initiative (hereafter, SSBCI). The SSBCI portal link is given here in this section. Venture Capital Targeted investment strategy implemented on an appropriate scale that can attract capable investment managers to support Florida small businesses and create value. 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. 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. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! Minimum $250,000 loan amount; maximum $5,000,000. 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. CDFA and guest speakers from The Choctaw Nation and gener8tor held this webinar on March 11, 2022 for a discussion on how Tribal Governments can utilize the State Small Business Credit Initiative (SSBCI) program. Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. Blue Buffalo Tastefuls Singles, The 504 Bridge Loan Program will address this timing difference. The SSBCI Coalition is a nationwide coalition of small business and SSBCI experts and practitioners. What are Socially and Economically Disadvantaged Individuals (SEDI)? The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. ET, 2022. The Kentucky Cabinet for Economic Development (KCED) is the implementing entity for all programs. Territories. 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. On March 26, 2021, we discussed insights and recommendations to Treasury and our understanding of what resources need to be developed. Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). Florida's SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. Email instructions and a link were emailed to eligible jurisdiction point(s) of contact the same day each portal was launched. The lender makes such a loan with the expectation that the portion above 50% will be taken-out by a SBA note. This allotment of State Small BUsiness Credit Initiative (SSBCI) funding will continue to help small businesses through . March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). State Small Business Credit Initiative (SSBCI 2.0) Current Status The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. .css-1hnz6hu{position:static;}.css-1hnz6hu::before{content:'';cursor:inherit;display:block;position:absolute;top:0px;left:0px;z-index:0;width:100%;height:100%;}.css-722v25{font-weight:var(--chakra-fontWeights-bold);}Skip TeamFebruary 28, 2023 13 min read. We look forward to you joining us at the Florida State University Turnbull Center on May 16th, 2023! Kristin Aiello David Darby Gregory Stepanich The Book a time to talk with us here. Cyclical innovations can be facilitated with the help of this program. Both programs are direct investment programs that will provide equity support directly to small businesses and startups by co-investing alongside private investors. 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. 1 issue facing them in Florida.2 The initiative can help with SSBCI was signed into law as part of the American Rescue Plan Act of 2021. 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. #groundhogday #springiscoming CDFA hosts monthly SSBCI Coalition meetings to provide SSBCI updates and 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. 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.. Lessons Learned for using SSBCI to help capital reach minority entrepreneurs. These programs include loan and equity funding, and various venture capital and startup programs. Auxiliary aids and services are available upon request to individuals with disabilities. Application" button in Section 10: Application Certification. 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. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. You have selected a link to a website that is outside of the floridajobs.org domain. 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. Programs will prioritize minority, women, individuals with disabilities, and veteran owned small business. Oregon SSBCI Funding $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. Goals: To assess the availability of and enrollment in MA plans offering new types of supplemental benefits in 2019 and 2020. 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. Funds will be used to support businesses with limited . You have selected a link to a website that is outside of the floridajobs.org domain. How To Seal Cracks With Caulk, #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. The funds will be available through state approved community banks, CDFIs, and non-profits. Community Planning Development & Services. The program will be overseen by the New Hampshire Business Finance Authority. The funds will also support American entrepreneurship and democratize access to startup capital across the country, including in underserved communities. Glad Recycling Bags 13 Gallon. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. State Small Business Credit Initiative (SSBCI) October 31, 2022 - Applications for SSBCI capital programs from Tribal governments must be initiated and completed (application materials). 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 next thing that follows is an email in your mentioned email address stating that you have completed your signing process. Work type: On Campus, Staff Full-time. 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. 6. t . However, states such as Arizona, Connecticut, Indiana, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont have already received plan approval. Nevada SSBCI Funding $113M Approved: This state will operate five programs: a collateral support program, three loan participation programs, and a venture capital program. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. MA organizations also have broad discretion in determining what may be considered 'a reasonable expectation' when choosing to offer specific items and services as SSBCI. Borrowers must have an identified Partnering Lender providing. A list of financial institutions participating in these program is has been released since funding has been allocated to each organization. payroll or sales taxes; or. Job Description & How to Apply Below. U.S. Treasury SSBCI Preliminary Allocation Table. Borrowers must be Florida businesses (or businesses locating in Florida). 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. This application is currently under review. California's application submitted. The U.S. Department of the Treasury released its methodology summary for preliminary SSBCI allocations for Tribal governments on February 21, 2023. (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, . Business-related documents must be submitted with the start date and other information details. Apply for this Guaranteed $125K FOR FL BASED BUSINESSES SSBCI Funding ! 10 It held states accountable by thoroughly detailing their agenda for underserved communities. 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).