SSBCI Related State Legislation: M-Q
MARYLAND
MARYLAND’S STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI) PROGRAM
Maryland Department of Housing and Community Development Business Pages
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. Funds will be used to support businesses with limited opportunities for growth. Maryland’s statewide SSBCI initiatives will target communities and areas with a high concentration of small, micro, and Socially and Economically Disadvantaged Individual (SEDI) businesses. NOTE: these funds are issued as loans or equity investments only, SSBCI does not offer grants.
Published By: Maryland Department of Housing and Community Development
Published Date: February 26, 2022
MICHIGAN
WHITMER ANNOUNCES MICHIGAN AWARDED MILLIONS TO SUPPORT SMALL BUSINESSES
State of Michigan Office of the Governor press releases
LANSING, Mich. – Today, Governor Gretchen Whitmer joined the Michigan Economic Development Corporation (MEDC) to announce that Michigan has been approved for up to $236,990,950 in State Small Business Credit Initiative (SSBCI) funding from the U.S. Department of Treasury.
Published By: State of Michigan Office of the Governor
Published Date: May 19, 2022
MICHIGAN
STATE OF SMALL BUSINESS SUMMIT UNDERSCORES FOCUS ON SUPPORTING MICHIGAN SMALL BUSINESSES
State of Michigan Office of the Governor press releases
LANSING, Mich. – Today, Lt. Governor Garlin Gilchrist II joined the Michigan Economic Development Corporation (MEDC) at the Governor’s State of Small Business Summit, which brought together business support organizations, economic development partners, advocates, and lenders as part of a statewide effort to inform a comprehensive strategy for microenterprise and small business investment in Michigan.
Published By: State of Michigan Office of the Governor
Published Date: June 06, 2022
MINNESOTA
THE WALZ-FLANAGAN BUDGET – TO MOVE MINNESOTA FORWARD
State of Minnesota Office of the Governor Business DEED programs
Minnesota has a remarkable opportunity to cut taxes for the middle class, working families, and small businesses while also investing in public safety, health care, and education. Now is the time to reduce costs and grow our economy while protecting the health and safety of Minnesotans and ensuring every child receives a high-quality education, no matter their race or zip code
Published By: State of Minnesota Office of the Governor Business DEED programs
Published Date: January 28, 2022
MISSOURI
OPINION: TO RAISE THE NEXT UNICORN, OUR STATE SHOULD INCREASE OUR COMMITMENT TO MISSOURI TECHNOLOGY CORPORATION
The Missouri Times Opinion
The General Assembly has an opportunity to right the ship this year. Greater St. Louis, Inc. and our partners across the state are advocating for an increase in MTC’s budget and for MTC to administer nearly $95 million in federal American Rescue Plan Act State Small Business Credit Initiative (SSBCI) funds, as recommended in Governor Parson’s budget.
Published By: The Missouri Times
Published Date: March 3, 2022
MISSOURI
GREATER ST. LOUIS, INC. STATEMENT ON THE MISSOURI SENATE’S PASSAGE OF $46 BILLION STATE BUDGET
Greater St. Louis Inc News
Greater St. Louis, Inc. worked with Senate appropriators to significantly increase MTC’s budget and add $8.7 million for public transit ($7 million general revenue + $1.7 million state transportation fund). We also worked with Senate appropriators to increase the authorization for the State Small Business Credit Initiative (SSBCI) program to the full federal funding level of $94.9 million so these resources can reach Missouri’s entrepreneurs faster. MTC will administer SSBCI funds to support entrepreneurship and innovation in the state. Both Senate and House budgets fully fund Medicaid expansion.
Published By: Greater St. Louis Inc News
Published Date: April 26, 2022
NEW YORK
STATE SMALL BUSINESS CREDIT INITIATIVE PROGRAM
State of New York Assembly
By chapter 53, section 1, of the laws of 2021:
For programs and activities authorized pursuant to the New York state urban development corporation act, economic development law, or public authorities law including any services and costs associated with administration of such programs and activities, subject to the limitations imposed by federal funding requirements for program funding, contract expenditures, services, expenses, grants, sponsor-ships, administrative costs, and investments to support the U.S. Department of Treasury State Small Business Credit Initiative (SSBCI). Program funding may include but shall not be limited to loan loss reserves, collateral, loan guarantees, insurance, equity investments & debt, and technical assistance. Notwithstanding any provision of law to the contrary, such moneys shall be paid by the department of economic development to the New York state urban
Published By: State of New York Assembly
Published Date: January 19, 2022
NEW YORK
GOVERNOR HOCHUL ANNOUNCES FY 2023 INVESTMENTS TO EXPAND ECONOMIC OPPORTUNITY
New York State Division of Budget Press Release
Governor Kathy Hochul today announced economic development highlights of the FY 2023 Budget. The historic plan makes bold investments to expand economic opportunity for all New Yorkers. These funds will, among others things, drive internet connectivity for all, help reinvigorate and support small businesses, revitalize downtown areas around the state, make substantial commitments to job training and workforce development, and help minority and women owned businesses.
Published By: New York State Division of Budget
Published Date: April 9, 2022
OREGON
OREGON SSBCI 2.0 FUNDING STRATEGY
State of Oregon Business Publication Boards
Deployment Framework discussion, Allocation and Funds of Funds –$30M Projecting 10x leverage
Published By: State of Oregon Business Publication Boards
Published Date: January 26, 2022
