SSBCI RESOURCES AND RESEARCH - ARTICLES AND DOCUMENTS
SSBCI Related Articles and Documents
SSBCI Funded State Program - Tennessee
SSBCI 2.0 (FundTN) supports and expands an inclusive continuum of access to capital for small businesses and entrepreneurs throughout Tennessee
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. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. 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 businesses become capital ready
Source: State of Tennessee
Published Date: July 13, 2022
Interim Final Rule - Policy and Guidelines
STATE SMALL BUSINESS CREDIT INITIATIVE; DEMOGRAPHICS-RELATED REPORTING REQUIREMENTS
The Secretary of the Treasury is issuing this interim final rule to institute the reporting requirements related to demographics of those who own or control small businesses that receive a loan, investment, other credit or equity support, or technical assistance under the State Small Business Credit Initiative under the American Rescue Plan Act of 2021
Source: US Federal Register
Published Date: March 10, 2022
News/Media Article – SSBCI Program Guidance Article
TREASURY UPDATES SSBCI GUIDANCE
As the U.S. Department of the Treasury continues to review states’ applications for funding from the State Small Business Credit Initiative (SSBCI), the agency has published new guidance in the form of FAQs, an interim final rule, and an updated timeline for technical assistance awards.
Source: SSTI Org
Published Date: March 10, 2022
News/Media Article – Federal Legislation Article
SENATE PROPOSES $2.3 BILLION CUT TO SSBCI
Earlier this week, legislation was introduced in the Senate that would rescind $2.3 billion from the State Small Business Credit Initiative. The purpose of the action would be to source funds for an additional $10 billion for new COVID expenses; the Senate proposal opts to reduce selected unspent funds from American Rescue Plan Act and CARES Act programs. The cut to SSBCI is targeted at states’ potential third tranches of program funds, as well as 40 percent of the overall SSBCI technical assistance funding
Source: SSTI Org
Published Date: April 07, 2022
News/Media Article – Federal Legislation Article
SENATE PROPOSES $2.3 BILLION CUT TO SSBCI
Earlier this week, legislation was introduced in the Senate that would rescind $2.3 billion from the State Small Business Credit Initiative. The purpose of the action would be to source funds for an additional $10 billion for new COVID expenses; the Senate proposal opts to reduce selected unspent funds from American Rescue Plan Act and CARES Act programs. The cut to SSBCI is targeted at states’ potential third tranches of program funds, as well as 40 percent of the overall SSBCI technical assistance funding
Source: SSTI Org
Published Date: April 07, 2022
News/Media Article – Policy and Guideline Article – SSBCI Technical Assistance
TREASURY RELEASES GUIDANCE FOR SSBCI TA FUNDS
Earlier today, the U.S. Department of the Treasury released information on the $500 million pool of technical assistance (TA) funds authorized as part of the State Small Business Credit Initiative (SSBCI). The agency is allocating $200 million to the states, transferring $100 million to the U.S. Minority Business Development Agency (MBDA), and retaining $200 million at this time. According to guidance released by Treasury, states can use their TA funds for legal, accounting and financial services.
Source: SSTI Org
Published Date: April 28, 2022
News/Media Article – Capital Fund Approved Article
FIRST FIVE STATES APPROVED FOR SSBCI FUNDS
The U.S. Department of the Treasury announced today that five states — Hawaii, Kansas, Maryland, Michigan and West Virginia — have had their State Small Business Credit Initiative (SSBCI) capital programs approved by the agency. Not all programs to be run by these states have been announced at this time, but they include: HI-CAP Invest program, which will support impact funds; GROWKS Angel Capital Support Program; Maryland’s Neighborhood Business Works Venture Debt Program; and, West Virginia’s seed capital co-investment fund
Source: SSTI Org
Published Date: May 19, 2022
News/Media Article – Capital Fund Approved Article
NINE ADDITIONAL SSBCI STATE PLANS APPROVED
The U.S. Department of the Treasury announced nine additional states whose SSBCI plans have been approved: Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont. This is in addition to the five states approved earlier this year: Hawaii, Kansas, Maryland, Michigan and West Virginia. The state plans for the awards will support underserved businesses, innovation programs, investing for startups and more, detailed below
Source: SSTI Org
Published Date: July 28, 2022
Federal Document – Federal Legislation– American Rescue Plan Act (ARPA) - White House – Biden Administration
STATE SMALL BUSINESS CREDIT INITIATIVE (SECTION 3301)
The Biden-Harris Administration is on track to deliver the most equitable recovery in U.S. history. This fact did not occur by chance. Rather, this achievement is the result of great care and attention to advancing equity through the design and the implementation of programs funded through the American Rescue Plan Act of 2021.
Source: U.S. White House
Published Date: May 23, 2022
News/Media Podcast - Transcript – SSBCI Program
THE STATE SMALL BUSINESS CREDIT INITIATIVE: HERE’S WHAT YOU NEED TO KNOW
The State Small Business Credit Initiative or SSBCI from the federal government. And this is what you should know about it. It is $10 billion dollars of new money that the federal government is making available to small businesses across the country in the form of either loans at market or below market rates or grants for your business or equity investments as well. 10 billion dollars in my area where I live in Philadelphia, it’s more than half a billion dollars. What it’s done is it was divided up among all the states based on their employment and other factors.
Source: The Hartford Company
Published Date: July 8, 2022
News/Media Article – SSBCI Technical Assistance – Deadline Extension
US TREASURY EXTENDS APPLICATION DEADLINE FOR STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI) TECHNICAL ASSISTANCE GRANTS
On May 25, 2022, the US Department of Treasury (Treasury) announced an extension of the deadline for US states, the District of Columbia, and US territories to apply for technical assistance grants (TA grants) under the State Small Business Credit Initiative (SSBCI). The American Rescue Plan Act of 2021 allocated $500 million for technical assistance funding under the SSBCI (12 U.S.C. § 5708(e)). Treasury previously announced plans to use $200 million of this allocation for TA grants (see Legal Update, US Treasury to Deploy $300 Million of Technical Assistance Funding Under State Small Business Credit Initiative (SSBCI)).
Source: Westlaw Corporation
Published Date: June 17, 2022
News/Media Article – Federal Legislation – SSBCI Program
NASE JOINS COALITION TO PROTECT STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI) FUNDING
The NASE joined members of the Small Business Roundtable to call for Congress to restore funding for the State Small Business Credit Initiative (SSBCI) that was cut as part of the Bipartisan COVID Supplemental Appropriations Act. The proposed $2.1 billion cut to the SSBCI would have unintended negative consequences on America’s small businesses in every state. These cuts will almost certainly preclude $20 billion in private capital from reaching small businesses across the United States.
Source: NASE Org
Published Date: June 14, 2022
