Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. This initiative was originally created in 2009 under the Obama Administration. The $1.4 billion of the first SSBCI was able to leverage more than $8 billion in private small business loans and investments. Why do I need to use ID.me? Responses are due November 3, 2022. 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"). 4.3. For more information, visit the program website at Treasury.gov/SSBCI. ET. / What is the status of my application? 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. Note:These funds are not available in Tennessee, yet. All other inquiries should be directed to the Public Affairs Office of the Treasury and any press inquiries should be directed to Press@Treasury.gov. Addresses inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. It allowed states to design and implement programs to accommodate various business needs. Any changes to the application deadline will be posted on the website. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding: For more information on reporting, please refer to the Capital Program Reporting Guidance available on the program website at Treasury.gov/SSBCI. These low-interest direct loans help small businesses take steps toward expanding and creating jobs. At that point, Entities doing business with the Federal Government must use a Unique Entity Identifier (UEI) number assigned in SAM.gov and will no longer use a third-party website to obtain their identifier number. 6.1. Any changes to the application deadline will be posted on the website. 3.3. View complete set of self-service resources. STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. 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 If you are a Participating Jurisdiction and do not know who your outreach manager is, please contact ssbci_information@treasury.gov. LOUISIANA VETERANS FIRST BUSINESS INITIATIVE. U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance. Also please make sure you are using a supported browser. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. System inputs must be in the proper format. You will need to provide all of the information listed in the Treasury Portal at Portal.Treasury.gov/cares. I have Subrecipients to report that have a DUNS, but no UEI. This document also contains the preliminary allocation methodology summary for Tribal governments. *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. For overall information about the program, including information on requesting funding, please see, For general questions about SSBCI, please email. The initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. Florida received a total SSBCI allocation of $97,662,349. What are the eligible uses for these funds? Lenders looking to participate in the SSBCI program will undergo a vetting process. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Additional Information Businesses will apply for funding through their local economic development organization. 2.4. Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI). The SSBCI Program is now a state-administered revolving loan program. Overview. *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. Currently, Georgias SSBCI offers two programs. While on the DocuSign page and once all required fields have been completed, the Finish button will appear. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. Eligible Recipients under the Technical Assistance (TA) Grant Program are States, the District of Columbia and Territories that submitted a complete SSBCI Capital Program application by February 11, 2022; and Tribal Governments that submit a complete SSBCI Capital Program application by October 31, 2022. Request for Information: Treasury posted a request for information (RFI) in the Federal Register to gather input from the public about SSBCIs Technical Assistance programs. 2023 California State Treasurer's Office, Certification to Participate in the State Small Business Credit Initiative (SSBCI) Program, CalCAP Collateral Support Program Webpage, CalCAP for Small Business Program Webpage, CalCAP Participating Financial Institution Application, $1.18 B in SSBCI 2.0 Funds Awarded to California, accepting applications for SSBCI 2.0 Technical Assistance, CalCAP for Small Business Brochure (Including How It Works and Which Loans Qualify), CalCAP Collateral Support Brochure (Including How It Works and Which Loans Qualify), California Office of the Small Business Advocate (CalOSBA), referrals to help in more than 20 languages, Americas Small Business Development Centers, Within the second tranche: loan participation program. 8.3. #stimulusnews #stimulusupdate #funding$10 BILLION SSBCI STATE FUNDING FOR SMALL BUSINESS | SHE BOSS TALKOn March 11, 2021, President Biden signed The America. Why isnt the system accepting [x] information? 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. We recommend you review their webpage for full instructions. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. How do you get an application for small business loan? Fund Tennesseeis expecting to launch in the first part of 2023. for the newsletter for upcoming announcements. Why do I need to sign up at SAM.gov? The U.S. Department of Treasury is administering a second installment of the State Small Business Credit Initiative (SSBCI) as part of the American Jobs Plan passed in 2021. The Act created the State Small Business Credit Initiative (SSBCI) to provide direct support to states for use in programs designed to increase access to credit for small businesses. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. Technical Assistance to very small businesses and businesses owned and controlled by Socially and Economically Disadvantaged Individuals (SEDI) owned businesses applying for SSBCI and other government programs. The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. We believe that access to loan capital is a fundamental component of an equitable, vibrant, and growing economy. TheU.S. Department of Treasury (Treasury)is administering a second installment of theState Small Business Credit Initiative (SSBCI 2.0)as part of theAmerican Jobs Plan. How do I apply for funds through the State Small Business Credit Initiative? If you are having difficulty registering on SAM.gov, please refer to the Federal Service Desk for assistance with your SAM.gov account. The American Rescue Plan Act (ARPA) provided Treasury with $500 million to deploy technical assistance (TA) for underserved entrepreneurs to access $10 billion in State Small Business Credit Initiative (SSBCI) funding. When the Finish button becomes active, you can complete the signing. For more information, please visit theU.S. Department of the Treasuryswebsite. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. The Pennsylvania State Small Business Credit Initiative (PA-SSBCI) provides funding to economic development partners for the implementation and administration of capital programs to support small businesses through loans and equity investments: The following economic development organizations are eligible to apply for the Revolving Loan Fund component: The following economic development organizations are eligible to apply for the Direct Venture Investment component: Pennsylvania has allocated $125,838,132 of funding to the Revolving Loan Fund component and $125,000,000 of funding to the Direct Venture Investment component. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. All rights reserved. Pennsylvania Department of Community and Economic Development, https://dced.pa.gov/wp-content/themes/business2015/images/logo-l.png, Pennsylvania State Small Business Credit Initiative (PA-SSBCI). Continue with Recommended Cookies. An example of data being processed may be a unique identifier stored in a cookie. Please check your junk email, confirm your email address with the sender and select to trust all emails from DocuSign. Select the Settings link. Apply for SSBCI through Social Impact Funds Apply for SSBCI through Seed Funds Apply for SSBCI through Venture Funds TEDCO's Venture Capital Limited Partner (VCLP) Program - Interest Form: Emerging fund managers interested in applying to the program, should complete the interest form by 5:00pm ET on Monday, January 9, 2023. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. This new portal is referred to as SSBCI Please reference the website at Treasury.gov/SSBCI for more information. Small businesses can begin by using technical support to learn about financing options and how to prepare to apply for capital, CalOSBA can refer you to small business technical, Small businesses can also access technical support from, When ready to apply for capital, small businesses can apply to participating financial institutions for, After applying, the participating financial institutions underwriting process will determine if the proposed loan should be enrolled in the CalCAP for Small Business or CalCAP Collateral Support program, and may also approve a proposed loan without enrolling the loan in CalCAP, Small businesses can also choose to apply for, There is no charge to enroll and all fees are paid on a per-loan basis, Financial institutions begin enrollment with this, Financial institutions can also choose to.