Startups and emerging growth companies can receive capital from this fund. 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. The program will be overseen by the New Hampshire Business Finance Authority. See the CDFI Public Viewer for a map of CDFI Investment Areas for the purposes of SSBCI. (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. SSBCI Small Business Expression of Interest Form Please complete the form below to be added to our email list. offer as SSBCI provided that the item or service has a . For applying to SSBCI Application, you will need all these business-related documents. SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. Typical term between 3 to 18 months (until SBA take-out), Fee is typically .50% of participation (1.00% if ground-up construction). December 6, 2021 @ 2:00 pm - 3:00 pm CST. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. The SSBCI program is managed by the U.S. Dept. VSBFA SSBCI 2.0 PROGRAM OVERVIEW INTRODUCTION On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which . Lecture 2/27. In Step 1, as part of the Discover Phase, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey. A list of financial institutions participating in these program is has been released since funding has been allocated to each organization. California SSBCI Funding $1.1B Approved & Accepting Applications: California has allocated over $118 million to a capital access program, over $390 million to a small business loan guarantee program, over $472 million to a program that will help to provide collateral for small business loans. Alaska SSBCI Funding $60M Approved & Accepting Applications: The state will help lenders provide new funding opportunities for Alaskans in the commercial fishing, mariculture, manufacturing and tourism and other sectors with capital needs. Idaho SSBCI Funding $66M Approved: This state will operate two programs: a collateral support program (CSP) and a loan participation program. Incorporate your address must be a complete mailing address and just not a PO Box address. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. DEO encourages Florida-based small businesses to, Appeal Decision of Referee to the Commission, File an OnlineAppeal with the Commission, Quarterly Census of Employment and Wages (QCEW), Local Area Unemployment Statistics (LAUS), Occupational Employment and Wage Statistics (OEWS), Low-Income Home Energy Assistance Program, Contact Your Local LIHEAP Provider for Help, Low-Income Household Water Assistance Program, Contact Your Local Weatherization Office for Help, Contact Your Local CSBG Provider for Help, Community Development Block Grant Program, Accessing Comprehensive Plans and Plan Amendments, Local Workforce Development Area WIOA Plans, Workforce Program Materials and Information, Community Planning, Development and Services, Florida State Small Business Credit Initiative (SSBCI), 2021 State Small Business Credit Initiative Homepage, SSBCI Demographics-Related Reporting Requirements, Community Planning Development & Services. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). The venture capital programs are designed to invest in funds in need of additional capital to launch and scale and to make co-investments in companies alongside private investors by matching the lead investors structure and terms. Florida received a total SSBCI allocation of $97,662,349. Enter the type of applicant, name of the applicant, and intent notice in the eligibility portion of the application. .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. The two programs will consist of a loan participation program, and a venture capital program. To participate in the SSBCI program, Tribal governments were required to submit a Notice of Intent (NOI) to Treasury by December 11, 2021. 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. A list of Tribal 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. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. After completing all segments, you will need to submit the application. SSBCI dollars are not allowed by federal law to be used as grant funding. *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. After leading advocacy efforts to secure reauthorization of the SSBCI program in 2021, CDFA hosted a 10-part biweekly SSBCI Briefing Series and four-month SSBCI Learning Series, launched a national SSBCI Coalition of more than 150 members, worked with SSBCI practitioners to provide recommendations to Treasury on program guidance, and has provided direct technical assistance to various states. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Are you a business seeking a loan of $250,000 or less? 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. Indiana is leveraging SSBCI to expand venture capital investments and create a new program to invest in small business loan funds throughout the state. Pro-tip: Add your email here to stay up to date on SSBCI funding in your state & when you need to take action. Originally created in 2010 and federally administered through the United States Department of the Treasury (U.S. Treasury), SSBCI allocates $10 billion in funding to states to use for their own capital access initiatives. Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). An overview of the results is here. An equal opportunity employer/program. Florida's Strategy to Deploy SSBCI Funding. Tennessee allocated $46.9 million for a debt program that will participate in loan transactions with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) that serve rural to urban areas of the state, including underserved communities. (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, . Enterprise Floridas International Offices, State Small Business Credit Initiative (SSBCI), 2023, Enterprise Florida, All Rights Reserved, Marketing Business Recruitment Event Expenses, Typical loan participation will be between 5-20% of the loan amount, up to a maximum 50% (1:1 min), Minimum $250,000 loan amount; maximum $5,000,000 (lower amounts permitted). 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. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. Wyoming SSBCI Funding $58M Approved: This state will operate two equity/venture capital programs. With the new SSBCI funds, we expect to be allocated $104,773,554 and to receive these dollars in late summer 2022. RT @GovRonDeSantis: Happy Birthday Florida! 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. The State Small Business Credit Initiative (SSBCI) is a $10 billion small business program managed by the U.S. Department of the Treasury (Treasury). How to check University of Florida (UF) Application status? Eligibility for your funds involves the fulfillment of the following conditions. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. Reading segments are the user instructions, application documents, and different terms along with their definitions. Transactions for smaller amounts will be considered on a case-by-case basis. Florida Approved For $488 Million Grant To Support Small Businesses. An SSBCI Loan Participation permits the purchase of a portion (up to 50%) of the loan originated by the lender, facilitating the loan by reducing the lenders credit risk. The U.S. Department of the Treasury (Treasury) issued revised SSBCI. Utah allocated $27.6 million to the LPP, which will provide companion loans to enable greater extension of credit and lower blended interest rates for small business borrowers. Connecticut SSBCI Funding $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund. Download the Guidance Document. Minimum $250,000 loan amount; maximum $5,000,000. The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds. I have an experience of 7 years in the digital world and launched many digital products. In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. 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. Programs will prioritize minority, women, individuals with disabilities, and veteran owned small business. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. Therefore, Floridas SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Floridas small businesses. Therefore, by removing this interim 90% financing risk for lenders, the 504 Bridge Loan Program makes more capital available for Floridas small businesses. Funds Are Critical to Florida's Small Businesses The SSBCI is critical to small businesses, which identified "the elimination of access to debt financing" as the No. Stay tuned for the release of our 2023 Session Announcement. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. Participating States funded new or existing state . To be eligible, businesses must be Florida-based and have 500 employees or less. See our full post on California SSBCI funding, Colorado SSBCI Funding $105M Approved & Accepting Applications: The state will operation three programs, including a venture capital program, to which it has allocated nearly $60 million. Community banks and nonprofit mission-based lenders, particularly CDFIs, are important to reach this programs intended populations and will be utilized to the greatest extent possible. Contact Us. The completed application and relevan be saved and emailed to . Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available. The funds will also support American entrepreneurship and democratize access to startup capital across the country, including in underserved communities. U.S. Treasury Extends Tribal Government SSBCI TA Grant Program Application Deadline, U.S. Treasury Announces SSBCI Tribal Government Capital Program Application Submissions, SSBCI Comes to Indian Country: New Federal Funding for Tribes to Invest in Indian Country Small Businesses and Native Entrepreneurs, Treasury Department Publishes SSBCI Fact Sheet for Tribal Governments. Financing Authority (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. 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. 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. of the Treasury. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . 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. Guam SSBCI Funding $58M Approved: This US Territory will operate three programs: . Borrowers must be Florida businesses (or businesses locating in Florida). This provision helps one to expand and support their businesses in times of COVID crisis. Want help applying for these? Small businesses run by women and people of color stand to benefit greatly from SSBCI. Apply for this Guaranteed $125K FOR FL BASED BUSINESSES SSBCI Funding ! Business-related documents must be submitted with the start date and other information details. This application is currently under review. #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. Administered by the U.S. Department of the Treasury, this initiative is the second installment of the program originally passed under the Small Business Jobs Act of 2010. I am small business seeking financing. An equal opportunity employer/program. The equity/venture capital programs, allocated up to a combined $50 million, will allow the state to invest in funds as a limited partner and to make direct co-investments alongside a lead investment in small businesses. When will the SSBCI Program be available? 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. facilitate discussions that allow for networking, peer knowledge sharing, and problem-solving. Kristin Aiello David Darby Gregory Stepanich The 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. 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.