When reporting begins, Entities will submit required reports to Treasury using an online portal that will be available at Treasury.gov/SSBCI. System inputs must be in the proper format. Virginia Small Business Financing Authority Trafficking Since 2002, the OCAP has assisted countless small businesses with their working capital and fixed-asset financing needs. State Small Business Credit Initiative | NC Rural Center In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. After performance targets are . Topics, More Applications will be accepted between July 18, 2022 through August 19, 2022. . While national mediaoutlets have noted that the US Dept. The SSBCI Program is now a state-administered revolving loan program. Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. The Florida Department of Economic Opportunity Announces the Approval IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. State Small Business Credit Initiative (SSBCI) 2.0 The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. State Small Business Credit Initiative | Development Financial support for small business across states. Interested in doing business in Pennsylvania? Five new programs to be offered through the State Small Business Credit Initiative (SSBCI) OLYMPIA, WA - Washington state has been awarded $163.4 million from the U.S. Treasury Department to operate five capital access programs for small businesses. 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. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at2010-2017 Archive. 2.10. Economic development organizations must submit the online Electronic Single Application (ESA) for assistance. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. *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. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. 6.3. 2.8. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. Also please verify that you are using a supported browser. ID.me is a technology partner to multiple Government Agencies and Healthcare Providers. This means small business owners that otherwise wouldnt get any loans could qualify under SSBCI. So whether you're looking for financing, technical assistance or just a single point of contact to help you navigate the breadth of . In late November 2021, Treasury launched an application portal for the State Small Business Credit Initiative (SSBCI) at Portal.Treasury.gov/cares. /. 4.3. Governor Ivey Announces Innovate Alabama's Launch of Small Business As a part of the federal American Rescue Plan Act (ARPA), the federal government passed the State Small Business Credit Initiative (SSBCI) bill to fund small business credit support and investment programs. State Small Business Credit Initiative | Development What Is the California Paid Sick Leave Law? | Gusto How do you get an application for small business loan? The program was established in 2010 by the Small Business Jobs Act of 2010 to help states address the difficulties that private businesses faced while securing financing during the nation's economic recovery. Our mission is to bring you "Small business success delivered daily.". As a reminder, you must log in using the single sign on that you created using ID.me. The initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. SSBCI 2.0 funds were allocated as follows: Could be before or after loan or equity infusion, general assistance; to be allocated as a separate grant, Socially and Economically Disadvantaged Businesses (SEDI), Tennessee does not have any tribal governments. Quarterly Reports Each participating jurisdiction must submit to Treasury a quarterly report for the first full calendar quarter following the execution of its Allocation Agreement with Treasury and each quarter thereafter. State Small Business Credit Initiative - California FAQ - Indiana 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. MBDA's Program: Small Business Credit Initiative Once the modifications are completed, we will post the revised RFP to this site. Entities receive payment to Fed ACH (Automated Clearing House) and Fedwire bank accounts. When the Finish button becomes active, you can complete the signing. When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. Continue with Recommended Cookies. If you would like to change your name or initials, type the changes in the Full Name and Initials fields. Overview - Indiana Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments . Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. That will bring up the Account Update screen. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. Tribal governments may request allocation information by emailing ssbci_information@treasury.gov or by accessing the application portal. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. 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. Documents, timelines, and other resources related to the 2021 allocation of the SSBCI program can be accessed here2021 Archive. The Treasury Portal does not work well on Internet Explorer. Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. American Rescue Plan: What Is It? How Will it Affect Your Business? | Gusto 1. 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. For more information, please visit the U.S. Department of the Treasury's website. 2021 State Small Business Credit Initiative Application Updated (5/24/2022), 2021 State Small Business Credit Initiative Application User Guide (5/24/2022), Compliance and Oversight Narrative Template, Assurances of Compliance with Civil Rights Requirement Template, Technical Assistance Program Application Template, Technical Assistance Templates and Certifications, Sample Technical Assistance Notice of Award, 2021 State Small Business Credit Initiative (SSBCI) Application Material, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. What was the allocation methodology for SSBCI? State Small Business Credit Initiative (SSBCI) Application Manage Settings From there, you can make any appropriate edits then click Save. Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. Pennsylvania State Small Business Credit Initiative (PA-SSBCI) State Small Business Credit Initiative (SSBCI) Hello folks. As part of the American Rescue Plan Act of 2021, the Oklahoma Center for the Advancement of Science and Technology (OCAST) will receive up to $81.6 million in State Small Business Credit Initiative (SSBCI) funding to provide more access to capital for startups and small businesses in Oklahoma. Helping NYS Businesses Build Back. If you are an eligible jurisdiction and did not receive an email, please contact Treasury at: ssbci_information@treasury.gov. Eligible Entities can either create an account (your identity will need to be verified through ID.me) or log in. Per the agreement, the oversight with the U.S. Treasury expired on March 31, 2017. What information do I need to provide in order to receive the funding? It seems the federal government offers loan guarantees and funds to states, who in turn offer loans processed by banks and credit unions. What Entities are eligible for the Technical Assistance Grant Program? How long will it take me to register with ID.me? Copyright 2003 - 2023, Small Business Trends LLC. New SAM.gov registrants will be assigned a UEI number as part of their SAM registration. An online application portal is forthcoming. With SSBCI 2.0, the program will have $10 billion available for creating specialized small business access to capital programs. The result was 190,000 jobs that were created or retained because of the support. These participating lendersundergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. of Treasury has released funds to somestates/territories, it is a rolling process. An ACH routing number is required. GHFA EDFI/Georgia Department of Community Affairs (DCA) is the administrator of the program. The increased access to capital stems from the state's successful application for $15,487,998 in federal funds from the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI). Business Pandemic Recovery Initiative | Empire State Development Questions added 9/16/22: 1.1, 2.1-2.11, 3.1-3.11, 4.1-4.9, 5.1-5.2, 6.1-6.6, 7.1-7.2, 8.1-8.3. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. The Texas Small Business Credit Initiative is expected to be allocated more than $472 million and the State of Texas is focused on staying apprised of the latest program information released by the U.S. Department of the Treasury. Notice, Credit enhancements to strengthen bank loans and reduce risk, Delegated lending model where lenders manage underwriting, Streamlined procedures and quick response to project loan requests. For the TA Grant program, preliminary program allocations for states, territories, and the District of Columbia can be found on the programs website at Treasury.gov/SSBCI by scrolling down to the Program Rules and Materials section then clicking on the Preliminary Technical Assistance Grant Program Allocation Table link. State Small Business Credit Initiative SSBCI Self-Service Resources SSBCI Self-Service Resources View complete set of self-service resources. 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. (404) 679-4840, Providing resources, tools, and technical assistance to cities, counties, and local authorities to help strengthen communities, Connecting communities to funding sources to help build capacity and encourage economic development while honoring the communitys past through historic preservation, Helping communities meet housing needs and connecting people with housing assistance, 2018 Georgia Department of Community Affairs. Nevada Employee Directory (NED). Of the total amount funded, Georgia was allocated $48,024,748. The funds will be sent to California over a period of eight years, in three separate installments (tranches). 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. CDFA - SSBCI Resource Center Recent SSBCI News and Announcements from the last 60 days: Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States (3/2/2023), Treasury Announces Approval of Up to $353.4 Million to Support Small Business Success Across Four States | U.S. Department of the Treasury (2/27/2023), Treasury Announces Approval of Up to $339 Million to Support Small Business Success Across Three States and Two U.S. Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. Small Business Credit Initiative Frequently Asked Questions, https://home.treasury.gov/policy-issues/small-businessprograms/state-small-business-credit-initiative-ssbci/2021-ssbci/program-materials/application-materials, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). 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.. The SSBCI program allocates nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and . To access the reporting guidance, scroll down to the Program Rules and Materials section then click on Capital Program Reporting Guidance. Treasury Launches the 2021 State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Application Portal on 8/1/2022 Treasury Announces North Carolina Approved to Receive Up to $201.9 Million to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (7/29/2022) Treasury Announces Eleven Additional States to Receive up to $1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (10/11/2022), California to Receive up to $1.1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (9/21/2022), Capital Program Application Deadline Extended for Tribal Governments (Updated 8/26/2022), Treasury Approves Four Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative (8/19/2022), Treasury Launches the 2021 State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Application Portal on 8/1/2022, Treasury Announces North Carolina Approved to Receive Up to $201.9 Million to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (7/29/2022), Treasury Approves Nine Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative (7/18/2022), Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries (5/19/2022), Treasury Announces Plans to Deploy $300 Million in Technical Assistance to Underserved Entrepreneurs and Very Small Businesses through the State Small Business Credit Initiative (4/28/2022), Treasury Launches Historic Equity Measurements for American Rescue Plan Small Business Investments Program - Press Release 3/3/2022, Demographics-Related Reporting Requirements: Interim Final Rule (IFR), Tribal government Notice of Intent (NOI) Submissions(Updated 1/31/2022).