Small Business Owners Struggling with Inflation, How to Support Small Business on Small Business Saturday, 10 New Years Resolutions to Consider for Your Small Business in 2021, Which Small Businesses Will Thrive in 2021, $6.5 billion for State allocation $6 billion based on unemployment and half a billion dollars based on percentage of companies with less than ten employees, $1.5 billion for businesses owned and controlled by socially and economically disadvantaged individuals, $1 billion for incentives to States/Tribal governments that demonstrate robust support for businesses owned and controlled by socially and economically disadvantaged individuals, Half a billion dollars for technical assistance programs, Half a billion dollars for Tribal governments, Purchase or construction renovations of non-passive real estate. How do I apply for funds through the State Small Business Credit Initiative? Please note that Treasury has assigned individual Outreach Managers to each State, Territory, and Tribal Government to serve as an individualized point of contact for the SSBCI Program. You will need to provide all of the information listed in the Treasury Portal at Portal.Treasury.gov/cares. Maine Economic Recovery Grants 6.3. From there, click the Start an Application button located on the top, right-hand corner of the page and follow the instructions. SSBCI - Maryland.gov Enterprise Agency Template Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. This is the second SSBCI initiative - Minnesota received $15 million through the Small Business Jobs Act of 2010. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. Initial payments will occur sometime after the application is fully reviewed and approved and an allocation agreement is signed. If the email is still not found, Users can trigger the email to be resent from within the Treasury Portal. 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.. 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. State Small Business Credit Initiative (SSBCI 2.0) Current Status The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. A payment confirmation will be sent to the contact person and Authorized Representative, communicating the scheduled date of payment. How much money have I been preliminarily allocated to receive? This allotment of State Small Business Credit Initiative (SSBCI) funding will continue to help small businesses through three programs: Loan Participation Program (LPP), Capital Access Program (CAP), and the NC Venture Capital Program. Select the Settings link. Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue. https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. In late November 2021, Treasury launched an application portal for the State Small Business Credit Initiative (SSBCI) at Portal.Treasury.gov/cares. PDF VSBFA SSBCI 2 - Virginia Florida's State Small Business Credit Initiative - What is It and What This document also contains the preliminary allocation methodology summary for Tribal governments. If you are having difficulty registering on SAM.gov, please refer to the Federal Service Desk for assistance with your SAM.gov account. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. The Act created the Small Business Lending Fund (SBLF) program administered by the Department of the Treasury (Treasury) to make capital investments in eligible institutions to increase the availability of credit for small businesses. 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. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. In January, the Michigan Strategic Fund board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through an American Recovery Plan allocation. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. 3.4. If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources now, visit the BERO website and/or TNSmartStart.com to get your personalized list of resources, build your own business model canvas, or locate resources near you. Addresses inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. Continue with Recommended Cookies. 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. By clicking the continue button or continuing to use our website, you are consenting to our, Certified Economic Development Organizations, Educational Improvement Tax Credit Program (EITC), Opportunity Scholarship Tax Credit Program (OSTC), Neighborhood Assistance Program, Enterprise Zone Tax Credit (NAP/EZP), Entertainment Economic Enhancement Program (EEEP), Pennsylvania Capital Access Program (PennCAP), HOME Investment Partnership Program (HOME), H2O PA - Water Supply, Sanitary Sewer and Storm Water Projects, Shapiro Administration Awards New Funding to Increase In-Demand Electrical Worker Apprentices in Pennsylvania, Shapiro Administration Announces Nearly $2 Million in New PIDA Loans to Spur Business Growth, Job Creation in Two Counties, DCED Legislative Budget Presentation FY 2022-23, Certified Economic Development Organizations (CEDOs), Community Development Financing Institutions (CDFIs). / How do I reset my password? Financial Institutions are being enrolled in the CPCFA and IBank programs. 3.11. The Treasury Portal supports most modern browsers including Microsoft Edge, Google Chrome, and an updated version of Safari. Note:These funds are not available in Tennessee, yet. How do I edit my individual account information? It can be used for planning purposes. When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. 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. 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. The deadline for proposals will also be revised. State Small Business Credit Initiative - California State Treasurer Small Business Initiatives - Enterprise Florida Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments for small business credit support and investment . Ohio Capital Access Program (OCAP) (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. Connecticut extends a big welcome to small businesses across a wide array of sectors. Governor Ivey Announces Innovate Alabama's Launch of Small Business Why isnt the system accepting [x] information? State Small Business Credit Initiative (SSBCI) was originally created in the Small Business Jobs Act of 2010 to increase availability of credit for small businesses. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. PDF PROGRAM OVERVIEW INTRO PAGE - United States Secretary of the Treasury Please ensure your legacy DUNS number is accessible for historical reference where needed, as the DUNS number will no longer be visible to Users in SAM.gov after April 4, 2022. 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 SSBCI Program is now a state-administered revolving loan program. Contact Information Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, State Small Business Credit Initiative (SSBCI), Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. The maximum amount of the credit guaranty is $200,000. For the latest, follow us on Google News. 60 Executive Park South, NE Directory of State of Nevada Employees and Elected Officials with phone numbers, emails and general information. Please reference the website at Treasury.gov/SSBCI for more information. / What is the status of my application? Trafficking For overall information about the program, including information on requesting funding, please see, For general questions about SSBCI, please email. The $10 billion will be distributed in the following manner: States can then use the following small business financing programs to disperse the SSBCI funds: Also known as SSBCI 2.0, the second iteration of this program maintains the initial goals of the 2010 version. Im having issues with my SAM.gov account. This California paid sick leave law provides most employees in the state with paid time off if they need to be absent from work for medical reasons or to take care of an ailing family member. 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. And find a statewide network of centers staffed by people who can walk you through how to apply. State Small Business Credit Initiative (SSBCI) The RFP for the SSBCI Venture Capital Programs has been put on hold temporarily while we review potential changes to the RFP. 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. Additional Information Businesses will apply for funding through their local economic development organization. Localizing the State Small Business Credit Initiative Please refer to help.id.me for more details on that process. If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. The funds SSBCI makes available benefit both small businesses and lenders because of the federal involvement. State Small Business Credit Initiative | Development This is primarily due to the hands-off approach of the program by allowing states the flexibility to design their own small business support programs. The capital program application portal was launched on 11/22/2021 and the technical assistance grant program application portal was launched on 8/1/2022. We recommend you review their webpage for full instructions. This document also contains the preliminary allocation methodology summary for Tribal governments. /. Topics, More What is the last day I can apply for the Capital Program? All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. State Small Business Credit Initiative (SSBCI) 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. 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. Home ->> CPCFA ->> State Small Business Credit Initiative, Please send program inquiries to ssbci@treasurer.ca.gov. Empire State Development's Small Business Division supports the development and expansion of businesses with under 100 employees - directing an array of programs and initiatives supporting small business growth and helping entrepreneurs maximize opportunities for success. Texas Small Business Credit Initiative - Greg Abbott ID.mes support website can be found at help.id.me. Please refer to SAM.gov for further information. 4.9. Documents and resources for the 2021 SSBCI program. 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. Also please verify that you are using a supported browser. PDF State Small Business Credit Initiative: Implementation and Funding Issues This is to deliver capital to small businesses that urgently need it in the U.S. 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 | Development /. What Entities are eligible for the Technical Assistance Grant Program? "Small Business Trends" is a registered trademark. If you have all the required documents, the process should take only a few minutes. 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) Technical Assistance for small businesses will be implemented by technical service providers after U.S. Treasury completes the application and award process. The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. For more information on allocations and allocation methodology, please visit the State Small Business Credit Initiative website at Treasury.gov/SSBCI. The program will allow for a veteran, active or reserve military, or Gold Star spouse who have a fifty-one percent ownership in a business to apply for and gain certification to recognize and promote their businesses. Is there a Webinar or Zoom call that I can attend? MT SSBCI 2.0 Loan Participation Program

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