7.2. As a reminder, you must log in using the single sign on that you created using ID.me. The deadline for proposals will also be revised. The funds SSBCI makes available benefit both small businesses and lenders because of the federal involvement. Texas Economic Development P.O. The State Small Business Credit Initiative May 09, 2018 By Michael Eggleston , Lisa J. Locke Abstract The State Small Business Credit Initiative (SSBCI), a component of the Small Business Jobs Act of 2010, allocated nearly $1.5 billion to states to support small-business financing programs. It will fund state, territory, and Tribal government small business credit support and investment programs. How do I check the status of my application? The State of Georgia application to the U.S. Treasury was approved and the allocation agreement executed in December 2011. 2.10. For further assistance, reach out to support.docusign.com. All said the SSBCI was responsible for helping more than 16,900 small businesses. Please verify that you are supplying the information in the correct format. These organizations provideloans and business development resources to helpborrowers create and grow sustainable businesses and generate jobs for Georgians. Sign up to receive the latest Pennsylvania news, direct to your inbox. 4.9. Ohio initially will receive $52.4 million to support socially and economically disadvantaged individuals and very small businesses. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. 2.5. All lenders seeking approval as participating lenders in the SSBCI programs must undergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. 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. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. 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. Directory of State of Nevada Employees and Elected Officials with phone numbers, emails and general information. Central Office What was the allocation methodology for SSBCI? Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Please contact our officeto obtain an application package. PROGRAM OVERVIEW INTRO PAGE On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). SSBCI 1.0was passed in 2010 and ran from 2011 to 2017. 6.2. 3.9. 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. System inputs must be in the proper format. 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 must be submitted within 30 days after the end of each quarterly reporting period (excluding the quarterly reporting period ending on the expiration date of the Allocation Agreement). 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The SSBCI program allocates nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and . This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. In turn, states were able to adapt to existing economic conditions in their region and disperse the funds accordingly. For further information on the transition to UEI Number, access SAM.gov. How long will it take me to register with SAM.gov? An example of data being processed may be a unique identifier stored in a cookie. Email: ecd.SSBCI2.0@tn.gov, Go to Economic & Community Development (ECD), is administering a second installment of the. $55.5 million in SSBCI funding to provide shorter-term microloans and loans typically under $250,000. State Small Business Credit Initiative (SSBCI 2.0), Application submitted Februarury 11, 2022, awating final approval. PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines - PA Department of Community & Economic Development Pennsylvania Department of Community and Economic Development MENU DCED Library PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines Annual Reports Starting in 2023, each participating jurisdiction must submit to Treasury an annual report for each calendar year by March 31 of the following year. If you are an eligible jurisdiction and did not receive an email, please contact Treasury at: ssbci_information@treasury.gov. During this time, approximately 69 percent of the funding supported . This means small business owners that otherwise wouldnt get any loans could qualify under SSBCI. It provides secure digital identity verification to those Government Agencies and Healthcare Providers to make sure that you are you and not someone pretending to be you when you request access to online services. The Ohio Capital Access Program (OCAP) is a loan portfolio insurance program, similar to a loan guarantee, that enables small businesses to obtain credit to help them grow and expand their businesses. / What is the status of my application? 7.1. Tribal Governments must initiate and submit their completed SSBCI capital program application by October 31, 2022, at 11:59 p.m. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Please note that SAM registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. SSBCI will allocate at least $500 million to Tribal governments. Tribal Governments interested in participating in SSBCI were required to submit a Notice of Intent (NOI) to apply for SSBCI funds by December 11, 2021. Your UEI number is located below the DUNS number on your Entity Registration Record. For more information, please visit theU.S. Department of the Treasuryswebsite. The $1.4 billion of the first SSBCI was able to leverage more than $8 billion in private small business loans and investments. When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. debt program, and AssistTN, the technical assistance components. 8.3. After reviewing the RFI, commenters can post their comments on Regulations.gov. Treasury will review complete applications as quickly as possible, in the order in which they are received. This program will provide a combined $10 billion for small business credit support and investment programs to: It can be used for planning purposes. 4.5. On March 11, 2021, the U.S. Congress enacted the American Rescue Plan Act, which, in part, provides $10 billion to fund the State Small Business Credit Initiative (SSBCI). You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. 2011 State Small Business Credit Initiative Application, State Small Business Credit Initiative (SSBCI) Application, 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. All Recipients and Subrecipients can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: For more information, please access the SAM.gov website. Note:These funds are not available in Tennessee, yet. For overall information about the program, including information on requesting funding, please see, For general questions about SSBCI, please email. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. Please scroll down to the Program Rules and Materials section to access these documents. Please check your junk email, confirm your email address with the sender and select to trust all emails from DocuSign. Copyright 2003 - 2023, Small Business Trends LLC. When approved a business can generally use the funds for: This can vary by state, so make sure to check. The consent submitted will only be used for data processing originating from this website. 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Eligibility and Preliminary Allocations, 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. Continue with Recommended Cookies. How do you get an application for small business loan? 6.1. Overview. LOUISIANA VETERANS FIRST BUSINESS INITIATIVE. If you are a Participating Jurisdiction and do not know who your outreach manager is, please contact ssbci_information@treasury.gov. The Small Business Jobs Act of 2020, signed into law on September 27, 2010, was created to help small businesses create jobs to drive the economic recovery. /. Why do I need to use ID.me? Applications will be accepted between July 18, 2022 through August 19, 2022. Fund Tennesseeis expecting to launch in the first part of 2023. for the newsletter for upcoming announcements. March 31, 2023- Applications for SSBCI technical assistance funding from Tribal governments are due (application materials). Registration with SAM.gov is required for any Entity that wants to do business with the federal government. Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. Please note that SAM.gov registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. 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. New York State Small Business Revolving Loan Fund Round 2. The new bill has allocated $10 billion to the State Small Business Credit Initiative (SSBCI), which provides fundingthrough lendersto support small businesses (defined as those with under 500 employees) and nonprofits to expand economic opportunities. We and our partners use cookies to Store and/or access information on a device. What are the eligible uses for these funds? Technical Assistance for small businesses will be implemented by technical service providers after U.S. Treasury completes the application and award process. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. Connecticut extends a big welcome to small businesses across a wide array of sectors. 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. 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. Please refer to SAM.gov for further information. *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. The best browsers to use are Microsoft Edge, Google Chrome or an updated version of Safari. 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. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). Fund Tennesseeis expecting to launch in the first part of 2023. 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. 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. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. For more information on allocations and allocation methodology, please visit the State Small Business Credit Initiative website at Treasury.gov/SSBCI. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments . This document also contains the preliminary allocation methodology summary for Tribal governments. Box 12428 Austin, Texas 78711 (512) 936-0100 For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. List of SSBCI Capital Programs and Contacts. 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. Additional Information Businesses will apply for funding through their local economic development organization. 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) Can you send me the form to fill out? The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. 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. Any changes to the application deadline will be posted on the website. Weencourage those interested in Tennessee's SSBCI program to check backperiodically and/orsign-upfor the newsletter for upcoming announcements. Maine's Path to Recovery The $4.5 billion investment in Maine from the American Rescue Plan (ARP) is an unprecedented opportunity to support recovery from the COVID-19 pandemic, to improve the lives and livelihoods of Maine people, to make investments in solving Maine's long-term challenges, to develop strategies for new opportunities, and to strengthen our state for years to come. Tribal governments may request allocation information by emailing ssbci_information@treasury.gov or by accessing the application portal. 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. Lending is provided by participating lenders. Please check your browser. The SSBCI program works withapproved lenders to provide financial support to small businesses. Please refer to help.id.me for more details on the verification process. What does the Change to UEI Number mean for Recipients? https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. Since 2002, the OCAP has assisted countless small businesses with their working capital and fixed-asset financing needs. STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. Economic development organizations must submit the online Electronic Single Application (ESA) for assistance. For more information, visit the program website at Treasury.gov/SSBCI. Use the Auto Navigation feature (yellow tab) to help you navigate. Florida received a total SSBCI allocation of $97,662,349. If you're a business owner with employees in California, you most likely need to offer your employees paid sick leave.That's because there's the Healthy Workplaces, Healthy Families Act of 2014. Helping to build strong, vibrant communities. 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. If the email is still not found, Users can trigger the email to be resent from within the Treasury Portal. Lenders looking to participate in the SSBCI program will undergo a vetting process. To find the self-service options, please go to ID.me, select My Account, select Sign In then select the Forgot password link and follow the instructions. If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. Of the total amount funded, Georgia was allocated $48,024,748. This document also contains the preliminary allocation methodology summary for Tribal governments. Im having issues with my SAM.gov account. Applications to become a subrecipient will be accepted until January 14 . The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. 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. Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. SSBCI will allocate at least $500 million to Tribal governments. This field is for validation purposes and should be left unchanged. For the latest, follow us on Google News. 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. - The United States Treasury today announced it has approved up to $112.9 million for Nevada's State Small Business Credit Initiative (SSBCI). It is their responsibility to notify financial personnel within their organization on their end of the incoming payment. The Georgia Small Business Credit Guaranty (SBCG) Program provides a 50% credit guaranty to the lender on loans up to $400,000. The State Small Business Credit Initiative (SSBCI) provides funds to States, Territories, and Tribal governments to enable these jurisdictions to support programs for small businesses. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. There is no set turnaround time for reviewing applications. 1. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. So whether you're looking for financing, technical assistance or just a single point of contact to help you navigate the breadth of . Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at2010-2017 Archive. Contact Information All applications must be submitted electronically through the Treasury Portal at Portal.Treasury.gov/cares. "Small Business Trends" is a registered trademark. Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue. A list of approved economic development organizations will be posted once funding has been allocated to each organization. For more information, visit the program website at Treasury.gov/SSBCI. 3.2. Phone: (615) 741-1888 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. 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. The second-round application period for this grant is open until May 25. These State Small Business Credit Initiative funds are awarded to Delaware, Kentucky, Tennessee, and Wyoming to support local small business financing and investment programs WASHINGTON Today, the U.S. Department of the Treasury announced the approval of four additional state plans for up to $353.4 million in funding under the State Small Business Credit Initiative (SSBCI) in President . Eligibility requirements: The applicant must employ 15 or fewer employees, including the owner; The company must be 100 percent Missouri owned and 100 percent Missouri located; The primary objective of the SSBCI is to enhance new or existing state programs that provide access to capital for small businesses and manufacturers. Tallahassee, FL - Today, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Florida's State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. All existing Entities with an existing and active registration with SAM.gov will be assigned a UEI number that can be used for reporting activities. 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. 3.3. MONTGOMERY - Governor Kay Ivey on Tuesday announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program.Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental . This new portal is referred to as SSBCI To ensure equitable access across the state, DCED has contracted with economic development partners at the regional and local levels to administer loan and equity programs. Home ->> CPCFA ->> State Small Business Credit Initiative, Please send program inquiries to ssbci@treasurer.ca.gov. 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. This initiative was originally created in 2009 under the Obama Administration. The Treasury Portal does not work well on Internet Explorer. Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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. SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. That will bring up the Account Update screen. State Small Business Credit Initiative | Committee on Jobs, Economic Development, and the Economy Skip to main content Skip to: Content| Footer| Accessibility| Translate this website on Google Translate Search Input California State AssemblyCommittee on Jobs, Economic Development, and the Economy Committee Home JEDE Rules and Jurisdiction 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. Why isnt the system accepting [x] information?