Priority is given to very small businesses (<10 employees) and SEDI individuals who own or operate for-profit or . SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. State Small Business Credit Initiative Application (OMB Control # 1505-0227) Page 1 of 4 . Territories, based on their proportion of unemployed persons as a percentage of the national total. 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. On February 4, 2022, IBank and the California Pollution Control Financing Authority submitted a joint application to the U.S. Treasury to draw California's $1. State Small Business Credit Initiative. 2021-2022. 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. Program Consideration: Loan Participation Program Loan . Florida received a total SSBCI allocation of $97,662,349. 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. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. American Rescue Plan (ARPA) Act - Title III, Subtitle CSmall Business (SSBCI) Small Business Jobs . Treasury awarded funding to all 50 states, the District of Columbia, and all U.S. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Participating States funded new or existing state . . Disbursement 1 . Though substantial funding has been designated for allocation to the State of Illinois, Treasury has not yet fully approved the State's Application for SSBCI funds. The Florida Allocation Agreement provided for the operation of the SSBCI. SSBCI dollars are not allowed by federal law to be used as grant funding. The Small Business Jobs Act of 2010 (the "Act") became law in the fall of 2010. December 6, 2021 @ 2:00 pm - 3:00 pm CST. 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 . In addition to strengthening capital programs that support private financing to small businesses, SSBCI is also intended to ensure more equal access to . Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. t . Funds will be used to support businesses with limited . Implement: Collateral Support Program - $88 million Venture Capital Program - $20 million. This will be underlined. California's application submitted. DHCD's initial proposal is that each SBL be funded with 20% SSBCI funds and 80% private match capital for all non-S EDI and non-VSB businesses and with 30% This allotment of State Small BUsiness Credit Initiative (SSBCI) funding will continue to help small businesses through . The completed application and relevan be saved and emailed to . ET, the same deadline for the submission of a complete SSBCI capital application. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. Are you a business seeking a loan of $250,000 or less? Florida's SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. SSBCI will allocate at least $500 million to Tribal . Applicants may also amend their submitted "Initiated Application" from December 12, 2021, to February 11 at 11:59 p.m. Any questions regarding the SSBCI program should be submitted to ssbci_information@treasury.gov. Once this step occurs, IFA will finalize all legal documentation, fulfill its staffing . The U.S. Treasury Department, through the North Carolina State Legislature's recently passed budget, allocated nearly $202 million in federal funding to the Rural Center to support small businesses throughout the State. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. States, U.S. territories, Washington, D.C., and Tribal Governments (Jurisdictions) are eligible to receive funding through SSBCI to capitalize financing and technical assistance programs for small businesses. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Contact Us. The Small Business Loan Program of the Illinois Finance Authority. March 11, 2022 - Applications due for municipalities located in states that do not apply for SSBCI (application form forthcoming). Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at 2010-2017 Archive. 2011 State Small Business Credit Initiative Application. Please populate the information seen below to determine if you are eligible to submit a capital program application for the SSBCI program administered by the U.S. Department of the Treasury (Treasury). . (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, . Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. How much has Florida been allocated for SSBCI? Overview 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 Revolving Loan Fund component provides funding or capital to economic development organizations in the Commonwealth to create or . Alcohol and Tobacco Tax and Trade (TTB) Bureau of Engraving and Printing (BEP) Bureau of the Fiscal Service (BFS) Application requirements and funding amounts are to be determined by U.S. Treasury. Businesses that may qualify for this loan program are entities that carry on a business activity for profit or not-for-profit in South Carolina, including: For more information about the SSBCI program, contact BDC at www.BDCofSC.org or call (803) 798-4064 or contact JEDA at www.scjeda.com or call (803) 737-0268. The original SSBCI, in place from 2010 until 2017, was the Obama Administration's response to the 2008-2009 financial crisis. The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . Application. SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. Learn about the different Maryland SSBCI programs and find the right one for you. Of the total amount funded, Georgia was allocated $48,024,748. . Email instructions and a link were emailed to eligible jurisdiction point(s) of contact the same day each portal was launched. All remaining sections, also referred to as the "Full Application," of the capital program application are due by February 11 at 11:59 p.m. The program is designed to help states address the challenges small businesses face in securing financing. On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . The SSBCI was originally created through federal legislation - the Small Business Jobs Act of 2010. The Florida Allocation Agreement expired according to its terms on March 31, 2017; and WHEREAS, pursuant to Florida's SSBCI Application, the Venture Capital Program ("FLVCP") was created Bureaus. ENABLING LEGISLATION On March 11, 2021, President Biden signed The American Rescue Plan Act, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. With the new SSBCI funds, we expect to be allocated $104,773,554 and to receive these dollars in late summer 2022. Who Can Apply. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and . On August 19, Governor Kathy Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. 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. 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. ssbci.manager@dca.ga.gov. This inaugural version of the SSBCI delivered around $1.5 billion to states and generated over $10 billion of investment funding into state programs supporting small businesses. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. 6. 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). The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. 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. ET, 2022. SSBCI Loans can be in a subordinate position to the private capital match. It was considered a success across the . All SSBCI loan draws must be properly matched with the private capital at the time of the draws. The U.S. Department of the Treasury has extended the deadline for Tribal governments to initiate their SSBCI capital applications to February 11, 2022, at 11:59 p.m. $108 million. ET, 2022. Application" button in Section 10: Application Certification. Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. Created as part of the Small Business Jobs Act of 2010, SSBCI was designed by the federal government to help states strengthen existing loan and equity programs and/or create new programs that support financing small businesses. May 11, 2022 - Applications for SSBCI capital programs from . and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). 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). Small businesses operating in Maryland with less than 500 employees. Florida's Strategy to Deploy SSBCI Funding. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. The Maryland Department of Housing and Community Development has been designated as the lead agency to administer Maryland's State Small Business Credit Initiative (SSBCI) funds in partnership with the Maryland Department of Commerce and the Maryland Technology Development Corporation .

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