3.8. Localizing the State Small Business Credit Initiative Please note that SAM.gov registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. 2.2. Additional guidance, forms, and other resources with information about the SSBCI program will be posted as details are available. State Small Business Credit Initiative (SSBCI 2.0) - Tennessee For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. An online application portal is forthcoming. 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. SSBCI will allocate at least $500 million to Tribal governments. ET. 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. SSBCI is expected to create billions of dollars in lending and investments to small businesses that are not getting the support they need to expand and create jobs. 3.11. SmallBizLoansProgSummary102517.pdf. States, the District of Columbia, and Territories must submit their completed SSBCI Technical Assistance (TA) Grant Program application by October 14, 2022 at 11:59 pm ET (Eastern Time). Kentucky Small Business Credit Initiative - Kentucky SBDC Central Office Atlanta, GA 30329 (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. 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. Pennsylvania State Small Business Credit Initiative (PA-SSBCI) Indiana was approved to receive up to $99 million in federal funding through the State Small Business Credit Initiative (SSBCI) to expand access to and increase working capital for Hoosier entrepreneurs, startups and small business owners. Division of Small Business - Empire State Development Corporation An overview of the results ishere. Since 2002, the OCAP has assisted countless small businesses with their working capital and fixed-asset financing needs. This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. Why do I need to sign up at SAM.gov? 2023 California State Treasurer's Office, Certification to Participate in the State Small Business Credit Initiative (SSBCI) Program, CalCAP Collateral Support Program Webpage, CalCAP for Small Business Program Webpage, CalCAP Participating Financial Institution Application, $1.18 B in SSBCI 2.0 Funds Awarded to California, accepting applications for SSBCI 2.0 Technical Assistance, CalCAP for Small Business Brochure (Including How It Works and Which Loans Qualify), CalCAP Collateral Support Brochure (Including How It Works and Which Loans Qualify), California Office of the Small Business Advocate (CalOSBA), referrals to help in more than 20 languages, Americas Small Business Development Centers, Within the second tranche: loan participation program. 4.3. 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 much money have I been preliminarily allocated to receive? You will need to provide all of the information listed in the Treasury Portal at Portal.Treasury.gov/cares. Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI). State Small Business Credit Initiative (SSBCI) Application | U.S. Department of the Treasury Home State Small Business Credit Initiative (SSBCI) Application Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. The best browsers to use are Microsoft Edge, Google Chrome or an updated version of Safari. 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. Currently, non-Tribal applications must have been initiated by December 11, 2021 and completed by February 11, 2022 at 11:59pm ET (Eastern Time). 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. Texas Small Business Credit Initiative The objective of the Texas Small Business Credit Initiative (TSBCI) is to support state programs that provide resources to assist small business growth and create new jobs through increased access to small business funding. Small Business Loan Program | Department of Economic Development 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. Small Businesses - ct The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. Around the State: March 2023 - Nevada Business Magazine 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 maximum amount of the credit guaranty is $200,000. 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. MBDA's Program: Small Business Credit Initiative If not, you can change them as needed. 5.1. It will fund state, territory, and Tribal government small business credit support and investment programs. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. Is there a Webinar or Zoom call that I can attend? ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. 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. . CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. Programs - Indiana State Small Business Credit Initiative (SSBCI) Application Select the Settings link. The initiative is a partnership between the federal government and individual states and provides funding to state programs that offer financing and technical assistance to small businesses. Eligible Entities include States, the District of Columbia, Territories, and Tribal Governments. 3.4. Email instructions and a link were emailed to eligible jurisdiction point(s) of contact the same day each portal was launched. For further information on the transition to UEI Number, access SAM.gov. 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. 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 . Im trying to do something in the Treasury Portal and its not working. Email: ecd.SSBCI2.0@tn.gov, Go to Economic & Community Development (ECD), is administering a second installment of the. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at2010-2017 Archive. 8.3. 2021 State Small Business Credit Initiative (SSBCI) Application If you are a business or a lending institution that is interested in participating in small business financing programs through the SSBCI, please go to http://treasury.gov/ssbci and click on the List of Proposed Programs and Contacts link to locate the State or Territorial contact in your area. From there, you can make any appropriate edits then click Save. Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue. #stimulusnews #stimulusupdate #funding$10 BILLION SSBCI STATE FUNDING FOR SMALL BUSINESS | SHE BOSS TALKOn March 11, 2021, President Biden signed The America. PDF State Small Business Credit Initiative: Implementation and Funding Issues Incentive Programs | Texas Economic Development - Greg Abbott Please reference the website at Treasury.gov/SSBCI for more information. It was funded at $1.5 billion and implemented by Treasury and states and territories from 2011 through 2017. SSBCI - oklahoma.gov 7.2. Trafficking 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. That will bring up the Account Update screen. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. 4.1. Copyright 2003 - 2023, Small Business Trends LLC. 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. If you are having difficulty registering on SAM.gov, please refer to the Federal Service Desk for assistance with your SAM.gov account. SSBCI will allocate at least $500 million to Tribal governments. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Florida received a total SSBCI allocation of $97,662,349. 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, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. The deadline for proposals will also be revised. MT SSBCI 2.0 Loan Participation Program IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. For more information, please visit the U.S. Department of the Treasury's website. Currently, Georgias SSBCI offers two programs. Florida's State Small Business Credit Initiative - What is It and What $100 million of that amount has been transferred to MBDA to assist with this effort. 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. This is the second SSBCI initiative - Minnesota received $15 million through the Small Business Jobs Act of 2010. 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. Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. 3.10. 2.3. 2023. Home ->> CPCFA ->> State Small Business Credit Initiative, Please send program inquiries to ssbci@treasurer.ca.gov. We and our partners use cookies to Store and/or access information on a device. The State Small Business Credit Initiative (SSBCI) Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. Housing Choice Voucher Program (formerly known as Section 8), Georgia Balance of State Continuum of Care (BoS CoC), GHFA Permanent Supporting Housing (formerly known as Shelter Plus Care) (PSH), Homeless Management Information System (HMIS), Housing Opportunities for Persons with AIDS (HOPWA), HUD 811 Project Rental Assistance Program (HUD 811), Reentry Partnership Housing Program (RPH), State Housing Trust Fund for the Homeless (HTF), Community Development Block Grant Disaster Recovery Program (CDBG-DR), Community Development Block Grant Coronavirus (CDBG-CV), Community Development Block Grants (CDBG), Downtown Development Revolving Loan Fund (DDRLF), Regional Economic Business Assistance (REBA), State Small Business Credit Initiative (SSBCI), Regional Economic Assistance Program (REAP), Construction Codes and Housing Development, Georgia Initiative for Community Housing (GICH), HOME Investment Partnership Program (HOME), Governing Statutes, Regulations, and Guidance, Government Management Indicators (GOMI) Survey, Report of Local Government Finance (RLGF), Georgia Commission for Service and Volunteerism, Georgia SBCG (Small Business Credit Guaranty), History - State Small Business Credit Initiative, Georgia Department of Economic Development, University of Georgia Small Business Development Center, CDFIs Engaged in Small Business Lending in Georgia, How do I make a GORA "open records" request, Popular 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 does the Change to UEI Number mean for Recipients? First, verify that your name and initials are correct. The funds will be sent to California over a period of eight years, in three separate installments (tranches). Main Street Monday - State Small Business Credit Initiative's 2021 The SSBCI program works withapproved lenders to provide financial support to small businesses. For more information on allocations and allocation methodology, please visit the State Small Business Credit Initiative website at Treasury.gov/SSBCI. After reviewing the RFI, commenters can post their comments on Regulations.gov. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. When the Finish button becomes active, you can complete the signing. Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. Entities receive payment to Fed ACH (Automated Clearing House) and Fedwire bank accounts. 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). 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. Delaware Capital Access Program and State Small Business Credit Initiative Participation Loan help lenders to provide financing to businesses deemed too risky for the traditional banking model due to minor collateral or credit issues. How do you get an application for small business loan? Nevada Employee Directory (NED). Now open! Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. What Entities are eligible for the Technical Assistance Grant Program? The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. The large increase to $10 billion is due to the success of the program, which is considered one of the more successful mechanisms for delivering capital from a federal source. Small Business Lending Fund Program and State Small Business Credit This initiative was originally created in 2009 under the Obama Administration. 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. 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. Documents, timelines, and other resources related to the 2021 allocation of the SSBCI program can be accessed here2021 Archive. 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. What is the turnaround time for reviewing an application? Ohio initially will receive $52.4 million to support socially and economically disadvantaged individuals and very small businesses. In late November 2021, Treasury launched an application portal for the State Small Business Credit Initiative (SSBCI) at Portal.Treasury.gov/cares. Required supplemental information outlined in Appendix I of the program guidelines must be attached electronically to the application as directed on the Addenda tab. Texas Economic Development P.O. Do I really have to provide ID.me with my personal information? Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. I have Subrecipients to report that have a DUNS, but no UEI. 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. / Am I required to report? 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. It is their responsibility to notify financial personnel within their organization on their end of the incoming payment. For more information on submitting reports for the Capital Program, please access the program website at Treasury.gov/SSBCI, scroll down to the Program Rules and Materials section then click on Capital Program Reporting Guidance. For small businesses, it offers attractive terms for loans, flexible resources for funding with little red tape, fast access to funds, and a quick answer to a loan request. Please reference the website at Treasury.gov/SSBCI for more information. Small Business Initiatives - Enterprise Florida 2.10. 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. Continue with Recommended Cookies. The second-round application period for this grant is open until May 25. 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. The funds will be used to implement the five types of programs allowed under SSBCI 2.0. As a reminder, you must log in using the single sign on that you created using ID.me. 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. Nevada has become the first state in the U.S. to launch a novel microloan program under the federal State Small Business Credit Initiative (SSBCI). Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. For more information, visit the program website at Treasury.gov/SSBCI. We're here to help New York State's small businesses reimagine, rebuild and renew. Treasury will review complete applications as quickly as possible, in the order in which they are received. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. SSBCI Self-Service Resources | U.S. Department of the Treasury Preliminary allocations were determined in advance by Treasury. Overview. 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. It allowed states to design and implement programs to accommodate various business needs. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. How long will it take me to register with ID.me? Financial support for small business across states. Applications to become a subrecipient will be accepted until January 14 . The Treasury Portal does not work well on Internet Explorer. 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.