Learn About Promoting SSBCI Successes in First SSBCI Learning Series Event of 2024
In this session, speakers will discuss the importance of highlighting successes and provide best practices for demonstrating the economic benefits of SSBCI programs. This will include a conversation about how each transaction is beneficial to the small business and its community, as well as to the program manager's ability to deploy additional capital under the SSBCI banner.
MassDevelopment Invests $6M in SSBCI Funds for Minority-Owned Transportation Company
MassDevelopment, along with Eastern Bank, has provided $11 million to DPV Transportation, Inc., a leading minority-owned ground transportation company, to catalyze growth and enable the purchase of new vehicles, and bolster working capital for its operations stretching from Boston to New York. MassDevelopment's contribution of $6 million was made through the State Small Business Credit Initiative (SSBCI).
Last Call to Apply for the 2024 Caren S. Franzini Fellowship!
The Caren S. Franzini Fellowship was created to develop and recognize outstanding women in the field of development finance for their leadership and dedication to the advancement of the industry. This 6-month fellowship program, run through the CDFA Foundation, is open to women employed by a CDFA member organization who have worked in the development finance industry for less than 10 years. Apply by Friday, March 15!
SSBCI Helping Louisiana Become Leader in Venture Capital Growth
A new report has found that the state of Louisiana, thanks in part to its $113 million State Small Business Credit Initiative (SSBCI), has experienced a 10.2X increase in its venture capital investment over the last ten years. The report was published by Flippa, a business brokerage, and based on an analysis of National Science Foundation and Pitchbook data showing the states with the largest growth in venture capital investment over the past decade.
Register Today for the 2024 Federal Policy Conference!
Reserve your spot at the 2024 CDFA Federal Policy Conference on April 2-3, 2024, in Washington, D.C. CDFA, with sponsorship by Ice Miller LLP and Grow America, will bring together leaders from the Biden administration, Congress, federal agencies, nonprofit organizations, and finance agencies who will discuss a range of federal legislative and policy topics. Interact with reps from the Department of the Treasury, the Small Business Administration, and the Environmental Protection Agency. Space is limited; act fast!
Indiana Launches the 'Legend Fund' with $29M in SSBCI Funds
The Indiana Economic Development Corporation (IEDC) announced the launch of the state's Legend Fund, a loan participation program designed to help entrepreneurs and small businesses gain access to funds needed to grow. Fueled by $29 million in funding through the State Small Business Credit Initiative (SSBCI), the fund will assist mission-driven local lenders to increase lending to Hoosier small businesses, with an added focus on those that have been historically underserved.
Puerto Rico Leveraging SSBCI to Boost Small Businesses
To continue promoting the State Small Business Credit Initiative (SSBCI) financing, the Puerto Rico Economic Development Bank (EDB), alongside the U.S. Department of the Treasury and the Federal Deposit Insurance Corp. (FDIC), convened representatives from key commercial banks and local cooperatives. The U.S. Treasury recognized the EDB's efforts with the SSBCI in a December report, where Puerto Rico ranks 31st among 62 U.S. jurisdictions in fund utilization.
North Carolina Announces $32M in SSBCI Funds for 10 Venture Capital Firms
North Carolina has announced $32 million in federal funds from the American Rescue Plan (ARP) to 10 venture capital firms under the Treasury Department's State Small Business Credit Initiative (SSBCI). These funds are going to 10 women- and minority-led venture capital firms with proven track records of support for small businesses and entrepreneurs and will catalyze an additional $60 million in private investment in North Carolina.
New York Using SSBCI Funds to Participate in Initiative for Inclusive Entrepreneurship
New York will participate in the Initiative for Inclusive Entrepreneurship (IIE), a national effort led by the U.S. Department of the Treasury to expand access to capital for socially and economically disadvantaged individual-owned small businesses. IIE aims to help small businesses owned by people from historically disadvantaged populations and ensure equitable implementation of the U.S. Treasury's State Small Business Credit Initiative – of which New York received more than $500 million.
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