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CDFA SSBCI Update - March 12, 2024

SSBCI Update
March 12, 2024
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CDFA SSBCI Update

Features

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.

Upcoming Events
2024 SSBCI Learning Series

CDFA // BNY Mellon Development Finance Webcast Series: The Re-emergence of Bond Banks
March 19, 2024 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will discuss the importance of bond banks, explore their roles, and focus on how they help communities move forward.

SSBCI Coalition Meeting - Virtual
March 29, 2024 - 1:00 PM - 2:00 PM Eastern
CDFA hosts monthly SSBCI Coalition meetings to provide SSBCI updates and facilitate discussions that allow for networking, peer knowledge sharing, and problem-solving. The SSBCI Coalition is available to CDFA Members only. There is no cost to attend SSBCI Coalition meetings.

SSBCI Headlines

U.S. Treasury SSBCI Funds to Democratize Venture Firms
Pensions & Investments | Mar. 1 | Access to Capital | Disaster Recovery & Relief | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Venture Capital

Maine Invests $594K of SSBCI Funds in Molded Fiber Packaging Manufacturer
Portland Press Herald | Feb. 27 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury

SSBCI Helping Maryland Generate $17B in Economic Impact
Maryland Department of Housing and Community Development | Feb. 23 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI)

New York Expanding SSBCI Capital Access Program with $29.4M for Loan Loss Reserves
Empire State Development | Feb. 20 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI)

Georgia CDFIs Made $2.6M in SSBCI-Supported Loans to Black-Owned Businesses
U.S. Department of the Treasury | Feb. 15 | Access to Capital | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Community Development Financial Institutions (CDFIs) | State Small Business Credit Initiative (SSBCI)

U.S. Treasury Secretary Highlights SSBCI Success in Michigan
U.S. Department of the Treasury | Feb. 14 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI)

New Additions to the Online Resource Database

SSBCI FAQs, Updated February 21, 2024
Access to Capital | Community Development | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | Economic Development
On February 21, 2024, the U.S. Department of the Treasury published updated FAQs for the State Small Business Credit Initiative (SSBCI). The update provides an answer to the question: "How does Treasury identify CDFI Investment Areas for purposes of the "expended for" requirement for the $1.5 billion SEDI allocation and for purposes of qualifying for the initial eligible amounts under the $1.0 billion SEDI incentive allocation?"

SSBCI Capital Program Reporting Guidance, Updated February 21, 2024
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
On February 21, 2024, the U.S. Department of the Treasury published updated reporting guidance for the State Small Business Credit Initiative (SSBCI) Capital Program.

SSBCI SEDI Reporting Clarification
Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | Economic Development
On February 16, 2024, the U.S. Department of the Treasury clarified the State Small Business Credit Initiative's (SSBCI) socially and economically disadvantaged individual-owned (SEDI-owned) business reporting certifications. Treasury stated that jurisdictions may use the SEDI certification published by Treasury or a jurisdiction's own form so long as it is consistent with SSBCI reporting requirements.


The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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