Register for One-on-One SSBCI Meetings with Treasury Today!
In addition to an in-depth look at the state of the State Small Business Credit Initiative (SSBCI) at CDFA's Federal Policy Conference, attendees will have the chance for exclusive one-on-one meetings with the U.S. Department of the Treasury's SSBCI team at no added cost. Register today and secure your meeting time!
U.S. Treasury Report Highlights American Rescue Plan Act on Second Anniversary
To mark the second anniversary of the American Rescue Plan (ARP), the U.S. Department of the Treasury released a report with new data illustrating the extent to which this funding supported both immediate pandemic recovery and long-term economic growth. The ARP catalyzed investments in community development that will extend well beyond the deployment of federal resources and laid the foundation for other historic investments in our nation's economic future.
Nebraska Enterprise Fund Targets Areas of Need with SSBCI Funds
The Nebraska Enterprise Funds is about to launch a new initiative with State Small Business Credit Initiative (SSBCI) funds that will focus primarily on Social, Economic, and Disadvantaged Individual (SEDI) business owners. This includes those subjected to racial or ethnic prejudices or who've had diminished access to credit due to their gender, veteran status, limited English proficiency, disability, Tribal membership, or long-term residence in a rural community or an economically disadvantaged area.
Now Accepting Applications for the Caren S. Franzini Fellowship
The Caren S. Franzini Fellowship was created to build leadership positions for women in the field of development finance and to inspire them to embody Caren's spirit and professionalism. Franzini Fellows accepted into the program must be employed by a CDFA member and have worked in the development finance field for less than 10 years. Applications are being accepted through Friday, April 7, 2023.
Maryland Invests $250K in SSBCI Funds in Woman- and Minority-Led Startup
TEDCO, Maryland's economic engine for technology companies, announced a recent $250,000 investment in NasaClip, a woman- and minority-led startup based in Baltimore, MD, which created a new device to assist in a painless, hands-free method for stopping nosebleeds. This investment came from TEDCO's State Small Business Credit Initiative (SSBCI).
U.S. Treasury Approves Three Additional States' SSBCI Plans
The U.S. Department of the Treasury announced the approval of three additional state plans for up to $890.7 million in funding under the State Small Business Credit Initiative (SSBCI) in President Biden's American Rescue Plan: New Jersey, Texas, and Washington. Treasury has now announced the approval of state and territory plans corresponding to over $8 billion in SSBCI funding to support small businesses and entrepreneurship and expand access to capital.
Tennessee Makes $70M in SSBCI Funds Available to Local Startups
Tennessee startups have a new local investment pool to tap into thanks to LaunchTN and funding secured through the American Rescue Plan. The state received $117 million in State Small Business Credit Initiative (SSBCI) funding, $70 million for direct equity investments into early-stage startups and venture capital funds. The remainder is for a loan program with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).
New Jersey Receives $255M in SSBCI Funds
New Jersey received $255 million in State Small Business Credit Initiative funds under the American Rescue Plan Act. The New Jersey Economic Development Authority (NJEDA) announced plans to create and launch six programs: the Angel Match Program, the Clean Energy Business Financing Program, a loan participation program, and three programs to support small business lending by CDFIs and MDIs in the state.
Washington Receives $163M in SSBCI Funds
Washington has been awarded $163 million under the State Small Business Credit Initiative (SSBCI) to operate a micro and small business loan fund, a revenue-based loan program, a venture capital fund, a commercial real estate loan program, and a small business collateral support program. The programs will be launched in mid-2023 after regulatory review. The Washington State Department of Commerce will announce programs as they come online.
Kentucky Awarded $117M in SSBCI Funds
Kentucky will receive $117 million under the State Small Business Credit Initiative (SSBCI) program and will launch a suite of initiatives known as the Kentucky Small Business Credit Initiative 2.0. The funding will be allocated in three phases over 10 years. It will support venture capital programs, loan support programs, and Community Development Financial Institutions, with an emphasis on access for underserved business owners.
Rhode Island Receives $61.7M in SSBCI Funds
Rhode Island received $61.7 million in State Small Business Credit Initiative (SSBCI) funds to operate three programs: a capital access program, a loan participation program, and an equity/venture capital program. The loan participation program was allocated nearly $27 million, the equity/venture capital program was allocated $31.5 million, and the capital access program received $3 million.
Missouri Technology Company Awards $2M of SSBCI-Funded Equity Investments
The Missouri Technology Corporation (MTC) announced that it will invest more than $2 million in eight high-growth potential startups that are developing technologies and businesses to create high-paying jobs across Missouri. Investments will be made through MTC's Innovation, Development, and Entrepreneurial Advancement (IDEA) Fund Co-Investment Program, which is the first distribution of federal funds from the State Small Business Credit Initiative (SSBCI) program.
U.S. Treasury Announces Preliminary SSBCI Allocations to Tribal Governments
The U.S. Department of the Treasury released its methodology summary for preliminary SSBCI allocations for Tribal governments on February 21, 2023.
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