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CDFA SSBCI Update - November 8, 2022

SSBCI Update
November 8, 2022
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CDFA SSBCI Update

Features

U.S. Dept. of Treasury Extends Deadline for SSBCI TA RFI to November 3
On October 20, 2022, the U.S. Department of the Treasury released a request for information regarding the deployment of the remaining $200M in SSBCI Technical Assistance Grant funds.

CDFA Responds to U.S. Treasury's SSBCI TA RFI
On October 20, 2022, CDFA and its SSBCI Coalition responded to the U.S. Department of the Treasury's request for information regarding the deployment of the remaining $200M in SSBCI Technical Assistance Grant funds.

Growth Loan Fund Provides Funding for Early-Stage Businesses in Minnesota
The Minnesota Department of Employment and Economic Development (DEED) launched the Growth Loan Fund as part of the recently announced $97 million through the State Small Business Credit Initiative (SSBCI) from the U.S. Department of the Treasury. This new program provides direct loans from DEED to technologically innovative seed and early-stage businesses.

U.S. Department of Treasury to Hold SSBCI Virtual Conference in November
The U.S. Department of the Treasury announced that it will hold an SSBCI Fall Virtual Conference via Zoom from Monday, November 14, 2022, to Friday, November 18, 2022. The Virtual Conference will include discussion sessions and roundtables to allow state SSBCI program managers and staff to learn from one another.

$4.5M in New Funding for Diverse Philadelphia, PA Start-up Tech Companies
Department of Community and Economic Development (DCED) and the Ben Franklin Technology Development Authority (BFTDA) announced that $5 million through the Diverse Leaders Venture Program has been approved for two Philadelphia-based venture capital firms that will use the funding to provide loans to underrepresented entrepreneurs.

White House, Treasury, and State Officials Discuss ARP Investments in Manufacturing Through SSBCI
On Thursday, October 27th 2022, officials from the White House, Treasury Department, Arizona, Michigan, and Minnesota met with stakeholders to discuss key investments from the American Rescue Plan's (ARP) State Small Business Credit Initiative (SSBCI), which are expected to result in billions of dollars of financing to small businesses involved in manufacturing and critical supply chain initiatives.

Missouri Technology Corp. to ‘Quadruple' Pace of Investment After Influx of Federal Funds
The Missouri Technology Corp. (MTC) plans to "quadruple" its pace of investment into early stage startups, thanks to an influx of nearly $100 million in federal funds. MTC plans to use $95 million it has been allocated through the U.S. Treasury Department's SSBCI to significantly ramp up its venture capital program and pursue new programs to finance socially and economically disadvantaged businesses.

Alaska Announces Launch of State's SSBCI Program
Alaska's SSBCI Program will use $59.9M from the U.S. Department of Treasury to finance incentives to help drive private sector funding to Alaska's small businesses, particularly for those that have traditionally had difficulty securing loans or equity investments. The Alaska SSBCI funds will be deployed over the next 10 years by the Alaska SBDC through a $32M loan guarantee program, a $15.9M loan participation program, a $10M equity investment program, and a $2M loan collateral program.

Iowa Economic Development Authority Announces $96M in SSBCI Funding Available for Small Businesses
The Iowa Economic Development Authority (IEDA) announced a $96M investment in growing Iowa's small businesses, including startups, manufacturers and businesses owned by veterans and individuals from diverse backgrounds. The funding is available through the U.S. Treasury Department's State Small Business Credit Initiative (SSBCI), a small business aid program that was expanded through the federal American Rescue Plan Act.

Treasury Approves Eleven Additional SSBCI State Plans
The U.S. Department of the Treasury announced the approval of state plans for Alaska, Idaho, Iowa, Massachusetts, Minnesota, Missouri, Nebraska, Nevada, New Mexico, Ohio, and Utah under the State Small Business Credit Initiative (SSBCI). Treasury has approved 31 state plans to date.

Missouri Receives $95M Through SSBCI Program
The U.S. Department of Treasury has approved Missouri's State Small Business Credit Initiative's (SSBCI) application, representing nearly $27M to support small businesses, startups, and entrepreneurs. The approval represents the first of three tranches of federal funding, totaling $95M, to be deployed through the Missouri Technology Corporation (MTC).

Upcoming Events
CDFA Infrastructure Finance Learning Series: How Different Communities Can Benefit From IIJA

CDFA // BNY Mellon Development Finance Webcast Series: Funding Childcare Facilities
Tuesday, November 15, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA// BNY Mellon Development Finance Webcast Series, presenters will look across the development finance spectrum for ways to invest in childcare facilities with tools like bonds, RLFs, tax credits, and more. Experts will also highlight various case studies that have successfully utilized these tools.

CDFA-Bricker Webinar Series: PACE and Traditional Lending Institutions
Tuesday, November 22, 2022 - 2:00 PM - 4:00 PM Eastern
Since the origins of PACE financing in the early 2010s, PACE lenders have been primarily non-traditional lending institutions. However, with the explosive growth of PACE across the country, the traditional lending world has begun to enter the PACE market. In this session, attendees will get an overview of the PACE lending history and the influx of traditional lending institutions across the country.

New Additions to the Online Resource Database

U.S. Department of the Treasury Issues Revised SSBCI Capital Program Policy Guidelines
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
The U.S. Department of the Treasury issued revised SSBCI Capital Program Policy Guidelines on October 7, 2022.


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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