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CDFA SSBCI Update - May 11, 2021

SSBCI Update
May 11, 2021
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CDFA SSBCI Update

Features

Breaking News: Full Participation in SSBCI 2.0 Program Anticipated
As of the May 10 deadline, every eligible state and local government had submitted to the U.S. Department of the Treasury (Treasury) a Notice of Intent to Apply (NOI) to the State Small Business Credit Initiative program (SSBCI 2.0). Treasury has been actively soliciting feedback from stakeholders through listening sessions and written comments in an effort to inform forthcoming program rules and the application process. Preliminary allocation amounts for a portion of available funding have been made public for states, territories, and Washington, D.C., however, SSBCI 2.0 capital has not yet been disbursed.

The American Rescue Plan authorized $500 million in SSBCI 2.0 funding for Tribal governments. Treasury will host SSBCI 2.0 information and consultation sessions in May tailored to Tribal governments, post preliminary allocation amounts in June, and accept NOIs through July. NOI forms for Tribal governments will likely be available on Treasury's website within the coming days. If you work or collaborate with representatives in Tribal governments, please take a few minutes to pass this information along!

Treasury Department Sets SSBCI Session, Tribal Consultation
The U.S. Department of the Treasury announced that it will hold information sessions on the State Small Business Credit Initiative (SSBCI) for tribal nations on May 13 and May 27. The American Rescue Plan Act reauthorizes and amends the State Small Business Credit Initiative Act of 2010 to provide resources to tribal governments named in the annually published list required by the Federally Recognized Indian Tribe List Act of 1994 to support small businesses.

Plant-Tech Firm Benson Hill Going Public in $2 Billion SPAC Merger
Benson Hill Inc. is going public by merging with a special-purpose acquisition company in a deal that values the plant-growing technology firm at $2 billion, the companies said. The company received early-stage venture funds from SSBCI 1.0. The Missouri Technology Corporation made an initial investment of $175,000 in the company, with a follow-on investment of nearly $1 million.

Right to Start: States Getting $10B in Stimulus Funds to Boost Entrepreneurs
Capital to grow emerging businesses is unevenly distributed. More than 83 percent of businesses don't access venture capital or traditional banking, and 73 percent of venture capital is concentrated in just three states. To address that gap, the recently passed $1.9 trillion federal stimulus package contains $10 billion for the State Small Business Credit Initiative.

Learn About Public-Private Partnerships at CDFA Virtual Summer School
The Intro Public-Private Partnership (P3) Finance Course examines this emerging development finance model with a focus on how development finance agencies can adopt P3 principles to address a variety of projects. This course covers basic P3 concepts, key players involved in transactions, asset valuation, contract negotiation, risk assessment, revenue stream development, and feasibility analysis. Economic development professionals will learn about leveraging P3s to finance infrastructure, investments that boost the attractiveness of a community to entrepreneurs and small business owners alike.

Sen. Tester Announces $56M in Pandemic Relief for Montana Small Businesses
After hearing directly from hard-hit Montana small businesses about the challenges they've faced throughout the pandemic, U.S. Senator Jon Tester announced that $56,234,176 will be made available through the State Small Business Credit Initiative (SSBCI) to support business financing through state and Tribal programs. Tester, a longtime champion of the SSBCI program, pushed hard to include this funding in the ARP.

Why Did US Jobs Growth Slow in April?
After job growth slowed in April, Stephanie Aaronson cautions that employment is going to be slow to return to pre-pandemic levels as employers and workers try to match their needs and pay expectations. She also addresses the relationship between unemployment benefits, wages, and slowing the spread of the coronavirus, and why there may continue to be lingering negative effects on women's labor force participation.

The American Rescue Plan Act and SSBCI
The American Rescue Plan Act ("ARPA") reauthorized State Small Business Credit Initiative ("SSBCI") and allocated $10 billion toward funding the program for state and tribal governments. The original SSBCI was a $1.5 billion program authorized through the Small Business Jobs Act of 2010 and aimed at strengthening state programs supporting financing small businesses and entrepreneurs.

Upcoming Events

Intro Revolving Loan Fund WebCourse
June 23-24, 2021 - Daily: 12:00 - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. This course demonstrates how an RLF program can complement your economic development strategy, encourage investment, and assist traditionally underserved businesses. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

CDFA SSBCI Briefing
Friday, May 21, 2021 - 1:00 PM - 2:00 PM Eastern

CDFA SSBCI Briefing
Friday, June 4, 2021 - 1:00 PM - 2:00 PM Eastern


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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