Join CDFA for Our New Intro Federal Finance Course
Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.
University of Georgia SBDC Receives $6M for SSBCI Technical Assistance
The University of Georgia is receiving over $6 million of federal funds to expand its Small Business Development Center. The university will use the funds to expand the business development center, adding one-on-one business consulting, financing training programs, and credit repair guidance to its list of services. Funding comes from the State Small Business Credit Initiative (SSBCI).
Virginia Invests SSBCI Funds in Medication Delivery Company
The Virginia Innovation Partnership Corporation (VIPC) announced that Virginia Venture Partners (VVP), its equity investment program, has invested in MedPhlow, a wholly-owned subsidiary of Phlow Corp., is developing novel solutions to assist healthcare providers in essential medication delivery, including life-saving medication administration during critical events.
California's IBank Adds $50M in SSBCI Funds for Venture Capital Access Program
California's Infrastructure and Economic Development Bank (IBank) announced an additional $50 million for a supplement fund designed to increase the effectiveness of its Expanding Venture Capital Access program. Launched in 2022, the program was designed to create a more inclusive VC ecosystem by supporting underrepresented fund managers and entrepreneurs. The program is funded by California's $1.2 billion allocation from the State Small Business Credit Initiative (SSBCI).
NJEDA and Partners Launch New Jersey Capital Access Fund Under SSBCI
The New Jersey Economic Development Authority (NJEDA)announced the opening of the NJ Capital Access Fund. The fund will leverage Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) to offer a working capital loan product that will better serve New Jersey-based small businesses. The NJEDA-designated fund manager, Calvert Impact, will utilize and match NJEDA's $50 million investment with State Small Business Credit Initiative (SSBCI) funding for a $100 million fund that supports a New Jersey loan participation program.
Virginia Receives $4.1M for SSBCI Technical Assistance Program
Virginia secured $4.1 million in State Small Business Credit Initiative (SSBCI) technical assistance funding for the Virginia Small Business Financing Authority (VSBFA) to help small businesses access capital. Specifically, the funding will provide small business owners with technical assistance like webinars, workshops, one-on-one mentoring, job and resource fairs, and community events.
Maryland Receives $3.3M in SSBCI TA Funds
The U.S. Department of the Treasury announced $50.8M in awards for the State Small Business Credit Initiative's Technical Assistance Grant Program. The state of Maryland was one of the awardees, receiving $3.3 million. The state's Small Business Development Center at University of Maryland will use the capital to connect underserved and very small businesses with mentorship at government, nonprofit, and corporate institutions that specialize in business development and financing.
Rhode Island Selects Slater Technology Fund to Manage $12M in SSBCI Venture Funds
Rhode Island's venture development efforts will get $12 million in federal funding via a new agreement between R.I. Commerce Corp. and the Slater Technology Fund. Under the agreement, Slater will manage and allocate $12 million out of a total $31.5 million in State Small Business Credit Initiative (SSBCI) funding awarded to R.I. Commerce. Slater, the state's most active venture capital firm, will use the funding to help dynamic companies access venture capital to grow quickly in Rhode Island.
U.S. Treasury Announces 20 SSBCI TA Awards
The U.S. Department of the Treasury announced the approval of 20 additional state awards under the State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Program, totaling more than $50.8 million. These awards will be used to provide legal, accounting, and financial advisory services to eligible small businesses applying for the SSBCI capital program and other government small business programs.
U.S. Treasury Approves Washington, D.C. for $62M in SSBCI Capital Funds
The U.S. Department of the Treasury announced the approval of Washington, D.C.'s plan for up to $62 million in funding under the American Rescue Plan's State Small Business Credit Initiative (SSBCI). The District of Columbia, approved for up to $62 million, will operate two programs: a collateral support program ($29 million) and a loan participation program ($33 million).
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