Join CDFA at the 2023 National Development Finance Summit
CDFA is traveling to Philadelphia, PA for the 2023 National Development Finance Summit! The NDFS brings together leaders and dealmakers in the development finance industry to discuss best practices, trends, and project financing solutions. Early Bird registration rates end October 13 so register today!
West Virginia Invests $705K of SSBCI Funds in Surgical Device Company
The West Virginia Capital Access Program, managed by the West Virginia Jobs Investment Trust, approved a $705,000 investment for Endolumik, Inc., a surgical device company. The funding comes from the State Small Business Credit Initiative (SSBCI) Program and is expected to allow Endolumik to quintuple the number of jobs in West Virginia.
Alabama to Provide Small Business Grants and Loans With $100M in SSBCI Funds
Alabama small businesses, particularly those in historically underserved communities, will soon have the opportunity to apply for a piece of a $100 million pie, with Innovate Alabama gearing up to dole out $97.9 million in expected federal money. A public-private economic development organization, Innovate Alabama is responsible for allocating funds from the State Small Business Credit Initiative (SSBCI), a federal program reauthorized under the American Rescue Plan Act.
Ohio Launches Venture Capital Programs with SSBCI Funds
Ohio announced the availability of approximately $111 million under the State Small Business Credit Initiative (SSBCI) Program to support the Ohio Early Stage Focus Fund and Ohio Venture Fund. These funds will help increase the amount of early-stage capital invested in Ohio technology-based companies, accelerate the growth of high-potential companies, and create a climate that supports the development, retention, and attraction of technology companies in Ohio.
Join CDFA for Our Upcoming Intro Tax Credit Finance Course
Register for CDFA's Intro Tax Credit Finance Course taking place on September 27-28 to learn the application of tax credit programs and their use in greater economic development finance efforts. Our panel of expert speakers will discuss tax credit programs including new markets, low-income housing, historic preservation, and state-specific programs.
Maryland Invests $1.5M in SSBCI Funds in Three Emerging Companies
The Maryland Technology Development Corporation (TEDCO) continues to scan the local early-stage company landscape for health technology companies that it can invest in, providing resources for those companies to put down roots and grow in Maryland. It invested in three emerging Baltimore companies with $500,000 investments each.
Eight Missouri Startups Receive $2.4M in SSBCI Funds
Three high-profile tech startups in Kansas City each earned a portion of the $2.4 million awarded by the Missouri Technology Corporation. Missouri's IDEA Fund Co-Investment Programs, and specifically its Venture Capital Program — coordinated by MTC — are largely funded for the next seven years through the $95 million that Missouri received under the State Small Business Credit Initiative (SSBCI) Program.
Puerto Rico Announces $3.9M in SSBCI Funds for Two Manufacturers to Expand
The Puerto Rico Economic Development Bank (BDE) has granted $3.9 million in financing to two manufacturing firms: Biosimilar Sciences PR LL and Ocyon Bio PR Inc. The funding will support the purchase of specialized equipment for the biotechnology sector, highlighting the teamwork between the institutions. The funds come from the U.S. Treasury's State Small Business Credit Initiative (SSBCI).
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