Some policy experts point to Biden's earlier legislative victories as an indication that the administration is prioritizing small businesses: One promising development they highlight is the State Small Business Credit Initiative, a Treasury Department program that got a $10 billion infusion when Biden signed the American Rescue Plan Act in March.

The DC BizCap program provides funding support, helping small businesses with start-up costs, working capital, franchise fees, and more. DC BizCap is not a direct lending program. The program works in partnerships with commercial lenders by offering loan enhancements. The program is funded through the US Treasury Department through their state, small business credit initiative (SSBCI).

This report—the first in a series between the Urban Manufacturing Alliance (UMA) and The Century Foundation (TCF)—describes the SSBCI program and offers recommendations from the perspective of mission-based lenders and those seeking to support the revitalization of manufacturing as a strategy for wealth-building and racial equity.

Underrepresented venture capital managers and entrepreneurs could get a boost from a new state program. The program would be administered by the state's Infrastructure and Economic Development Bank, also known as the IBank. The program is a new initiative under the SSBCI. The Treasury Department allocated $10 billion for the initiative and California expects to receive $1.2 billion of that.

The U.S. is planning to hand out $10 billion to help upstart companies gain access to capital in a bid to rev up business in disadvantaged communities and spur a broader economic recovery from the pandemic. The SSBCI will direct money to states, territories, and tribal governments for programs that provide venture capital or encourage private lenders to issue loans to small firms.

Nearly $237 million in federal funding coming to the state is planned to support small businesses in Michigan through lending initiatives and equity investments in venture capital funds. The Michigan Economic Development Corp. (MEDC) aims to deploy the federal funding across five programs, including investing $75 million in one or more venture capital funds operating in the state.

Louisiana could get as much as $113 million from the federal government to support small business capital and technical assistance programs. State submissions to the U.S. Treasury for the program, known as the State Small Business Credit Initiative, are due Feb. 11. Spokesperson Mark Lorando says state officials have been told their initial allocation will be up to $74.2 million.

SSBCI Coalition Meeting - February 18 (Virtual)
February 18, 2022 - 1:00 PM - 2:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: Analyzing the Impact of COVID-19 Emergency Loan Funds
Tuesday, February 22, 2022 - 2:00 PM - 3:00 PM Eastern

CDFA hosted this public briefing on February 3, 2022 to provide an overview of ARC resources that can attract private financing, provide SSBCI updates and resources, and promote multi-state and regional collaboration. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees.

This report — the first in a series between the Urban Manufacturing Alliance (UMA) and The Century Foundation (TCF) — describes the SSBCI program and offers recommendations from the perspective of mission-based lenders and those seeking to support the revitalization of manufacturing as a strategy for wealth-building and racial equity.

CDFA hosted this public briefing on January 20, 2022 to provide an overview and demonstration of the new SSBCI Leverage Ratio Data Table as well as the Enrolled Loan Data Table. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees.

The deadline for Tribal governments to submit a notice of intent (NOI) to apply for SSBCI funds was December 11, 2021. This document includes the list of Tribal governments that submitted an NOI by this deadline. In addition to submitting an NOI, Tribal governments must submit a complete capital application that is approved by Treasury before they can receive SSBCI funds.

CDFA hosted this public briefing on January 6, 2022 to provide an overview of ARC resources that can support SSBCI strategies, provide SSBCI updates and resources, and promote multi-state and regional collaboration. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees.

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