Have questions on how best to track your SSBCI data? Join CDFA on Thursday, February 16 at 2:00 PM Eastern for the first SSBCI Learning Series event of 2023 on "Compliance: Program Reporting Requirements." During this session, industry leaders will provide hands-on demonstrations of their technology platforms to help with your SSBCI data tracking and compliance requirements. Register today!

The U.S. Department of the Treasury announced Puerto Rico will receive up to $109M in funding under the State Small Business Credit Initiative (SSBCI) in the American Rescue Plan. Treasury has now announced the approval of state and territory plans corresponding to over $6B in SSBCI funding to support small businesses and entrepreneurship and expand access to capital. Puerto Rico will operate two programs: a collateral support program and a loan participation program.

The Government Accountability Office (GAO) reviewed the U.S. Department of the Treasury's implementation of the State Small Business Credit Initiative (SSBCI) and found that Treasury has taken longer than expected to disburse SSBCI funds. The GAO recommends that Treasury should fully incorporate certain best practices around reliable project scheduling as it continues implementing the Capital and TA programs and disburses the remaining SSBCI funds.

The New Jersey Economic Development Authority (NJEDA) last week issued Notices of Investment Opportunities (NIOs) for four distinct funds with $150M in capital available to support investment in the Garden State. NJEDA said it is seeking experienced investment managers to manage and deploy the capital funding, with $130M of it deriving from the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI).

Oregon has some State Small Business Credit Initiative dollars burning in their pockets, and folks seeking to apply need to do so by Feb. 28, 2023. Business Oregon, the state's economic development agency, believes venture capital fund managers can play an important role in Oregon's entrepreneurial ecosystem. Oregonians can leverage fund managers' expertise, networks, and private capital to develop and maintain a strong pipeline of high-growth opportunities.

Nevada's SSBCI Program application was approved in October 2022 for up to $112.9M and has received its initial tranche of $35M. It is overseen by the Governor's Office of Economic Development (GOED) and contains a total of five component programs. Nevada is the first state in the nation to launch a novel Microloan program SSBCI featuring a newly developed refinancing mechanism to strengthen Community Development Financial Institutions (CDFI) lending to small businesses.

The Council of Development Finance Agencies (CDFA) and the National Association of State Departments of Agriculture (NASDA) Foundation are excited to announce their partnership to create the CDFA-NASDA Foundation Socially Disadvantaged Farmers & Ranchers Access to Capital Program in response to the USDA Office of Partnerships and Public Engagement 2501 Grant Program. This program will assist socially disadvantaged farmers and ranchers in building successful operations by accessing sustainable business capital.

Join CDFA for our upcoming Bond Finance Week! The Intro Bond Finance Course will take place on March 13-14 followed by the Advanced Bond Finance Course on March 15-16. Register for one or both of these courses to learn from experts about how to bring economic growth to your community by utilizing the vast resources of the bond finance industry.

The Northfield Area Chamber of Commerce has issued a statement reminding the business community about the $97M in SSBCI program funds being administered by the Minnesota Department of Employment and Economic Development. The Automation Loan Participation Program is the fifth program so far announced as part of the new SSBCI initiative. Industries eligible for these loans include manufacturing, distribution, technology, and warehousing.

The Florida Department of Economic Opportunity (DEO) has announced that $142M in new capital is available for small businesses and startups through Florida's State Small Business Credit Initiative (SSBCI). Available programs from this funding include a Collateral Support Program, a Venture Capital Program, a Loan Participation Program, a Loan Guarantee Program, and a Capital Access Program.

The Biden-Harris Administration has focused on helping the nation's businesses recover from the economic impact of the pandemic and grow. The Census Bureau released data that showed that over the last two years, Americans have applied to start 10.5 million new businesses, making 2021 and 2022 the strongest two years on record for new business applications. 

The University of Alaska's Small Business Development Center (SBDC) program announced that it would be deploying $59M in SSBCI funds to help drive private sector investments into Alaska's small businesses through the creation of a $32M loan guarantee program, a $15.9M loan participation program, a $10M equity investment program, and a $2M loan collateral program. To kick off the program, the Alaska SBDC released its $10M Equity Fund RFP. 

Using SSBCI funds, the Minority Business Development Agency (MBDA) is seeking proposals for its $93.5M Capital Readiness Program grant competition to help minority and other underserved entrepreneurs launch and scale their businesses. This Program will provide funding to incubators, accelerators, and other eligible organizations with expertise to support underserved entrepreneurs by providing training, tools, and technical assistance to access capital.

SSBCI Learning Series - Compliance: Program Reporting Requirements
February 16, 2023 - 2:00 PM - 4:00 PM Eastern

CDFA // BNY Mellon Development Finance Webcast Series: P3 Financing Approaches for Broadband Infrastructure
February 21, 2023 - 2:00 PM - 3:00 PM Eastern