The Minority Business Development Agency announced the 43 winners of the $125 million State Small Business Credit Initiative's (SSBCI) Capital Readiness Program (CRP) awards competition, critical funding that will help underserved entrepreneurs launch and scale their small businesses.  The CRP is the latest American Rescue Plan investment in navigation and support services for small businesses, building upon the $300 million in funds already announced or deployed for technical assistance.

The U.S. Treasury Department announced the first awards under the State Small Business Credit Initiative's (SSBCI) Technical Assistance Grant Program to 12 states, totaling over $57 million. These awards will be used to provide legal, accounting, and financial advisory services to very small businesses and underserved small businesses applying for the SSBCI capital program and other government small business programs. 

Using State Small Business Credit Initiative (SSBCI) funds, the Wyoming Business Council (WBC) announced its first direct equity investment from the Wyoming Venture Capital (WYVC) Fund in Wyoming-based Language I/O, which offers customer service language translation for companies. It integrates into customer relationship management platforms, empowering English-speaking customer support agents to chat, email and otherwise communicate with customers in more than 150 languages. 

New York announced the New York Forward Loan Fund 2 program for qualifying small businesses and nonprofits, using $150 million in State Small Business Credit Initiative funds. Under the program, qualified recipients with fewer than 100 employees and less than $5 million in gross annual revenue can apply for loans up to $150,000 with affordable, fixed-rate interest rates.

The state of California's Infrastructure and Economic Development Bank (IBank) announced the first investment by a new state program, Expanding Venture Capital Access. The program — the first venture capital (VC) program administered by the state — was designed to create a more inclusive VC ecosystem. Unshackled Ventures received $4.1 million as the state's first investment.

TEDCO, Maryland's economic engine for technology companies, announced a recent State Small Business Credit Initiative (SSBCI) investment of $1 million into Cerebro Capital, Inc. Cerebro is a business that offers a marketplace for commercial borrowers and lenders, allowing for a faster, more efficient process of finding and closing loans.

The U.S. Treasury Department announced over $5 million in State Small Business Credit Initiative (SSBCI) funding for the Osage Nation to operate three programs: one loan participation program, one collateral support program, and one equity/venture capital program." provide support for start-up small businesses in the healthcare, tourism, and technology industries, amongst other industries.

The Mississippi Development Authority and U.S. Treasury Department announced that the State Small Business Credit Initiative (SSBCI) has been approved for up to $86 million. The SSBCI will operate four programs to support Mississippi small businesses and startups: a loan participation program ($45 million), a loan guarantee program ($15 million), and two equity/venture capital programs ($11 million).

SSBCI Learning Series - Enhanced Efforts to Engage and Support SEDI-Owned Business
August 24, 2023 - 2:00 PM - 4:00 PM Eastern

CDFA Food Systems Finance Webinar Series: Investment Tools & Food Systems
August 29, 2023 - 2:00 PM - 3:30 PM Eastern

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