The SSBCI Learning Series will consist of four modules designed to assist all SSBCI stakeholders with program design and preparation for implementation. This series is designed to assist stakeholders during the program design and application process. These events will be recorded and archived for future access.

SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem-solving. The SSBCI Coalition is available to CDFA Members only. The next Coalition meeting will be held on Friday, August 13.

Regular readers will know that we have spent the better part of 2021 focusing extensively on two topics: (1) how local leaders can strategically deploy recovery funds and (2) how to drive an inclusive small business recovery. The argument here, based on a new white paper and research memo developed over the past month, is that to do both these things well local leaders across sectors must engage their state governments now (and visa versa).

Lt. Gov. Garlin Gilchrist was in Grand Rapids Monday touting the Whitmer administration's Economic Jumpstart Plan for small businesses as billions of dollars in federal COVID-19 relief funding comes into Michigan. State officials are expecting the state to see $2 billion in remaining CARES Act funding, nearly $6.5 billion in flexible funding through the American Rescue Plan, $176 million in federal State Small Business Credit Initiative funds, and $1.4 billion in federal child care funding.

The U.S. Department of Commerce is ready to spend $3 billion to transform regional economies across the country and develop local workforces, and many Alabama communities sit squarely in the sights of the agency's focus on helping the people that need it most. Deputy Secretary of Commerce Don Graves noted that the plan gave $10 billion to the State Small Business Credit Initiative, a Treasury Department program he ran during the Obama administration.

A $10 billion federal initiative that could transform the capital landscape for entrepreneurs is evolving rapidly. The State Small Business Credit Initiative (SSBCI) was included in the $1.9 trillion federal stimulus package enacted in March. The inclusion of SSBCI was an extraordinary victory for entrepreneurs, but the greatest opportunity lies in its implementation, which is now underway. If implemented properly, the initiative has the potential for once-in-a-generation change.

This white paper, authored by three researchers at Drexel University's Nowak Metro Finance Lab, argues that to drive a recovery that expands opportunity and innovation, local leaders would be well put to think about ways they can maximize SSBCI usage. While "local" may not be in the program's title, its success will ultimately hinge on the hard-won efforts and institutional capacity of local leaders.

Could Federal Reserve dollars from the American Rescue Plan be used to support employee ownership? If capital were to flow in larger amounts to employee ownership, where should it flow? To what industries? How much capital could actually be absorbed? These are the questions that will be explored in a series of commentaries from experts in the field.

SSBCI Coalition Meeting - August 13 (Virtual)
August 13, 2021 - 1:00 PM Eastern

SSBCI Learning Series - Module I
August 27, 2021 - 1:00 PM Eastern

SSBCI Coalition Meeting - September 10 (Virtual)
September 10, 2021 - 1:00 PM Eastern

SSBCI Learning Series - Module II
September 24, 2021 - 1:00 PM Eastern

SSBCI Coalition Meeting - October 8 (Virtual)
October 8, 2021 - 1:00 PM Eastern

SSBCI Learning Series - Module III
October 22, 2021 - 1:00 PM Eastern

SSBCI Learning Series - Module IV
November 19, 2021 - 1:00 PM Eastern

SSBCI Coalition Meeting - December 3 (Virtual)
December 3, 2021 - 1:00 PM Eastern

Could Federal Reserve dollars from the American Rescue Plan be used to support employee ownership? If capital were to flow in larger amounts to employee ownership, where should it flow? To what industries? How much capital could actually be absorbed? These are the questions that will be explored in a series of commentaries from experts in the field.

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