CDFA to Build Greenhouse Gas Reduction Fund Coalition
CDFA is building a national coalition to apply for the Greenhouse Gas Reduction Fund's Clean Communities Investment Accelerator and hosted an informational briefing on how it's building that coalition. Join today!
Minnesota Invests $2.5M in Venture Capital with SSBCI Funds
The University of Minnesota announced investments totaling $2.5 million across multiple Minnesota venture capital funds that will ultimately benefit start-up companies in the state. This is the first in a series of significant investments stemming from a partnership announced last November with the Minnesota Department of Employment and Economic Development (DEED) to inject $34.5 million into Minnesota's early-stage, venture-backed businesses.
Virginia Invests SSBCI Funds in Vascular Disease Company
Virginia Venture Partners, the equity investment program of Virginia Innovation Partnership Corporation (VIPC), announced an investment in Liquet Medical Inc., which is developing a new type of catheter technology designed for localized drug delivery for the treatment of blood clots. Liquet Medical, who previously received a Commonwealth Commercialization Fund (CCF) grant from VIPC, will use this investment to complete regulatory testing and commercialize the catheter.
Mark Your Calendar for the 2023 CDFA Virtual Summer School!
Join us August 7-15 for a series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer five different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year – all from the comfort of your home or office! All CDFA Virtual Summer School courses qualify for the CDFA Training Institute's Development Finance Certified Professional (DFCP) Program.
Louisiana is Empowering Small Business Owners with SSBCI Funds
Louisiana Economic Development hosted a meeting in Cenla aimed at empowering our local small business owners and fostering economic growth. LEDs small business summit provided a platform for attendees to learn about the State Small Business Credit Initiative, a federal program that helps the state support small businesses. During the meeting, attendees also gained insights into the loan application process, eligibility requirements, and the range of services offered by LED.
Treasury Approves $86M Under SSBCI to Support Small Business Success in Mississippi
The U.S. Department of the Treasury announced the approval of Mississippi's state plan for up to $86 million in funding under the American Rescue Plan's State Small Business Credit Initiative (SSBCI), part of President Biden's Investing in America agenda. The Treasury Department has now announced the approval of state, territory, and Tribal government plans corresponding to over $8 billion in SSBCI funding to support small businesses and entrepreneurship and expand access to capital.
New York Announces SSBCI Investments in Pre-See and Seed Fund Program
Empire State Development, one of New York's principal economic development public-benefit corporations, is investing $1.24 million from the $30 million Pre-Seed and Seed Matching Fund Program of the New York State Small Business Credit Initiative (SSBCI). This program offers early-stage businesses equity investments from $50,000 up to $250,000 with matching from the private sector, particularly for underserved geographies and SEDI-owned businesses.
Michigan Using SSBCI Funds to Create Small Business Support Hubs
Michigan announced the new $6 million Small Business Support Hubs program aimed at investing in the state's small business ecosystem. Small Business Support Hubs will bring new and more comprehensive resources to small businesses across the state by providing funding to entrepreneurial hubs for regional operations, deployment of a variety of business support services, as well as direct grant support to small businesses that were disproportionately impacted by COVID-19.
California Announces First SSBCI Investment in Venture Capital Access Fund
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 is the first venture capital (VC) program administered by the state and was designed to create a more inclusive VC ecosystem. Unshackled Ventures received $4.1 million as the state's first investment.
White House Announces $73M in SSBCI Funds for Tribal Small Businesses
The White House announced the approval of the first 15 State Small Business Credit Initiative (SSBCI) awards for tribal governments funded by the American Rescue Plan, providing $73 million to 39 Tribal Governments to support Tribal enterprises and small business owners as part of President Biden's Investing in America agenda. These are the first-ever SSBCI awards directly to Tribal Governments.
Tennessee Uses SSBCI Money to Launch $70M Investment Fund
Launch Tennessee, with the Tennessee Department of Economic and Community Development (TNECD), announced InvestTN, a $70 million investment fund. The capital will be invested in Tennessee-based startups and venture capital firms to promote innovation and economic growth across the state. InvestTN is part of Fund Tennessee, a $117 million initiative that represents Tennessee's allocation of the most recent State Small Business Credit Initiative (SSBCI 2.0).
On Juneteenth, U.S. Treasury Highlights SSBCI Investments in Black Communities
The U.S. Department of the Treasury released a fact sheet detailing actions the Department has taken and their impact on Black households, businesses, and communities. A key Treasury Department action includes the State Small Business Credit Initiative (SSBCI), which provided $2.5 billion in funding and incentive allocations to support underserved businesses – with $1 billion of these funds to be awarded to the jurisdictions that are most successful in reaching underserved businesses.
Revised SSBCI Capital Program Policy Guidelines
On June 15, 2023, the U.S. Department of the Treasury released revised State Small Business Credit Initiative (SSBCI) Capital Program Policy Guidelines. The revisions concerned the requirements applicable to refinancing transactions by new lenders.
SSBCI Technical Assistance Grant Program Reporting Guidelines
The U.S. Department of the Treasury released the State Small Business Credit Initiative (SSBCI) Technical Assistance (TA) Grant Program Reporting Guidelines. This guidance details the reporting and document-retention requirements for jurisdictions that receive a TA Grant.
State Small Business Credit Initiative Fact Sheet
The U.S. Department of the Treasury updated the Fact Sheet for the State Small Business Credit Initiative (SSBCI). The updated sheet includes information about program design, implementation status, and capital program spotlights.
Deputy Treasury Secretary Highlights SSBCI's Impact on Minority Entrepreneurs
Deputy Secretary of the Treasury Wally Adeyemo participated in a roundtable on expanding access to capital for minority entrepreneurs and small business owners with representatives from the U.S. Department of Commerce and the Office of the Vice President. During the roundtable, he discussed the Treasury Department's State Small Business Credit Initiative and strategies for using public-private partnerships as force multipliers for investments in underserved businesses and entrepreneurs.
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