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CDFA SSBCI Update - June 13, 2023

SSBCI Update
June 13, 2023
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CDFA SSBCI Update

Features

U.S. Department of the Treasury Provides Update on Debt Ceiling Bill's SSBCI Impact
The U.S. Department of the Treasury provided an update on how the Fiscal Responsibility Act of 2023's rescission of $150 million in State Small Business Credit Initiative funds will impact the program. Treasury emphasized that the rescission will not affect Capital Program and Formula Technical Assistance Grant Program allocations for all approved jurisdictions and those whose applications are under review for Capital Program incentive allocations.

Join Us on June 22 for the Third Installment of the SSBCI Learning Series
Join CDFA on June 22 from 2:00 - 4:00 PM Eastern for the latest installment of the SSBCI Learning Series: Emerging Models and Best Practices for Delivering Technical Assistance. With SSBCI technical assistance grant applicant approval imminent, now is the time to gain valuable insights on best practices for delivering those funds to micro-enterprises and SEDI businesses and discuss current efforts to deploy additional funding made available by the U.S. Department of the Treasury.

Maryland Pledges $15M in SSBCI Funds to Lendistry
Maryland announced a $15 million commitment to minority-led small business lender Lendistry to provide relief to small businesses. The commitment is the latest investment through the State Small Business Credit Initiative. Lendistry will be able to lend up to $250,000 to small businesses that are owned and operated by socially and economically disadvantaged individuals; very small businesses; or are in Community Development Financial Institutions Investment Areas.

New Jersey to Invest $5M of SSBCI Funds in Life Sciences Investment Firm
Syridex Bio ("Syridex"), an impact-driven, life sciences-focused firm investing in therapies that address the needs of underserved communities, has been selected to manage and deploy up to $5 million in investment capital for growing healthcare and life sciences companies in New Jersey, as the firm's fundraising traction increases. Funding comes through the State Small Business Credit Initiative (SSBCI) Program.

Join CDFA for Our Upcoming Intro Tax Increment Finance Course
Register for CDFA's Intro Tax Increment Finance (TIF) Course taking place on June 14-15 to learn the guiding principles and appropriate application of TIF. Our panel of expert speakers will discuss TIF deal-making and best practices highlighted by projects from around the country.

New York Provides $1.3M for Agricultural Center Under SSBCI
Empire State Development (ESD) announced that Chester Agricultural Center has received more than $1.3 million in support to expand operations at its 200-acre farm, which leases land in subsections to local farm operators. Many of the leases are awarded to people of color, women, LGBTQ+, and Latinos. Chester Agricultural Center, a 501(c)(3) not-for-profit corporation, received a $1.08 million loan through the Capital Project Loan Fund as part of the State Small Business Credit Initiative (SSBCI).

Florida Announces $40M in Small Business Loans Under SSBCI
The Florida Department of Economic Opportunity (DEO) announced that already more than  $40 million in loans to 14 Florida small businesses have been obligated through the Florida State Small Business Credit Initiative 2.0 (SSBCI 2.0), stimulating more than $137 million in private capital lending and creating or retaining more than 340 jobs for Floridians. 

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.

Minnesota Announces $5M in SSBCI Funds for 22 Small Businesses
Governor Tim Walz and the Minnesota Department of Employment and Economic Development (DEED) announced that the state will award nearly $5 million in loans for 22 small businesses across Minnesota. These businesses are the first recipients of funding through the state's new $100 million State Small Business Credit Initiative, intended to help small businesses grow and succeed.

Oklahoma Invests $20M in SSBCI Funds in Early-Sage Venture Capital Firm
The Oklahoma Center for the Advancement of Science and Technology (OCAST) has invested $20 million in Oklahoma City-based early-stage venture capital firm Cortado Ventures. State Small Business Credit Initiative (SSBCI) funds will be channeled into Cortado's Fund II which represents the largest that OCAST has committed so far and brings the firm's assets under management to $100 million.

Upcoming Events
CDFA Virtual Summer School

CDFA // BNY Mellon Development Finance Webcast Series: Advancing Equitable Economic Development with Affordable Housing
June 20, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, panelists will demonstrate how investment in affordable housing advances equitable economic development with a discussion of innovative financing approaches that can help these projects succeed.

SSBCI Learning Series - Emerging Models and Best Practices for Delivering Technical Assistance
June 22, 2023 - 2:00 PM - 4:00 PM Eastern
To date, Treasury has allocated $200 million in potential funding to states, U.S. Territories, and Tribal Governments, and another $100 million to the Minority Business Development Agency for its Capital Readiness Program. During the third module of the 2023 SSBCI Learning Series, speakers will provide insights on best practices for delivering TA to micro-enterprises and SEDI businesses and discuss current efforts to deploy funding made available through Treasury's SSBCI Technical Assistance Grant Program.

SSBCI Headlines

Adams County, PA Announces SSBCI-Funded Spark Loan Program
Gettysburg Times | Jun. 8 | Access to Capital | Disaster Recovery & Relief | Revolving Loan Funds (RLFs) | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19

Maine Invests SSBCI Funds in Innovative Wood Fiber Insulation Manufacturer
Cision PR Newswire | Jun. 7 | Access to Capital | Disaster Recovery & Relief | Green Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | State Small Business Credit Initiative (SSBCI)

Perham, MN Business Benefits from SSBCI Loan Participation Program
Fergus Falls Journal | Jun. 7 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

New York to Highlight SSBCI in SEDI-Owned Business Expo Series
Office of New York Governor Hochul | Jun. 6 | Access to Capital | Disaster Recovery & Relief | Social Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Minnesota Manufacturer Receives $492K Loan under SSBCI
Yahoo! News | Jun. 1 | Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

SSBCI's Support of Minority Entrepreneurs Highlighted at Kentucky Innovation Seminar
Link NKY | Jun. 1 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Virginia Invests SSBCI Funds in Hybrid-Electric Aircraft Company
EIN News | Jun. 1 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

WealthTech Startup Receives Investment with SSBCI Funds
FinTech Global | May. 30 | Access to Capital | Disaster Recovery & Relief | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Virginia is Fostering Innovation with SSBCI Funds
Virginia Business | May. 30 | Access to Capital | Disaster Recovery & Relief | Innovation Finance | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Iowa Approves SSBCI Funds for Four Innovation Startups
Iowa EDA | May. 25 | Access to Capital | Agriculture Finance | Disaster Recovery & Relief | Innovation Finance | Rural Development | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Virginia Announces SSBCI Investment in Technology Healthcare Platform
EIN News | May. 23 | Access to Capital | Disaster Recovery & Relief | Legislative | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | Technology Financing | State Small Business Credit Initiative (SSBCI)

New Jersey Approves Firms for SSBCI Investment Strategies
NJ EDA | May. 23 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | State Small Business Credit Initiative (SSBCI)

Colorado Commits $3.6M in SSBCI Funds to Avesta Fund for Venture Capital Access
Colorado Office of Economic Development & International Trade | May. 23 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Venture Capital | COVID-19 | State Small Business Credit Initiative (SSBCI)

Deputy Secretary Adeyemo Praises SSBCI at AANHPI Chamber of Commerce Summit
U.S. Department of the Treasury | May. 17 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Missouri Commits $2.3M in SSBCI Funding to Seven Startups
BizJournals.com | May. 17 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | Venture Capital | COVID-19

Wisconsin Wants to Expand Reach of SSBCI Venture Funds
WisBusiness | May. 17 | Access to Capital | Development Finance Toolbox | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | Venture Capital | COVID-19 | State Small Business Credit Initiative (SSBCI)

President's Advisory Commission on Advancing Educational Equity Discusses SSBCI
U.S. Department of the Treasury | May. 10 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)


The Council of Development Finance Agencies is a national association dedicated to the advancement of development finance concerns and interests. CDFA is comprised of the nation's leading and most knowledgeable members of the development finance community representing public, private, and non-profit entities alike. For more information visit CDFA.net or email info@cdfa.net


Council of Development Finance Agencies
100 E. Broad Street, Suite 1200
Columbus, OH 43215
(614) 705-1300
info@cdfa.net

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