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.
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