Register for CDFA's Intro Federal Finance Course taking place on December 13-14 to learn the federal funding resources available to help advance economic development. Our panel of expert speakers will discuss how federal support tools can work in coordination with other development finance tools for programs and projects on the local level.

Almost $6 million has been loaned to or invested to veteran-owned businesses in Florida through the state's State Small Business Credit Initiative (SSBCI). This has leveraged over $16 million in private capital and created or retained almost 70 jobs.

Minnesota small business owners will have access to $10 million in low-interest loans under a new state program. The state announced the launch of the Minnesota Expanding Opportunity Fund through the Department of Employment and Economic Development (DEED). The program will provide loans to Minnesota nonprofits that then will lend the money to small businesses that women, people of color or those in Greater Minnesota operate.

Founded during the mid-1800s gold rush, the Salmon River Outpost in Northern California was a place where miners and settlers bought supplies for speculating. After nearly 200 years of contentious relationships between historical owners and local Indigenous communities, an Indigenous couple bought the Outpost with assistance from the $73 million State Small Business Credit Initiative (SSBCI) program operated by the Affiliated Tribes of Northwest Indians Economic Development Corporation.

When businesses are sold, they are typically acquired by competitors or companies seeking to diversify their portfolio. But a growing trend is for small businesses to be purchased by one or more key employees looking to take on a leadership or ownership role. Alaska's State Small Business Credit Initiative (SSBCI) program managed by the Alaska Small Business Development Center is a great tool for employees looking to purchase a business.

The Virginia Innovation Partnership Corporation (VIPC) announced that Virginia Venture Partners (VVP), its equity investment program, has invested in Green Tech Ventures, Inc. dba TrueAlgae. The company commercializes powerful, cost-effective microalgae-derived metabolites for regenerative agriculture applications that uses algal metabolites that stimulate the natural microbial activity in the soil, releasing key macro- and micronutrients to crops. 

The Maryland Department of Housing and Community Development celebrated the first year of operations of the Maryland State Small Business Credit Initiative (SSBCI). Launched in August 2022, Maryland's SSBCI will administer $198 million to small businesses and entrepreneurs. The state has already committed more than $33.1 million to 27 applicants and leveraged nearly $192 million in additional private capital to create or retain more than 1,300 full-time equivalent jobs.

In recognition of Hispanic Heritage Month, the U.S. Department of the Treasury released a report card showing that Latino business ownership and revenues in the U.S. are up and detailing how federal investments – including those from the American Rescue Plan – are growing and sustaining Latino-owned businesses. Among the initiatives are the State Small Business Credit Initiative, which will award $1 billion to jurisdictions that reach underserved minority businesses.

The Wyoming Business Council (WBC) announced its second State Small Business Credit Initiative funded Wyoming Venture Capital (WYVC) direct equity investment in Frontline Wildfire Defense, a leading wildfire defense company, to help scale its residential and commercial operations. Frontline has now raised more than $12 million in total funding with the addition of this WYVC investment. 

SSBCI Coalition Meeting - Virtual
November 17, 2023 - 1:00 PM - 2:00 PM Eastern

2023 Equitable Lending Learning Series: Program Design
December 5, 2023 - 1:00 PM - 4:00 PM Eastern

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On November 6, 2023, the U.S. Treasury Department held a webinar outlining the SSBCI Investing in America Small Business Opportunity Program (SBOP) Notice of Funding Opportunity.

The U.S. Department of the Treasury announced the new $75 million Investing in America Small Business Opportunity Program, a competitive grant program under the State Small Business Credit Initiative (SSBCI) to support technical assistance for very small and underserved businesses.

The U.S. Department of the Treasury released an interim report on the progress the Department has made in implementing the State Small Business Credit Initiative (SSBCI), which illustrates how the funding has both supported the small business boom and demonstrated a historically equitable reach.

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