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CDFA SSBCI Update - October 11, 2022

SSBCI Update
October 11, 2022
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CDFA SSBCI Update

Features

Discuss SSBCI Implementation With Us at the CDFA National Development Finance Summit, Presented by CHFA
Join CDFA and its members at the SSBCI Convening in Denver, CO, on November 2 from 1pm-5pm. We will discuss the current state of the SSBCI Program, including financing for small businesses, technical assistance funding, and essential information for SSBCI stakeholders. This is a members-only event, so join CDFA today!

Florida's $488M SSBCI Plan Approved by State Department of Economic Opportunity
Florida Department of Economic Opportunity (DEO) has approved the State Small Business Credit Initiative (SSBCI) plan proposed by the United States Department of the Treasury. The plan should bring $488M in funding to Florida's small businesses.

Montana Department of Commerce Announces Over $60M for Small Businesses
The Montana Department of Commerce announced the opening round of more than $60 million dollars in federal funds to assist small Montana businesses with expansion and job creation. The lending and financing funding is through Commerce's Montana State Small Business Credit Initiative 2.0 Loan Participation Program (MT SSBCI 2.0 LPP), administered by Commerce's Business MT Division.

U.S. Department of Treasury to Hold SSBCI Virtual Conference in November
The U.S. Department of the Treasury announced that it will hold an SSBCI Fall Virtual Conference via Zoom from Monday, November 14, 2022, to Friday, November 18, 2022. The Virtual Conference will include discussion sessions and roundtables to allow state SSBCI program managers and staff to learn from one another.

California to Receive Up to $1.1B for State's SSBCI Plan
The U.S. Department of the Treasury announced the approval of California's application for funding under the State Small Business Credit Initiative (SSBCI) for up to $1.1 billion. With its SSBCI funds, California will operate six programs expected to create jobs, drive key investments in underserved entrepreneurs, and increase small business lending over the long term.

U.S. Treasury Requests Public Comment on $200M SSBCI TA Funds
The U.S. Treasury is authorized to provide up to $500M in support for small business TA programs and is inviting public comment on how it can use its authorities to fund TA to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals. Responses may be used to inform Treasury's future actions.

$105M in SSBCI Funding for Nevada Small Businesses Approved
The first phase of $105M in funding for small businesses in Nevada was approved by the Nevada Legislature's Interim Finance Committee. Small businesses could receive a $35M boost for the next three years as a result of the program.

$246M Awarded to Support Small Businesses Across Pennsylvania Under SSBCI Program
Governor Tom Wolf today announced that Pennsylvania has awarded $246.8M in American Rescue Plan funding, through the State Small Business Credit Initiative (SSBCI), to local economic development partners to make direct equity investments and loans to small businesses to spur success and job creation opportunities across the commonwealth.

Funding Listed as Top Barrier to New Small Business, Startups in Nevada
SBDC's client survey conducted during the pandemic, from March 2020 through December 2021 identified obstacles for small businesses.Results from the survey will help GOED create the technical assistance application for the State Small Business Credit Initiative Program (SSBCI).

Upcoming Events
CDFA National Development Finance Summit

CDFA // BNY Mellon Development Finance Webcast Series: Financing Tools to Invest in Clean Energy
Tuesday, October 18, 2022 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, experts will provide an overview of the resources and financing tools - such as PACE financing, green bonds, and energy tax credits - that can help communities seize the benefits of investing in clean energy.

CDFA Federal Financing Webinar Series: Tools for Rural Communities from USDA
Tuesday, October 25, 2022 - 2:00 PM - 3:30 PM Eastern
This session of the Federal Financing Webinar Series will highlight the resources available at the U.S. Department of Agriculture for financing broadband, food systems, healthy food access, and small businesses – all with a focus on rural areas.

New Additions to the Online Resource Database

U.S. Department of the Treasury Issues Revised SSBCI Capital Program Policy Guidelines
Access to Capital | Disaster Recovery & Relief | Economic Development | State Small Business Credit Initiative (SSBCI)
The U.S. Department of the Treasury issued revised SSBCI Capital Program Policy Guidelines on October 7, 2022.

U.S. Department of Treasury Issues Revised Capital Program Reporting Guidance, 09-30-22
Disaster Recovery & Relief | Federal | Legislative | State Small Business Credit Initiative (SSBCI) | Access to Capital | Economic Development
The U.S. Department of the Treasury issued revised SSBCI Capital Program Reporting Guidelines on September 30, 2022.

SSBCI FAQ as of 09-27-22
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | State Small Business Credit Initiative (SSBCI)
On September 27, 2022, the U.S. Department of the Treasury issued this updated FAQ documents for the State Small Business Credit Initiative (SSBCI).

SSBCI FAQs as of 09-21-2022
Access to Capital | Economic Development | State Finance Program | State Small Business Credit Initiative (SSBCI)
On September 21, 2022, the U.S. Department of the Treasury issued this updated FAQ documents for the 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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