CDFA SSBCI Update - December 13, 2022

SSBCI Update
December 13, 2022

Features

Announcing the Return of CDFA's Fundamentals of Economic Development Finance Course

CDFA is proud to kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

U.S. Treasury Awards Louisiana $113M to Support Small Business Growth Through SSBCI

The U.S. Department of the Treasury approved Louisiana's application for up to $113 million in federal support for small business owners and entrepreneurs as part of the $10 billion State Small Business Credit Initiative (SSBCI). The majority of this allocation will be used for venture capital and seed programs. Disbursement of the full amount is dependent on hitting federal funding benchmarks for very small businesses and socially and economically disadvantaged individuals.

U.S. Treasury Extends Tribal Government SSBCI TA Grant Program Application Deadline

The U.S. Department of the Treasury is extending the deadline for Tribal governments to submit their complete SSBCI Technical Assistance Grant Program applications to March 31, 2023. Tribal governments that submitted a timely and complete SSBCI Capital Program application or were part of a timely and complete Tribal joint Capital Program application are eligible to submit or be part of a Tribal joint application for the TA Grant Program.

U.S. Treasury Announces Approval of 7 Additional State Plans for the SSBCI Capital Program

The U.S. Department of the Treasury announced the approval of seven additional state plans for up to $1.5B in funding under the State Small Business Credit Initiative (SSBCI). The states that received approval were Florida, Georgia, Illinois, Louisiana, North Dakota, Oklahoma, and Virginia. Treasury has now announced the approval of state plans totaling up to $6.3 billion in SSBCI funding.

Remarks by Deputy Secretary of the Treasury at the White House Tribal Nations Summit

The U.S. Department of the Treasury received an 83% subscription rate for its Tribal set aside in its State Small Business Credit Initiative (SSBCI) which provides Tribal and Native owned businesses financing support. SSBCI provides approximately $709 million total available for Tribal governments and $14.7 million available for Tribes through the SSBCI Technical Assistance Grant Program.

U.S. Treasury Announces SSBCI Tribal Government Capital Program Application Submissions

The U.S. Department of the Treasury announced the list of Tribal governments that applied to the State Small Business Credit Initiative Capital Program. Those applications will be reviewed before any funding is distributed.

CDFA Food Systems Finance Best Practices Guidebook, Available Now!

Linking development finance and food systems can be a daunting undertaking for any community. Research on the current ecosystem of food systems finance has positioned CDFA to identify key strategies for the path ahead in this work. The Food Systems Finance Best Practices Guidebook defines how traditional development finance tools can be used to launch and expand food and agricultural-related businesses and projects and create successful food systems finance programs at the local and regional levels.

U.S. Treasury Publishes SSBCI Capital Program National Compliance Standards

The U.S. Department of the Treasury publishes the SSBCI Capital Program National Compliance Standards on November 17, 2022.

University of Minnesota, Deed Launch $34.5M Minnesota Venture Capital Programs

The University of Minnesota is partnering with the State of Minnesota to inject $34.5 million into Minnesota's early-stage, venture-backed businesses — a key step toward maintaining Minnesota's position as one of the best states nationally for growing new businesses. Businesses may access this support through the Minnesota SSBCI Direct Investment and Multi-Fund Venture Capital Programs.

Governor Announces $850K for Kansas Entrepreneurs

Kansas Governor Laura Kelly announced the first round of recipients of funding from the GROWKS Loan and Equity programs, funded by the federal State Small Business Credit Initiative (SSBCI), particularly those in underserved areas, access capital in the early stages of growth. In the first round, four companies – three of which are woman-led – received a total of $850,000 in companion financing to bank loans.

NEPA Alliance Awarded PA-SSBCI Revolving Loan Fund

Northeastern Pennsylvania Alliance was recently awarded the Pennsylvania State Small Business Credit Initiative (PA-SSBCI) Revolving Loan Fund. The PA-SSBCI Program was recently announced by Gov. Tom Wolf and awarded through the Pennsylvania Department of Community and Economic Development (PA DCED).

Upcoming Events

SSBCI Coalition Meeting - December 16 (Virtual)
December 16, 2022 - 1:00 PM - 2:00 PM Eastern

SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

CDFA // BNY Mellon Development Finance Webcast Series: Financing Approaches to Meet Affordable Housing Needs
Tuesday, December 20, 2022 - 2:00 PM - 3:00 PM Eastern

Both urban and rural places in the U.S. are experiencing housing shortages, and affordability remains a major issue across much of the country. Public officials, development finance professionals, and private developers alike are working to address gaps in housing types and price points, but financing such projects often requires creativity. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, a panel of housing finance experts will discuss the tools, programs, and strategies that can be used to meet local demand for affordable housing options.

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