Join CDFA on September 14, 2022, in Columbus, Ohio for a one-day conference to share best practices within the development finance industry. Experts from across the state will discuss the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward. If you have a stake in Ohio's economic development finance industry, you won't want to miss this event. Space is limited, register today!

The U.S. Department of Treasury announced an additional group of nine state plans approved under the State Small Business Credit Initiative. Treasury has approved more than $1.5 billion in funding to promote small business growth through SSBCI. These recipients under the SSBCI program plan to target key industries and small businesses in need of access to capital.

In Wyoming's application to the federal Treasury for the State Small Business Credit Initiative (SSBCI), they are 100% focused on venture capital. Officials plan to use the entire allocation to capitalize two programs: one dedicated to funds supporting Wyoming entrepreneurs and a second to help entrepreneurs secure lead investors and close equity rounds faster.

"Grow Maine" initiative through the Finance Authority of Maine will offer Maine entrepreneurs greater financing options to sustain or expand their business. Funding will be available through FAME and its intermediary partners via loan guaranties, direct loans, and equity capital. Loans up to $5 million will be available (not to exceed $20 million per project) and interest rates will be set by the participating lending institution.

In May, Governor Whitmer joined the MEDC to announce that Michigan was approved for up to $236M in State Small Business Credit Initiative (SSBCI) funding from the U.S. Department of Treasury. In addition to continuing to support manufacturing and adding an emphasis on SEDI and small business lending, the programs will now offer support for early-stage funding and technical assistance programming.

The U.S. Department of the Treasury has announced the approval of North Carolina's application for up to $201.9 million in funding under the SSBCI. The state has partnered with the North Carolina Rural Center to administer the program which aims to support communities in their efforts to revitalize central business districts, strengthen neighborhoods, foster small business recovery, and support economic growth.

Vermont is preparing to spend nearly $58 million in federal pandemic funding through the SSBCI, which will include access to low-interest loans and early-stage venture capital investments. The Vermont SSBCI program will receive nearly $29 million to focus on seed fund investments and another $29 million to a loan participation program, administered by the Vermont Economic Development Authority.

Kansas, approved for up to $69M in SSBCI funds, will operate a loan participation program, the GROWKS Loan Fund, and an equity program, the GROWKS Angel Capital Support Program, with over 80% of its funds. These programs will expand access to capital for underserved communities by providing companion loans and equity investments with varying levels of SSBCI support.

CDFA Infrastructure Finance Learning Series: Preparing for Federal Grant Applications
Tuesday, August 9, 2022 - 1:00 PM - 4:00 PM Eastern

CDFA-Bricker Webinar Series: Solar Projects
Thursday, August 11, 2022 - 2:00 PM - 4:00 PM Eastern

This document outlines the U.S. Department of the Treasury's State Small Business Credit Initiative (SSBCI) Frequently Asked Questions which were updated on July 25, 2022.

The U.S. Department of Treasury announced an additional group of nine state plans approved under the State Small Business Credit Initiative (SSBCI). Treasury has approved more than $1.5 billion in funding to promote small business growth through SSBCI. These recipients under the SSBCI program plan to target key industries and small businesses in need of access to capital.

>>> EXPLORE SSBCI RESOURCE CENTER