SSBCI 2016 National Conference
US Treasury will host its annual SSBCI Conference May 2-4, in Washington, DC, at the Office of the Comptroller of the Currency. The event will bring together senior federal and state officials, program managers, and industry leaders for a dialogue on the SSBCI program and ways to promote access to capital for small businesses. For more information please contact SSBCI at SSBCIconference@treasury.gov. On May 3, CDFA will host a reception for SSBCI conference attendees.
SSBCI: Over $1.3B Issued for Small Businesses
The U.S. Treasury Department's State Small Business Credit Initiative (SSBCI) released a new Quarterly Report detailing how the program continues to help small businesses access capital. More than $1.3 billion has been deployed nationwide, helping boost local economic development efforts and supporting greater levels of private sector lending to small businesses. States have now drawn 95 percent of the nearly $1.5 billion of available funds.
SSBCI Coalition Members and Affiliates Submit Testimony to Senate Committee
On March 15, CDFA submitted written testimony to the U.S Senate Subcommittee on Financial Services and General Government. Supported and undersigned by SSBCI Coalition members and affiliates, the testimony recommended a new tranche of $1.5 billion in funding and asked that any new legislation extend the program's current sunset date in 2017.
West Virginia Capital Access Program Invests in Billow
Billow Global Inc., a Charleston-based startup producer of health and wellness products, received an investment of $25,000 from the West Virginia Capital Access Program (WVCAP). WVCAP is a state-run program that utilizes a $13.1 million allocation of funds through the SSBCI Program. WVCAP provides capital to West Virginia small businesses to invest, expand and create jobs. It is administered by the West Virginia Jobs Investment Trust.
2016 CDFA Capitol Hill Days
Join CDFA as we take the development finance industry's message to Washington, DC on Wednesday, May 4, for our Annual Capitol Hill Advocacy Day. The agenda for the day will focus on the SSBCI program and the Access to Capital Act (S.1901). We will dedicate our time speaking with members of Congress to express the importance of providing additional funding and the reauthorization of the program.
CDA Celebrates 30th Anniversary
The Commonwealth Development Authority is celebrating its 30th anniversary this month. Before a crowd of CDA officials, Gov. Ralph DLG Torres signed a proclamation commemorating the anniversary. CDA officials spoke of the overwhelming momentum its SSBCI program received and were delighted to announce that program crossed the threshold of disbursement needed to get the next $4 million tranche of Treasury funds.
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