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CDFA SSBCI Update - April 11, 2023

SSBCI Update
April 11, 2023
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CDFA SSBCI Update

Features

Second SSBCI Learning Series Event Coming Soon - Register Today!
The second installment of CDFA's SSBCI Learning Series is quickly approaching. Join us on Thursday, April 27 from 2:00 - 4:00 PM ET for an overview of major implementation benchmarks to date, as well as program components that remain forthcoming. Speakers will also share details on national capacity-building and peer-learning efforts designed to support SSBCI stakeholders. Register today!

Iowa EDA Approves Funding for Three Innovation Startups
The Iowa Economic Development Authority (IEDA) announced innovation funding for three startups through Iowa's State Small Business Credit Initiative (SSBCI). The companies are located in Ames, Iowa City, and Washington. The SSBCI program invests in Iowa's small businesses through federal assistance targeted at expanding access to capital that supports growth. The Innovation Fund increases funding opportunities across Iowa's innovation continuum.

Join CDFA for the Return of the Revolving Loan Fund Training Course Week!
Revolving Loan Fund Week is coming up next month, with the Intro Revolving Loan Fund Course on May 1-2 followed by the Advanced Revolving Loan Fund Course on May 3-4. Register for one or both of these courses to learn from experts about developing, implementing, and managing revolving loan fund programs that are efficient and impactful.

North Carolina Venture Capital has up to $50M to Offer in SSBCI Funds
The North Carolina Rural Center introduced the new NC Venture Capital Program and has received up to $50 million in funding. Instead of distributing funds directly to small businesses, the NC Venture Capital program will seek partners—venture capital (VC) funds, limited partners (LPs), and investors—to distribute the funds.

North Dakota Makes Angel Match Investments with SSBCI Funds
The North Dakota Development Fund (NDDF) has announced that two new investments for the state have been finalized through their Angel Match Program (AMP). The two business investments that the NDDF has finalized through the AMP have been provided matched funding of up to $250,000 per North Dakota business, with the goals of fulfilling state needs, investing in local businesses, and building a thriving economy in the state.

SSBCI Funds Help Florida Lead Small Business Creation
In a new study conducted by Capital on Tap, Florida was named the best state to start a small business, with the credit lender pointing to the state's 5.5 percent corporate tax rate and an abundance of jobs created through startup companies. This is helped by the $488.4 million from the U.S. Treasury under the State Small Business Credit Initiative (SSBCI). 

U.S. Department of the Treasury Updates SSBCI FAQs
On April 7, 2023, the U.S. Department of the Treasury updated the State Small Business Credit Initiative (SSBCI) FAQ document.

Business Council Creates Wyoming Venture Capital Funding Opportunity
Wyoming has been approved for up to $58.4 million available through the U.S. Treasury's State Small Business Credit Initiative (SSBCI) program. With those funds, the Wyoming Business Council has created a new funding opportunity, Wyoming Venture Capital (WYVC), designed to support the innovation and growth needs of entrepreneurs across the state. WYVC is an equity financing option for Wyoming high-growth companies with an eye toward an exit in the future. 

$113M in SSBCI Funds Now Available for Louisiana
Louisiana has officially launched a program that makes up to $113 million in federal support available to small business owners. The State Small Business Credit Initiative does not provide grants directly to businesses. Instead, the federal dollars are meant to leverage private investment in existing and startup businesses through loan and equity programs. Baton Rouge-based Innovation Catalyst is one of the approved partners, which has been cleared for $5 million in seed funds to invest.

Senator Coons Discusses Access to Capital with Small Business Owners in Delaware
Senator Chris Coons met with Delaware small business owners to discuss the challenges they face in the post-pandemic emergency economy. He highlighted that business owners should know about the State Small Business Credit Initiative (SSBCI). The four programs under the initiative make $60.9 million available to small businesses for seed money, equipment, and capital financing. Portions of the funding are specifically for small businesses considered too risky by traditional lenders.

How Philadelphia, PA-Area Businesses and Start-ups Access $584M in SSBCI Funds
Millions in federal funding is earmarked for Pennsylvania, New Jersey, and Delaware to help small businesses. The money is coming from a new $10 billion funding round for the State Small Business Credit Initiative (SSBCI). Pennsylvania's share — approximately $268 million — was approved last year, and earlier this month the Treasury Department authorized $61 million in funds for Delaware and $255 million for New Jersey businesses.

$10M Microloan Fund for Michigan SEDI Businesses Launched Under SSBCI
The Michigan Economic Development Corporation announced the launch of a $10 million microbusiness loan program for women and entrepreneurs of color in Michigan. The fund will lend to individuals who don't qualify for traditional loans through banks or other financial institutions, providing opportunities for those who are socially and economically disadvantaged due to a lack of access to capital and credit.

U.S. Department of the Treasury Extends Tribal SSBCI TA Deadline
The U.S. Department of the Treasury is extending the deadline for Tribal governments to submit their complete SSBCI Technical Assistance (TA) Grant Program application to July 28, 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.

Upcoming Events
2023 SSBCI Learning Series

CDFA // BNY Mellon Development Finance Webcast Series: Utilizing TIF with Brownfield Redevelopment Projects
April 18, 2023 - 2:00 PM - 3:00 PM Eastern
During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, TIF experts will introduce this financing tool and explore new strategies that local governments are employing to bring investment to otherwise unusable spaces.

Intro Revolving Loan Fund Course
May 1-2, 2023 - Daily: 12:00 PM - 5:00 PM Eastern
The Intro Revolving Loan Fund Course offers an in-depth look at RLF program development, implementation, and management. During this course, attendees learn the essential elements needed to operate a successful RLF program and discuss programs making a difference in communities throughout the country.

SSBCI Headlines

Louisiana Launches State Small Business Credit Initiative
Biz New Orleans | Apr. 6 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | State Small Business Credit Initiative (SSBCI)

Omaha, NE Nonprofit to Use SSBCI Funds to Help Small Businesses in Disadvantaged Areas
6 News WOWT | Apr. 5 | Access to Capital | Disaster Recovery & Relief | State Small Business Credit Initiative (SSBCI) | U.S. Dept. of Treasury | Treasury State Small Business Credit Initiative (SSBCI) | COVID-19 | 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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