Join CDFA on June 17 for Approaches to Targeting Specific Economic Sectors, the next installment of the SSBCI Learning Series. Topics we'll cover include how to use SSBCI capital to support manufacturing, growing the clean and renewable energy sector with SSBCI funds, and financing IoT and technology businesses with SSBCI funds.

This table presents the SSBCI programs that States, the District of Columbia, and territories have proposed to Treasury. Treasury is currently reviewing applications and all data presented is subject to change.

CDFA Virtual Summer School is a week-long series of courses presented by the CDFA Training Institute. CDFA Virtual Summer School will offer three different training courses, all held online. Learn from our expert practitioners and experience CDFA's most interactive educational event of the year. These courses also qualify for the CDFA Training Institute's Development Finance Certified Professional Program!

Michigan is one of five states that was awarded federal funding last month to support job growth and small businesses impacted by the COVID-19 pandemic. The U.S. Department of Treasury granted Michigan nearly $237 million when it approved the first round of the State Small Business Credit Initiative. The $10 billion program was established nearly a decade ago to promote entrepreneurship and increase access to capital.

The U.S. Department of the Treasury department has been authorized – thanks to the 2021 American Rescue Plan Act – to distribute $10 billion to each of the states, the District of Columbia and tribal territories on a formula based on local unemployment and the need for job creation. The funds, once received by the states, will then be distributed to existing and authorized organizations that finance and support local small businesses.

Utah's Governor's Office of Economic Opportunity announced a new program offering a projected $69 million, including $4.1 million in funding for small businesses and $8.3 million for businesses owned by "socially and economically disadvantaged" people. The new State Small Business Credit Initiative program will administer federal funding from the American Rescue Plan Act of 2021, which will disperse $10 billion to state governments across the country.

This analysis of the TA Grant Program Guidelines highlights key provisions and is not comprehensive of all program requirements. View Treasury's dedicated SSBCI webpage and CDFA's SSBCI Resource Center for additional program information, updates, and insights.

The U.S. Department of the Treasury is extending the deadline for States, the District of Columbia, and territories to submit their SSBCI Technical Assistance (TA) Grant Program applications to September 1, 2022, at 11:59 p.m. EST. Treasury published guidelines applicable to the TA Grant Program on April 28, 2022. As previously announced, the deadline for Tribal governments to apply for the SSBCI capital Program and the TA Grant Program is September 1, 2022.

U.S. Senators Chris Van Hollen and Ben Cardin and Congressmen Steny H. Hoyer, Dutch Ruppersberger, John Sarbanes, Kweisi Mfume, Anthony G. Brown, Jamie Raskin, and David Trone (all D-Md.) delivered $198M to spur economic growth and support small businesses in Maryland through the State Small Business Credit Initiative (SSBCI) Program.

Soon there will be another source of federally backed funds. Small businesses in Pennsylvania, New Jersey and Delaware will shortly be able to access $584 million as part of a new round of the $10 billion State Small Business Credit Initiative program, otherwise known as SSBCI.

The Hawai'i Technology Development Corporation, HTDC, announced that the State of Hawai'i's application has been approved by the U.S. Treasury for the State Small Business Credit Initiative, a program that was part of the American Rescue Plan Act of 2021. The SSBCI program brings to Hawai'i up to $62 million in federal funding to expand access to capital for small businesses, startups, and entrepreneurs.

West Virginia will receive up to $72.1 million from the U.S. Department of the Treasury under a new round of the State Small Business Credit Initiative (SSBCI). The West Virginia Capital Access Program (WVCAP), which manages SSBCI funding under the West Virginia Jobs Investment Trust (WVJIT), increases access to capital for traditionally underserved small businesses and entrepreneurs across West Virginia.

CDFA members Economic Innovation Group and gener8tor recently released a webinar to discuss Opportunity Zones efforts to support the growth of early-stage companies. Topics included capacity building initiatives, investments strategies, and proposed policy changes.

SSBCI Learning Series - Approaches to Targeting Specific Economic Sectors
June 17, 2022 - 1:00 PM Eastern

SSBCI Coalition Meeting - June 24 (Virtual)
June 24, 2022 - 1:00 PM - 2:00 PM Eastern

CDFA's analysis of the TA Grant Program Guidelines highlights key provisions and is not comprehensive of all program requirements. View Treasury's dedicated SSBCI webpage and CDFA's SSBCI Resource Center for additional program information, updates, and insights.

The U.S. Department of the Treasury announced the first group of plans approved under the new round of the State Small Business Credit Initiative (SSBCI). The American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for traditionally underserved small businesses and entrepreneurs.

This Capital Program Reporting Guidance details the reporting and document retention requirements for jurisdictions that receive SSBCI funding. Treasury will create an online portal that participating jurisdictions must use to submit reporting data. Treasury will provide more information about the submission format in the coming months. This guidance may be updated periodically.

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