H.R. 4556 and S. 2285 reauthorizes the State Small Business Credit Initiative. Complete a brief survey about the current SSBCI legislation.

Craft3 and Washington Department of Commerce used $9.2M awarded under SSBCI to leverage $31.5M in private lending from Wells Fargo. The loan from Wells Fargo is set up as a syndication in the hopes of attracting further private investments.

Northern Marianas is expecting 18 new jobs to be created under the SSBCI program. According to Marianas Variety, the CNMI Department of Commerce will receive $4.3M per yer for the next 5 years.

The Florida Dept. of Economic Opportunity has received $33M from the U.S. Treasury as part of the State Small Business Credit Initiative. According to Orlando Business Journal, the Treasury has disbursed a total of $97,662,349 to Florida in SSBCI funds.

In the report, the Dept. of the Treasury Office of Inspector General found that Illinois used most of their SSBCI funds appropriately, but did participate in a loan that was used to purchase the stock of a company representing its entire ownership interest, which is prohibited by the SSBCI Policy Guidelines.

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This report by the Dept. of the Treasury Office of Inspector General reviews Montana's use of funds awarded under the SSBCI program. In the report, OIG found that 50% of the loans judgmentally selected for review, with a total value of $2.73 million of SSBCI funds, were used for business purposes that are prohibited under SSBCI Policy Guidelines.

This report by the Dept. of the Treasury Office of Inspector General reviews Tennessee's use of funds awarded under the SSBCI program. The report analyzes the allocation agreement signed between the state and the Treasury that authorized the use of use of the SSBCI funds to support Tennessee's INCITE, a Venture Capital Program. OIG determined that the state of Tennessee properly used all $13.5 million of the SSBCI funds sampled.

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