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CDFA SSBCI Update - January 10, 2023

SSBCI Update
January 10, 2023
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Announcing the First SSBCI Learning Series Event of 2023!
CDFA is excited to kick off the 2023 SSBCI Learning Series with the first webinar event - Compliance: Program Reporting Requirements. Join us on February 16 from 2:00 PM - 4:00 PM Eastern, where expert speakers will share strategies for maintaining program compliance and the systems, template documents, and additional resources. Speakers will discuss the merit of collecting additional or disaggregated data beyond what is currently required by the U.S. Treasury and how to use that information to create greater transparency around targeted program outcomes.

Louisiana to Begin Distributing $113M in SSBCI Funds
Louisiana Economic Development (LED) officials say money from the federal government's State Small Business Credit Initiative may begin flowing in April. The U.S. Department of the Treasury allocated up to $113 million to boost funding for creditworthy small businesses and entrepreneurs in Louisiana. LED is finalizing the application process to meet Treasury and legal standards, and interested entrepreneurs can begin contacting participating funds and lenders. 

Join CDFA for the Return of the Fundamentals of Economic Development Finance Course
Join CDFA as we kick off the new year with the return of the Fundamentals of Economic Development Finance Course on January 25-26, 2023! This course is the foundation for all of CDFA's educational offerings and will help attendees understand the variety of development finance tools available including bonds, tax credits, tax increment financing (TIF), federal financing programs, RLFs, Opportunity Zones, and access to capital lending resources.

Rhode Island to Receive $62M in SSBCI Funds
Rhode Island is set to receive up to $61.7 million in federal funding to promote small business growth and entrepreneurship in the Ocean State. The state will be responsible for allocating the federal funds and plans to target SSBCI funds to help underserved businesses and entrepreneurs. The funds will deliver loans to underserved small businesses and will partner with proven private entities to identify and boost local early-stage and high-growth firms.

New York Governor Announces $30M in SSBCI Funds for Startup Companies
New York's Governor announced the launch of the $30 million Pre-Seed and Seed Matching Fund Program, which will offer early-stage start-up companies $50,000 to $250,000 in growth assistance with match funds from private sector co-investors. The program will support the development of businesses in high-growth industries and the creation of 21st century jobs. Funding for the program comes from the State Small Business Credit Initiative (SSBCI), part of the federal American Rescue Plan.

New Jersey Receives $255M in SSBCI Funding for Small Businesses
The state of New Jersey will receive more than $255 million in funding through the federal State Small Business Credit Initiative, the New Jersey Economic Development Authority (EDA). The EDA will utilize the funding to develop six programs that will provide financial and technical assistance to small and microbusinesses, as well as early-stage, innovation-focused companies located in New Jersey.

U.S. Treasury Issues Revised SSBCI Capital Program Policy Guidelines
The U.S. Department of the Treasury released the revised SSBCI Capital Program Policy Guidelines on December 15, 2022.

Pennsylvania CDFI Network Secures $45M in SSBCI Funding
The Pennsylvania CDFI Network has secured a new $45 million allocation of the State Small Business Credit Initiative (SSBCI). This is in partnership with 11 community development financial institutions (CDFIs) across the state and the Pennsylvania Department of Community and Economic Development (PA DCED). 

Upcoming Events
SSBCI Learning Series - Compliance: Program Reporting Requirements

Fundamentals of Economic Development Finance Course
January 25-26, 2023 - Daily: 12:00 PM - 5:00 PM Eastern
CDFA's Fundamentals of Economic Development Finance Course is the foundation for all of CDFA's educational offerings. This course helps attendees understand the variety of development finance tools available, from bonds, tax credits and TIF, to federal financing programs, RLFs, and access to capital lending resources.

2023 CDFA Federal Policy Conference
April 11-12, 2023 - Washington, DC
This conference will discuss the major investments made through recent federal legislation and the development finance challenges that state and local governments continue to face. Panels will feature development finance leaders from the Biden administration, federal agencies, congressional offices, and policy organizations. This two-day, information-packed conference is the most important federal event of the year.

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


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