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CDFA SSBCI Update - October 12, 2021

SSBCI Update
October 12, 2021
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CDFA SSBCI Update

Features

New Information From Treasury Regarding Applications for the State Small Business Credit Initiative
On September 27, the U.S. Department of the Treasury issued a Notice Regarding Applications for the State Small Business Credit Initiative (SSBCI). The notice provides information regarding the requirements and timeline for applications and pertains to funding for both Capital Programs and Technical Assistance. Key takeaways are noted on CDFA's SSBCI Fact Sheet and FAQs.

SSBCI Learning Series Continues on October 22
Module III of the SSBCI Learning Series will take place on October 22. Topics will include a deep-dive on Collateral Support Programs and Loan Participation Programs, tips on Private Financing through Financial Institutions and FinTech, and strategies for SEDI Businesses, Very Small Businesses, Rural Businesses, and Tribal Businesses.

Black Vision Fund: Deploying Capital To Black Business Will Reduce Wealth Gap
18 Black entrepreneurs that run various businesses recently gathered to listen to Hope Credit Union Senior Credit Officer Danielle Ware and Vice President Dwight Rawls. Ware oversees the small businesses and commercial loans section for the organization. Mississippi Black Pages, a statewide platform for Black entrepreneurs to connect for exposure and development, organized the event.

A Better Way to Spend COVID Relief Funds
Cities are currently grappling with how they should prioritize competing programs, initiatives, and ideas. SLFR funds are a once-in-a-generation opportunity and cities have to contend with balancing relief and recovery. While we can't observe the processes in every city, we pull out four emblematic examples that are at the forefront of emerging models of local recovery.

Designing a Collaborative Fund for Underserved Entrepreneurs: Lessons From Western New York's Open4 Program
The fragile baseline in Western New York's entrepreneurial ecosystem pointed to the need for a dramatic and strategic shift using an injection of funds to accelerate change. This case study documents Open4—a unique philanthropic effort to catalyze systemic changes and help minority and women entrepreneurs realize their ambitions. While still in its formative stage, Open4's development process and structure offer lessons for other legacy cities and regions experiencing similar systemic challenges.

Restoring Local Economies, Preserving Small Business, and More at the CDFA Virtual National Summit
The past two years have challenged our nation like no other time in our history. From the COVID-19 pandemic, elections, and economic distress to the social, racial, and equity challenges facing many communities, our nation is looking for answers. The CDFA Virtual National Summit will take on these challenges and explore ways development finance can once again rise to the occasion.

Upcoming Events
SSBCI Learning Series

CDFA // BNY Mellon Development Finance Webcast Series: Exploring Local Economy Preservation Funds
Tuesday, October 19, 2021 - 2:00 PM - 3:00 PM Eastern
What is a Local Economy Preservation Fund you may ask? They are institutions that use capital for local broad-based wealth creation. They keep businesses locally owned by supporting transitions to employee and community ownership, and in doing so, help underserved populations to build and sustain wealth. During this installment of the CDFA // BNY Mellon Development Finance Webcast Series, you will hear from practitioners implementing this model in communities.

SSBCI Learning Series - Module III
October 22, 2021 - 1:00 PM Eastern
The third module of the SSBCI Learning Series will cover Collateral Support Program and Loan Participation Program. It will also discuss insights on engaging financial institutions and FinTech, as well as strategies for meeting the needs of SEDI Businesses, Very Small Businesses, Rural Businesses, and Tribal Businesses.

SSBCI Coalition Meeting - November 12 (Virtual)
November 12, 2021 - 1:00 PM Eastern

SSBCI Learning Series - Module IV
November 19, 2021 - 1:00 PM Eastern
The fourth module of the SSBCI Learning Series will cover all aspects of program administration, including Reporting and Compliance, Staffing and Service Providers, Technical Assistance, and Outreach and Engagement.

SSBCI Coalition Meeting - December 3 (Virtual)
December 3, 2021 - 1:00 PM Eastern

New Additions to the Online Resource Database

Notice Regarding Applications for the State Small Business Credit Initiative (SSBCI) - September 27, 2021
State Small Business Credit Initiative (SSBCI) | Access to Capital | Economic Development
This notice provides information regarding the requirements and timeline for applications for SSBCI funding. As described below, applications for SSBCI capital programs must be initiated by December 11, 2021, and be completed by February 11, 2022; applications for SSBCI technical assistance are due by March 31, 2022.


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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