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CDFA SSBCI Update - May 10, 2022

SSBCI Update
May 10, 2022
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CDFA SSBCI Update

Features

CDFA SSBCI Briefing on Techincial Assistance Guidelines
During this webinar, CDFA will provide an overview of the information included in the guidelines released on April 28, when the U.S. Department of the Treasury announced plans to deploy $300 million of the $500 million allocated for the State Small Business Credit Initiative (SSBCI) Technical Assistance (TA) Grant Program, and share insights from development finance leaders and states on their plans to utilize this program.

The Small Business Boom Under the Biden-Harris Administration
This new White House report details the historic recovery for America's small businesses and demonstrates how the Biden-Harris agenda laid the foundation for this small business boom. By providing Americans with greater financial security, and delivering more than $450 billion in emergency relief to small businesses, the Biden-Harris Administration has helped create the conditions for unprecedented business and job creation.

Treasury Announces Plans to Deploy $300M in Technical Assistance Through SSBCI
The U.S. Department of the Treasury has announced plans to deploy $300 million of SSBCI Technical Assistance funding to support small businesses. Of these funds, $200 million will be provided to states, the District of Columbia, territories, and Tribal governments, and another $100 million of the funds will be transferred to the Minority Business Development Agency at the Department of Commerce to provide technical assistance to underserved entrepreneurs.

SSBCI Preliminary Technical Assistance Grant Program Allocation Table
Treasury will apportion $200 million of SSBCI technical assistance (TA) funding among TA Grant Program eligible recipients. $185.27 million of the $200 million (92.63 percent) will be available for distribution to states, the District of Columbia, and territories, and $14.73 million (7.37 percent) will be available for distribution to Tribal governments.

SSBCI Technical Assistance Grant Program Guidelines
This document provides guidance on the application, award requirements, and administration of the TA Grant Program. Section II describes the available TA Grant Program funding. Section III defines eligible recipients, eligible beneficiaries, and eligible TA providers. Section IV provides detail on qualifying TA services. Section V describes the application process, including the components of the required TA plan, and more.

Business Organizations Support Preserving SSBCI
Small Business Majority and more than 50 small business organizations sent a letter to Congressional leaders underscoring the importance to preserve the $10 billion allocated to the State Small Business Credit Initiative program. These organizations know firsthand that access to capital can determine the success of any small business.

Small Businesses Face $2B Cut from COVID-19 Relief Fund
Congress is considering taking back some of the money it authorized last year for a small business aid program in order to pay for new Covid-19 vaccines, testing and therapeutics. A bipartisan deal reached in the Senate earlier this month would fully offset the $10 billion legislation by reallocating a variety of Covid-19 relief funds that were previously authorized by Congress but have not yet been spent.

Small Businesses Object to Rerouting of COVID-19 Aid
Small-business owners are bristling over a congressional proposal that would redirect unspent money from Covid-19 programs to provide $10 billion for the federal government's pandemic health response, including vaccines and therapeutics. At issue is about $5 billion that Congress allocated for three small-business aid programs but which hasn't yet been spent.

Upcoming Events
SSBCI Learning Series - Marketing Your SSBCI Program

SSBCI Coalition Meeting - May 20 (Virtual)
May 20, 2022 - 1:00 PM - 2:00 PM Eastern
SSBCI Coalition meetings will be held once a month to provide an interactive forum for CDFA members during the State Small Business Credit Initiative (SSBCI) application period. CDFA will facilitate discussions that allow for networking, peer knowledge sharing, and problem solving.

Intro Housing Finance WebCourse
May 23-24, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Housing Finance WebCourse will explore how the development finance toolbox can be utilized to support a myriad of housing challenges and opportunities as well as how development finance agencies can become key partners in housing development in their community.


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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