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CDFA SSBCI Update - September 13, 2022

SSBCI Update
September 13, 2022
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CDFA SSBCI Update

Features

Don't Miss the CDFA Ohio Financing Roundtable This Week!
Join CDFA on September 14, 2022, in Columbus, Ohio for a one-day conference to share best practices within the development finance industry. Experts from across the state will discuss the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward. If you have a stake in Ohio's economic development finance industry, you won't want to miss this event. Space is limited, register today!

Treasury Approves Four Additional State Plans Through the SSBCI
The U.S. Department of Treasury has announced that the state plans of Colorado, Oregon, New York, and Montana were approved under the State Small Business Credit Initiative (SSBCI) for up to $750 million in funds to expand access to capital for small businesses.

Learn About Innovation in SSBCI Lending on November 3 in Denver, CO!
SSBCI leaders have crafted financing and technical assistance programs to serve the hardest-to-reach small businesses in their communities. CDFA will be offering a session on Innovation in SSBCI Lending on Thursday, November 3, 2022 at the CDFA National Development Finance Summit, Presented by CHFA. Speakers will describe the innovative approaches they are taking to expand access to capital for small businesses and share insights on replicating these strategies.

Florida Department of Economic Opportunity Announces Approval of Florida's SSBCI Plan
The Florida Department of Economic Opportunity announced the approval of the state of Florida's State Small Business Credit Initiative (SSBCI) application by the U.S. Treasury for $488 million in funding. Florida's Legislative Budget Commission approved the plan to distribute the first tranche of funding totaling $142 million for an existing small business loan program and venture capital investment program.

More Than 40 Nevada-Based Startups Will Receive Federal SSBCI Matching Funds
The SSBCI funds will be invested in 10 Nevada companies at a pre-seed stage (less than $500,000 in revenue) and another 30 companies at the seed stage ($500,000 to $2 million in revenue) over a three-year period. All 40 companies receiving investments will have participated in StartUpNV programs, including its AngelNV education bootcamp or its business accelerator.

TEDCO Invests First $1M of Maryland's SSBCI Funds in Medcura
TEDCO, Maryland's economic engine for technology companies, announced today it invested $1 million in Medcura Inc. through the new State Small Business Credit Initiative (SSBCI). TEDCO will deploy up to $50 million and will allocate the funds into four existing programs targeting technology-based Maryland businesses and entrepreneurs.

The $10B Reason to Be Excited About Rural Entrepreneurship
States developed and submitted their plans for dispersing the federal funds to startups and entrepreneurs. That is where CORI comes in. Vermont will use roughly half of its $58 million SSBCI allocation for early-stage venture capital — and has chosen CORI as one of the organizations to help do that, based on our prior work identifying and investing in scalable, rural tech companies through the CORI Innovation Fund.

Business Organizations Apply for State Funding in Pennsylvania Through the SSBCI
Capital Region Economic Development Corp. (CREDC), an organization serving Cumberland, Dauphin, and Perry counties, and its partners recently applied for $27 million in PA State Small Business Credit Initiative (PA-SSBCI) grants. Pennsylvania received $268 million and will use the funding for three programs. The Department of Community and Economic Development will distribute the money.

Oregon Gets $83.5M for Small Businesses
The U.S. Department of the Treasury has approved Oregon's application for $83.5 million under the State Small Business Credit Initiative (SSBCI). These historic American Rescue Plan investments will go far in tearing down obstacles to growth and support more entrepreneurs and small businesses in every nook and cranny of our state.

Maryland Governor Hogan Announces SSBCI Programs Now Open
Governor Larry Hogan announced MD programs funded by the State Small Business Credit Initiative are open. Up to $198M in federal small business relief is being administered by the Maryland Department of Housing and Community Development, the Maryland Department of Commerce, and the Maryland Technology Development Corporation. These agencies will use funds to expand and enhance nine existing state business lending and investment programs.

New York Awarded $501.5M in Federal Funds to Support Small Businesses
New York State has been awarded $501.5 million in federal funds through the State Small Business Credit Initiative, which was reauthorized and expanded as part of the American Rescue Plan Act. The initiative is managed by the U.S. Department of Treasury and provides funds to support programs for small businesses, with emphasis on those still struggling from the economic impact of the COVID-19 pandemic.

Indiana Secures Up to $99M to Invest in Startups, Small Businesses
The Indiana Economic Development Corporation announced the state of Indiana will receive up to $99.1M in federal funding through the State Small Business Credit Initiative to expand access to and increase capital for Indiana entrepreneurs, startups, and small businesses.

Upcoming Events
CDFA National Development Finance Summit

CDFA Ohio Financing Roundtable
September 14, 2022 - Columbus, OH
During this special one-day conference, we will share knowledge of best practices within the state's development finance industry. This event will feature economic development finance experts from around the state discussing the latest and most innovative development finance tools, authorities, resources, and approaches, and how these can affect the Ohio economy going forward.

Intro Tax Credit Finance WebCourse
September 19-20, 2022 - Daily: 12:00 - 5:00 PM Eastern
The Intro Tax Credit Finance WebCourse examines the application of tax credit programs in greater economic development finance efforts. This course discusses the practical application of tax credit programs including brownfields, new markets, low-income housing, historic preservation, and state-specific programs.

New Additions to the Online Resource Database

Business Oregon's Statement on SSBCI State Plan Approval
Access to Capital | Disaster Recovery & Relief | Economic Development | Federal | Social Finance | State Small Business Credit Initiative (SSBCI)
"We're grateful for the opportunity to invest in a diverse set of entrepreneurs and businesses in our most promising industries throughout the state. We know that an innovative economy provides higher wages and more business resilience in times of crisis—that's the vision this program will help Oregon work towards."

Treasury Approves Four Additional State Plans Through the SSBCI
Access to Capital | Development Finance Toolbox | Disaster Recovery & Relief | Economic Development | Federal | Social Finance | State Small Business Credit Initiative (SSBCI)
The U.S. Department of Treasury announced approval of state plans for Colorado, Oregon, New York, and Montana under the State Small Business Credit Initiative for up to $750M in funds to expand access to capital for small businesses. 


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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