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State Small Business Credit Initiative - Fact Sheet

Overview

Section 3301 of the American Rescue Plan Act of 2021 (ARPA, Public Law 117–2) reauthorized the State Small Business Credit Initiative, providing $10 billion to implement the second round of this program. The U.S. Department of the Treasury (Treasury) will allocate formula and incentive-based funding to States, Territories, Washington D.C., and Tribal governments (Eligible Governments) for small business financing programs and the provision of Technical Assistance to small businesses applying for SSBCI and other government programs.

See Treasury’s Fact Sheet on the American Rescue Plan Act of 2021 and SSBCI website for more information.

September 27 - Treasury Issues Notice Regarding Applications for the State Small Business Credit Initiative (SSBCI)

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 below:

Capital Programs
An Eligible Jurisdiction (states, the District of Columbia, territories, and Tribal governments) must initiate an application in Treasury’s online portal by December 11, 2021. Applications can be amended after that date, but must be finalized by February 11, 2022.

CDFA anticipates that applicants will be able to access the online application portal once Treasury delivers updated guidance for SSBCI 2.0. The following information must be submitted by December 11, 2021:

Technical Assistance
Eligible Jurisdictions seeking Technical Assistance funds from Treasury will be required to submit an application by March 31, 2022. Treasury will issue additional guidance with details about the terms and conditions for Technical Assistance. CDFA expects Treasury to provide more information on allocation amounts and the basis for allocations within the coming weeks.

Frequently Asked Questions (FAQs)

1. What are the different components of the $10 billion SSBCI program?

2. Have SSBCI funds been disbursed?
SSBCI funds have not been disbursed. A preliminary allocation table for a portion of SSBCI funds was published in April 2021. Treasury has indicated that program guidance will be issued in 2021. Eligible Governments can apply for funds through December 2021. Funds will be disbursed to Eligible Governments upon Treasury’s approval of their application. Additional information and key dates can be found on Treasury’s SSBCI website.

3. How can SSBCI funds be used?
SSBCI funds will be used to support small business financing programs and the provision of Technical Assistance to small businesses applying for SSBCI and other government programs.

See Treasury’s 2017 program evaluation, State Small Business Credit Initiative: A Summary of States’ 2016 Annual Reports, for more information on SSBCI 1.0.

4. How can SSBCI Technical Assistance (TA) funds be utilized?
In its May 2021 Notice and Request for Information, Treasury outlined the following description of how SSBCI TA resources may be deployed and utilized. Future guidance may provide further clarity.

5. What is a SEDI business?
Treasury has provided the following working definition of business enterprises owned and controlled by socially and economically disadvantaged individuals. Additional guidance may provide further clarity.

SEDI business means a business that:

Learn More and Stay Up-to-Date on SSBCI

Visit the SSBCI Resource Center
Register for CDFA’s SSBCI Learning Series
Sign-Up to Receive CDFA’s SSBCI Newsletter
Participate in the SSBCI Coalition by Joining CDFA


Become a CDFA member to participate in the SSBCI Coalition, gain full access to the SSBCI Resource Center, and receive discounts on current and future SSBCI events.



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  • Brownfield Superfund Advisory, Inc
  • Bryan Cave Leighton Paisner LLP
  • Business Oregon
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  • FBT Project Finance Advisors LLC
  • Frost Brown Todd LLC
  • gener8tor
  • Hawkins Delafield & Wood LLP
  • Ice Miller LLP
  • KeyBanc Capital Markets
  • Kutak Rock LLP
  • McGuireWoods
  • MuniCap, Inc.
  • NW Financial Group, LLC
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  • U.S. Bank
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  • Z. The Bond Buyer
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