The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. The SSBCI was originally created through federal legislation - the Small Business Jobs Act of 2010. It will further help in building and strengthening the delivery system of capital across and within the state. There will be up to 3 funds that will be managed by Community Development Financial Institutions, or non-bank community lenders. *Applications are being accepted. How much has Florida been allocated for SSBCI? This multi-year initiative is part of Governor Ron DeSantis large-scale effort to prioritize workforce development, cultivate a business-friendly environment, and stimulate aggressive economic growth. The loan guarantee program, allocated over $36 million, provides lenders with the necessary security, in the form of a partial guarantee, to incentivize lenders to make loans to borrowers. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and . The equity/venture capital programs, allocated up to a combined $50 million, will allow the state to invest in funds as a limited partner and to make direct co-investments alongside a lead investment in small businesses. If you are not applying under any of the three criteria mentioned above, you will not be able to make the application. An overview of the results is here. This credit enhancement uses public resources to encourage private lenders to lend money to businesses by providing a cash deposit as collateral for a business loan or credit facility. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. Essential Information: The Tribal applications, Eastern Time, and technical assistance seekers can apply now until 01 st September 2022. By filling out this form and submitting it to Maryland's SSBCI Program, you are authorizing Maryland's SSBCI Program and its contracted entities to contact you by phone, text, and email. SSBCI is administered at the federal level by the U.S. Treasury. #SmallBusiness Credit Initiative - Application Information @FLDEO is expected to announce details on the application process at their upcoming seminar on 3/8 at 3:30pm. When will the SSBCI Program be available? Our highly anticipated summit is taking place February 27, 2023 at the Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). U.S. Treasury SSBCI Preliminary Allocation Table. This program will provide collateral security for performance bonds required by small contractors working on public and private construction projects. This initiative will expand access to capital and help small businesses grow. The program is designed to help states address the challenges small businesses face in securing financing. Apply now. .css-1hnz6hu{position:static;}.css-1hnz6hu::before{content:'';cursor:inherit;display:block;position:absolute;top:0px;left:0px;z-index:0;width:100%;height:100%;}.css-722v25{font-weight:var(--chakra-fontWeights-bold);}Skip TeamFebruary 28, 2023 13 min read. Indiana SSBCI Funding $99M Approved: Program will include credit enhancement and collateral programs for small businesses. This application is currently under review. Therefore, by removing this interim 90% financing risk for lenders, the 504 Bridge Loan Program makes more capital available for Floridas small businesses. Minnesota will operate a new loan participation program with an allocation of $12.5 million that provides loans to Minnesota businesses purchasing machinery, equipment, or software to increase productivity and automation. The U.S. Treasury Department, through the North Carolina State Legislature's recently passed budget, allocated nearly $202 million in federal funding to the Rural Center to support small businesses throughout the State. The loan programs will consist of $57 million to be deployed to eligible small businesses. Applications will be available in September of 2022. If you continue to use this site we will assume that you are happy with it. State Small Business Credit Initiative. After completing all segments, you will need to submit the application. To participate in the SSBCI program, Tribal governments were required to submit a Notice of Intent (NOI) to Treasury by December 11, 2021. DEO encourages Florida-based small businesses to sign up for updateson funding opportunities through SSBCI. In January, the Michigan Strategic Fund board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through an American Recovery Plan allocation. Tennessee allocated $46.9 million for a debt program that will participate in loan transactions with Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs) that serve rural to urban areas of the state, including underserved communities. . Funds will be used to support businesses with limited . Issued by: Centers for Medicare & Medicaid Services (CMS) Issue Date: April 24, 2019. Montana SSBCI Funding $61M Approved & Accepting Applications: Program will operate a loan participation program modeled after a successful program in the previous iteration of SSBCI. A loan originated to place under the protection of the approved state program prior debt that is not covered under the approved state program and that is or was owed by the borrower to the lender or to an affiliate of the lender. SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. American Rescue Plan (ARPA) Act - Title III, Subtitle CSmall Business (SSBCI) Small Business Jobs . The Angel Match Program will expand access to capital for underserved communities by focusing outreach, technical assistance, and capital investment in rural communities, Tribal communities, and communities undergoing economic transitions such as coal communities. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. DEO will target institutions in the financial services sector that align with the mission of SSBCI. See our full post on Colorado SSBCI funding. MA organizations also have broad discretion in determining what may be considered 'a reasonable expectation' when choosing to offer specific items and services as SSBCI. Please populate the information seen below to determine if you are eligible to submit a capital program application for the SSBCI program administered by the U.S. Department of the Treasury (Treasury). Contact SSBCI Program ssbci.manager@dca.ga.gov The Georgia Loan Participation Program (GA LPP) will enable lenders to provide more loans to businesses since the lender is able to diversity its risk by sharing exposure with the State. Loan proceeds may not be used to reimburse funds owed to any owner, including any equity injection or injection of capital for the business continuance. This provision helps one to expand and support their businesses in times of COVID crisis. Hawaii SSBCI Funding $62M Approved & Accepting Applications: Hawaii is launching four HI-CAP programs that will include Collateral assistance, Loans, a CDFI Loan Pool Program, and an Investment Program. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. After leading advocacy efforts to secure reauthorization of the SSBCI program in 2021, CDFA hosted a 10-part biweekly SSBCI Briefing Series and four-month SSBCI Learning Series, launched a national SSBCI Coalition of more than 150 members, worked with SSBCI practitioners to provide recommendations to Treasury on program guidance, and has provided direct technical assistance to various states. Territories, U.S. Treasury Announces Preliminary SSBCI Allocations to Tribal Governments, MBDA Seeking Applications for SSBCI TA Funds, SSBCI Learning Series - Insights on SSBCI 2.0 Program Implementation, SSBCI Learning Series - Emerging Models and Best Practices for Delivering Technical Assistance, SSBCI Learning Series - Enhanced Efforts to Engage and Support SEDI-Owned Business, SSBCI Learning Series - SSBCI Program Modifications and Evaluations, Treasury SSBCI Capital Program Reporting Guidance, SSBCI Technical Assistance Grant Program Guidelines, Briefing: Capital Program Policy Guidelines, Analysis of the Capital Program Policy Guidelines, Interim Final Rule: Reporting Requirements - March 2022, SSBCI Programs Fact Sheet - November 2021, Maryland Invests $250K in SSBCI Funds in Woman- and Minority-Led Startup, State Small Business Credit Initiative (SSBCI), Treasury State Small Business Credit Initiative (SSBCI), Tennessee Makes $70M in SSBCI Funds Available to Local Startups, U.S. Treasury Approves Three Additional States' SSBCI Plans, Delaware Approves $60M to Support Small Businesses, CDFA-Treasury: A Guide to the SSBCI Application Tables Webinar. Ohio SSBCI Funding $182M Approved: This state plans to operate one loan participation program, one collateral support program, and two venture capital programs. On February 4, 2022, IBank and the California Pollution Control Financing Authority submitted a joint application to the U.S. Treasury to draw California's $1. The SSBCI program does not offer grants or direct loans. Oklahoma allocated $32.7 million to the Oklahoma Business Lending Partnerships program which will provide subordinate companion loans originated by partners and CDFIs that will accompany senior loans originated by other financial institutions. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. You have selected a link to a website that is outside of the floridajobs.org domain. On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. Many features of this website will not function without Javascript. Florida's Strategy to Deploy SSBCI Funding. Application. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. The primary objective of Florida's SSBCI Program is to leverage private capital for Florida's small businesses, which are defined as businesses with 500 employees or less. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. SSBCI was signed into law as part of the American Rescue Plan Act of 2021. SSBCI Coalition members help inform CDFAs SSBCI efforts and participate in joint efforts to guide implementation. More information about approved lenders and the application process will be provided later in the year. For applying to SSBCI Application, you will need all these business-related documents. This provision helps one to expand and support their businesses in times of COVID crisis. The Small Business Loan Program of the Illinois Finance Authority. The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. To add financial details of your business like the amount you earn if you already have a set business. Community Planning Development & Services. The loan proceeds must be used for a business purpose. A business purpose includes, but is not limited to, startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the purchase, construction renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes. The primary objective of Floridas SSBCI Program is to leverage private capital for Floridas small businesses, which are defined as businesses with 500 employees or less. SSBCI application deadlines for Tribal Governments: Council of Development Finance Agencies, Treasury Announces Approval of up to $339M to Support Small Business across Three States and Two U.S. California's application submitted. Startups and emerging growth companies can receive capital from this fund. Borrowers may not be businesses engaged in speculative activities that develop profits from fluctuations in price rather than through normal course of trade, such as wildcatting for oil and dealing in commodities futures, unless those activities are incidental to the regular activities of the business and part of a legitimate risk management strategy to guard against price fluctuations related to the regular activities of the business. Florida has been allocated $488,486,572 to utilize for various technical assistance, capital access, credit support, and venture capital programs designed to help small businesses grow and thrive. Online submissions are only open for three categories whereas the general application timeline is already over. *Please note that the PDF version of the Application Instructions below is not the application and should not be filled out or sent to Treasury. If you want help applying in your state, we can help you as a Skip VIP member, along with applying for other funding and growing your business. If you wish to find out more about the application process, you can refer to all the instructions and information provided in the given segments. However, if the transaction is structured strictly as an Asset Purchase, supported with a purchase contract describing the tangible assets being transferred (real estate, equipment, inventory, etc), and there is valuation that supports the asking price (with no amount attached to goodwill or business value), the transaction might be deemed eligible. Participating States funded new or existing state . Loan Participation Medium to long-term small business financing either in the form of a purchase participation or companion loan where a private lender originates a senior loan and the state originates an equal or subordinate loan to the same borrower. Administered by the U.S. Department of the Treasury, this initiative is the second installment of the program originally passed under the Small Business Jobs Act of 2010. An SSBCI Loan Participation permits the purchase of a portion (up to 50%) of the loan originated by the lender, facilitating the loan by reducing the lenders credit risk. See our full post on Michigan SSBCI funding. WITS Online Application Status Here is How to Check, SCRIE Application Guide Know Requirements & Eligibility. VSBFA SSBCI 2.0 PROGRAM OVERVIEW INTRODUCTION On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which . Any Florida-based small business, or small business that will be located in Florida, with 500 employees or less. The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. Massachusettss $30 million venture capital program, administered by MassVentures, provides pre-seed, seed, seed-extension and early-stage venture capital equity investments in Massachusetts-based technology companies. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). The new loan guarantee program has been allocated $22.9 million, which will offer higher guarantees for transactions that have a significant impact. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. Lending is provided by participating lenders. The CDFA Online Resource Database includes webcast presentations, program guidance, disclosure documents, and more from the Treasury's SSBCI staff. May 11, 2022: Deadline for Tribal governments to initiate and submit their complete SSBCI capital application. To be eligible, businesses must be Florida-based and have 500 employees or less. To date, only 27 banks are participating in these programs. The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds. A $10 billion stimulus package is being made available to small businesses as part of the State Small Business Credit Initiative (SSBCI). Enterprise Floridas International Offices, State Small Business Credit Initiative (SSBCI), 2023, Enterprise Florida, All Rights Reserved, Marketing Business Recruitment Event Expenses, Typical loan participation will be between 5-20% of the loan amount, up to a maximum 50% (1:1 min), Minimum $250,000 loan amount; maximum $5,000,000 (lower amounts permitted). The Kentucky Cabinet for Economic Development (KCED) is the implementing entity for all programs. Indiana is leveraging SSBCI to expand venture capital investments and create a new program to invest in small business loan funds throughout the state. State Small Business Credit Initiative (SSBCI) About SSBCI The State Small Business Credit Initiative (SSBCI) was created through the Small Business Jobs Act of 2010 (the "Act"). What types of lenders can use the program? ENABLING LEGISLATION On March 11, 2021, President Biden signed The American Rescue Plan Act, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). This will be underlined. For additional information for lendersclick here. In 2022, Wellcare is offering a wide range of innovative SSBCI benefits including:* Flex Card for Utilities Assistance - Building off the success of its Flex Card for dental, vision, and hearing expenses, Wellcare will offer a Flex Card for utilities payments - a growing issue for the financially insecure population.