New Jersey SSBCI Funding $255M Approved: The New Jersey Economic Development Authority (NJEDA) will utilize this funding to develop six programs that will provide financial and technical assistance to small and micro businesses, and early-stage, innovation-focused companies located in New Jersey. However, there is often a timing difference between initial closing and that take-out. When will the SSBCI Program be available? Florida Department of Economic Opportunity (DEO) has approved the State Small Business Credit Initiative (SSBCI) plan proposed by the United States Department of the Treasury. Illinois SSBCI Funding $355M Approved: This state will operate four programs: one new loan guarantee program; two loan participation programs, one through the existing Advantage Illinois structure and one new program focused on supporting emerging businesses in the green energy sector; and a new equity/venture capital program for small businesses. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at 2010-2017 Archive. The SSBCI program does not offer grants or direct loans. All remaining sections, also referred to as the "Full Application," of the capital program application are due by February 11 at 11:59 p.m. Please read the attachment for complete information on submissions. How does a lender become enrolled in the SSBCI Program(s)? #groundhogday #springiscoming March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). 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. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. Please continue to visit floridajobs.org/SSBCI for more information. The original SSBCI, in place from 2010 until 2017, was the Obama Administration's response to the 2008-2009 financial crisis. Florida has been initially 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. DEO's State Small Business Credit Initiative Informational Webinar. Of the total amount funded, Georgia was allocated $48,024,748. Connecticut SSBCI Funding $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund. 2021 State Small Business Credit Initiative (SSBCI) Application The Florida Department of Economic Opportunity Announces Availability I am small business seeking financing. How much has Florida been allocated for SSBCI? . 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 Small Business Loan Program of the Illinois Finance Authority. Overview The Pennsylvania State Small Business Credit Initiative (PA-SSBCI) provides funding to economic development partners for the implementation and administration of capital programs to support small businesses through loans and equity investments: The Revolving Loan Fund component provides funding or capital to economic development organizations in the Commonwealth to create or . Participating States funded new or existing state . >>> Treasury SSBCI Resources Alabama Floridas SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. Louisiana SSBCI Funding $113M Approved: This state will operate five programs: a loan guarantee program, a loan participation program, a collateral support program, and two equity/venture capital programs. PDF VSBFA SSBCI 2 - Virginia This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Florida has been allocated $488,486,572 for SSBCI through the American Rescue Plan Act of 2021. offer as SSBCI provided that the item or service has a . 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. TAMPA, Fla., Nov. 8, 2021 /PRNewswire/ -- Wellcare, a wholly owned subsidiary of Centene Corporation, announced today its Special Supplemental Benefits for the Chronically Ill (SSBCI) for plan. Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. State Incentives: SSBCI Program Recap and Overview Also Read: How to Apply for Google Illinois Settlement? May 11, 2022 - Applications for SSBCI capital programs from . The SSBCI Coalition is a nationwide coalition of small business and SSBCI experts and practitioners. Auxiliary aids and services are available upon request to individuals with disabilities. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. This includes corporations, partnerships, sole-proprietors, independent contractors, nonprofits, and cooperatives. Those who participate include small and diverse businesses, lenders and funders for the small businesses, and entrepreneur support organizations (ESO). CDFA and guest speakers from The Choctaw Nation and gener8tor held this webinar on March 11, 2022 for a discussion on how Tribal Governments can utilize the State Small Business Credit Initiative (SSBCI) program. To be eligible, businesses must be Florida-based and have 500 employees or less. Kansas SSBCI Funding $69M Approved & Accepting Applications: Program will include a capital multiplier loan program, along with venture funds, that will assist small businesses in both rural and urban areas. Maximum participation term is five (5) years. PDF State Small Business Credit Initiatie (SSCBI) Frequently Asked Questions Floridas SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. Community Planning Development & Services. Include a valid email address and phone number for the SSBCI application process. Arizona SSBCI Funding $111M Approved: The state will have three programs available, two of which are venture capital funding initiatives ($87 Million), focusing on Series A-stage funding for technology startups, and one loan guarantee program ($24 Million) geared towards underserved communities. 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. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. 2021 State Small Business Credit Initiative Application Portal Open Treasury awarded funding to all 50 states, the District of Columbia, and all U.S. Any questions regarding the SSBCI program should be submitted to ssbci_information@treasury.gov. My name is Raj Singh. Loan proceeds may not be used for transfer of ownership or business acquisition (purchase of Goodwill). What is the State Small Business Credit Initiative? 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"). Note that application materials, program requirements, and guidance will be revised for the 2021 round of SSBCI. 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. Your social security number and a government-issued tax ID. Florida SSBCI 2.0 Allocation: $324 million Florida's venture capital program, managed by the Florida Opportunity Fund, offers equity investments and convertible debt instruments to emerging Florida companies, particularly those with long-term growth potential. *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. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. This will be underlined. To continue, you need to sign using your name and email address. Businesses that may qualify for this loan program are entities that carry on a business activity for profit or not-for-profit in South Carolina, including: For more information about the SSBCI program, contact BDC at www.BDCofSC.org or call (803) 798-4064 or contact JEDA at www.scjeda.com or call (803) 737-0268. Water Based Spray Foam, Kristin Aiello David Darby Gregory Stepanich The Borrowers must have an identified Partnering Lender providing. Alaska will operate four programs, including one loan guarantee program (LGP) to which they have allocated $32 million. Borrowers may not be businesses that earns more than half of its annual net revenue from lending activities; Borrowers may not be businesses engaged in pyramid sales, where a participants primary incentive is based on the sales made by an ever-increasing number of participants; or, Borrowers may not be businesses engaged in activities that are prohibited by federal law or applicable law in the jurisdiction where the business is located or conducted. May 11, 2022 - Applications for SSBCI capital programs from Tribal governments must be initiated and completed ( application materials ). This application is currently under review. *Applications are being accepted. These programs are being ran by three separate agencies. This multi-year effort aligns with the Governors prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. Nevada SSBCI Funding $113M Approved: This state will operate five programs: a collateral support program, three loan participation programs, and a venture capital program. This button displays the currently selected search type. The U.S. Department of the Treasury (Treasury) issued revised SSBCI. State Small Business Credit Initiative: How it Works - Third Way If you have not yet set up the business, you can provide an average estimate of your finances to get the money for investing in the startup program. School/Business unit: UAA Chancellor. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. Ohio SSBCI Funding $182M Approved: This state plans to operate one loan participation program, one collateral support program, and two venture capital programs. The Florida Department of Economic Opportunity Announces Availability In order to maximize the effectiveness of these programs and to meet the needs of small businesses in Florida, we have prioritized stakeholder engagement to ensure this program supports the small businesses that keep our economy strong. 117-701 - report on the activity of the committee on financial services of the united states house of representatives for the one hundred and seventeenth congress 117th congress (2021-2022) Job Summary. and Florida, dated August 24, 2011 ("Florida Allocation Agreement"). The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. 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. On February 4, 2022, CPCFA and IBank submitted a joint application to the U.S. Treasury to draw California's $1.181 . New exhibit of portraits at The Society of the Four Arts in Palm Beach, Florida thru 4/2. Program Consideration: Loan Participation Program Loan . New Mexico SSBCI Funding $74M Approved: This state will operate two programs: a collateral support program and an equity capital program. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Enter the type of applicant, name of the applicant, and intent notice in the eligibility portion of the application. The venture capital programs are designed to invest in funds in need of additional capital to launch and scale and to make co-investments in companies alongside private investors by matching the lead investors structure and terms. New York SSBCI Funding $501M Approved & Accepting Applications: New York will operate multiple programs, including a capital access program, loan guarantee programs, loan participation programs, and venture capital programs. In September 2022, DEOannouncedthe approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. The Loan Guarantee Program provides a private lender with a short-term, partial guarantee to support a loan or line-of-credit for eligible small businesses. Businesses that may qualify for this loan program are entities that carry on a business activity for profit or not-for-profit in South Carolina, including: For more information about the SSBCI program, contact BDC at www.BDCofSC.org or call (803) 798-4064 or contact JEDA at www.scjeda.com or call (803) 737-0268. The State Small Business Credit Initiative (SSBCI) is a $10 billion small business program managed by the U.S. Department of the Treasury (Treasury). More information about approved lenders and the application process will be provided later in the year. Missouri receives $95 million through State Small Business Credit 6. t . Small Business Lending Fund Program and State Small Business Credit What are the types of assistance available through SSBCI? An overview of the results is here. This allotment of State Small BUsiness Credit Initiative (SSBCI) funding will continue to help small businesses through . DEO has submitted an application that details how the state will utilize SSBCI funds to provide access to capital for small businesses and targeted business populations. North Dakota SSBCI Funding $59M Approved: This state will operate two equity/venture programs. The federal government is offering $10bn to small businesses - here's Blue Buffalo Tastefuls Singles, Members MUST meet one or more of the eligibility requirements for SSBCI enrollment, as attested to by their provider: Autoimmune disorders Cancer Cardiovascular disorders Chronic alcohol and other drug dependence Chronic heart failure Chronic and disabling mental health conditions Chronic lung disorders Dementia Diabetes End-stage liver disease For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. State Small Business Credit Initiative. What are Socially and Economically Disadvantaged Individuals (SEDI)? 2021-2022. All SSBCI loan draws must be properly matched with the private capital at the time of the draws. Since 2010, CDFA has advised state agencies and intermediaries on the implementation and ongoing deployment of SSBCI funds. What types of lenders can use the program? California is disbursing funds over the next 8 years, and over three phases. Happy Groundhog Day! Start getting your backyard ready for the season! See our full post on Pennsylvania SSBCI funding, South Carolina SSBCI Funding $101M Approved & Accepting Applications: Two programs have been allocated for funding. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table . 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. SSBCI dollars are not allowed by federal law to be used as grant funding. Many features of this website will not function without Javascript.
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