IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. The SSBCI program does not offer grants or direct loans. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. Different types of capital that will get included would involve the ones given below; To apply you must know more about the different funding categories. For additional information for lendersclick here. Grade: Grade 81. 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. Borrowers must have less than 500 employees on average; 750 employees maximum. For additional information, please refer to the U.S. Treasury SSBCI Preliminary Allocation Table. Both programs are direct investment programs that will provide equity support directly to small businesses and startups by co-investing alongside private investors. Florida received a total SSBCI allocation of $97,662,349. Job Description & How to Apply Below. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply. Therefore, Floridas SSBCI Program is anticipated to generate at least $976,623,490 in new private capital for Floridas small businesses. The Florida Allocation Agreement provided for the operation of the SSBCI. Currently, only two of the nine proposed programs are open for applications. These funds will support businesses owned or controlled by socially and economically disadvantaged individuals, including minority-owned, women-owned, veteran-owned, rural, or other targeted small business populations across the state. 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 1.0 was passed in 2010 and ran from 2011 to 2017. Arkansas SSBCI Funding $81M Approved: This state will operate seven SSBCI programs: a capital access program, two loan participation programs, two loan guarantee programs, and two equity/venture capital (VC) programs. Missouri SSBCI Funding $95M Approved: This state will operate a venture capital program, IDEA Fund, managed by the Missouri Technology Corporation. As of 2020, plans can also offer Special Supplemental Benefits for the Chronically Ill (SSBCI) nonmedical services such as pest control. Colorado State Small Business Credit Initiative Please note that there is no application specific to the State Small Business Credit Initiative (SSBCI) program. Appeal Decision of Referee to the Commission, File an OnlineAppeal with the Commission, Quarterly Census of Employment and Wages (QCEW), Local Area Unemployment Statistics (LAUS), Occupational Employment and Wage Statistics (OEWS), Low-Income Home Energy Assistance Program, Contact Your Local LIHEAP Provider for Help, Low-Income Household Water Assistance Program, Contact Your Local Weatherization Office for Help, Contact Your Local CSBG Provider for Help, Community Development Block Grant Program, Accessing Comprehensive Plans and Plan Amendments, Local Workforce Development Area WIOA Plans, Workforce Program Materials and Information, Community Planning, Development and Services, Florida Small Business Emergency Bridge Loan Program, Rural Community Development Revolving Loan Program. What types of lenders can use the program? For applying to SSBCI Application, you will need all these business-related documents. To continue, you need to sign using your name and email address. CDFIs as eligible borrowers of SSBCI funds: Non-depository CDFIs are eligible borrowers under the program. DEO will work with Enterprise Florida to secure partnerships with public entities and investment managers. The Act created the State Small Business Credit Initiative, funded with $1.5 billion to strengthen state lending programs that support small businesses and manufacturers. The lender makes such a loan with the expectation that the portion above 50% will be taken-out by a SBA note. small businesses, big impact: ensuring small and minority-owned businesses share in the economic recovery 117th congress (2021-2022) This provision helps one to expand and support their businesses in times of COVID crisis. Indiana SSBCI Funding $99M Approved: Program will include credit enhancement and collateral programs for small businesses. DHCD's initial proposal is that each SBL be funded with 20% SSBCI funds and 80% private match capital for all non-S EDI and non-VSB businesses and with 30% States, U.S. territories, Washington, D.C., and Tribal Governments (Jurisdictions) are eligible to receive funding through SSBCI to capitalize financing and technical assistance programs for small businesses. The Collateral Support Program enables financing that might otherwise be unavailable due to a collateral shortfall. The U.S. Department of the Treasury released its methodology summary for preliminary SSBCI allocations for Tribal governments on February 21, 2023. To date, only 27 banks are participating in these programs. Tallahassee, FL - Today, the Florida Department of Economic Opportunity (DEO) announced that $142 million in new capital is available for small businesses and startups through Florida's State Small Business Credit Initiative (SSBCI). State Small Business Credit Initiative. What is the State Small Business Credit Initiative? Segments that you need to fill in the application form include the following: Fill in the information required in the different sub-sections of each segment. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. 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 Act created the State Small Business Credit Initiative, funded with $1.5 billion to strengthen state lending programs that support small businesses and manufacturers. The Act also created the State Small Business Credit Initiative (SSBCI), administered by Treasury to strengthen state programs that support lending to small businesses. After completing all segments, you will need to submit the application. This new program is designed to significantly increase the number of eligible CDFI and non-profit local economic development agencies with revolving loan funds (RLFs) that can participate in the program. The Kentucky Science and Technology Corporation will administer the equity/venture capital programs with a focus on pre-seed and seed stage capital investments. Vermont SSBCI Funding $58M Approved & Accepting Applications: Vermont will operate two programs with the new approved SSBCI funds - including a loan participation program, and a venture capital program. See our full post on Maine SSBCI funding, Maryland SSBCI Funding $198M Approved & Accepting Applications: Three programs are available through the Maryland State Small Business Credit Initiative Program. 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. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. This section provides resources to help better understand and navigate the SSBCI program. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. I look forward to keeping Florida free for future generations. Treasury Launches the 2021 State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Application Portal on 8/1/2022 Treasury Announces North Carolina Approved to Receive Up to $201.9 Million to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (7/29/2022) Programs will prioritize minority, women, individuals with disabilities, and veteran owned small business. The capital program application portal was launched on 11/22/2021 and the technical assistance grant program application portal was launched on 8/1/2022. If you continue to use this site we will assume that you are happy with it. To be eligible, businesses must be Florida-based and have 500 employees or less. 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. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. See our full post on Colorado SSBCI funding. Idaho SSBCI Funding $66M Approved: This state will operate two programs: a collateral support program (CSP) and a loan participation program. The Virgin Islands have also allotted $4.5 million to a new Payment, Surety, and Performance Bond Program (PSP Bond). March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Therefore, by removing this interim 90% financing risk for lenders, the 504 Bridge Loan Program makes more capital available for Floridas small businesses. Application requirements and funding amounts are to be determined by U.S. Treasury. State Small Business Credit Initiative Application (OMB Control # 1505-0227) Page 1 of 4 . South Dakota SSBCI Funding $62M Approved: The state has allocated these new funds entirely to support a loan participation program, which will be dispersed through approved lending institutions and CDFIs. Who is eligible for SSBCI funding? SSBCI will fund state, territory, and Tribal government small business credit support and investment programs. Under no circumstances will a loan participation be permitted under a scenario that allows the Partnering Lender to incur less than 20% risk of loss (based on the total required financing). Issued by: Centers for Medicare & Medicaid Services (CMS) Issue Date: April 24, 2019. The funds will be available through state approved community banks, CDFIs, and non-profits. 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. Download the Guidance Document. SSBCI Equity Program Assistant Director. A list of Tribal RT @GovRonDeSantis: Happy Birthday Florida! . Details of approved states below. 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 program is designed to help states address the challenges small businesses face in securing financing. To date, there are 29 financial institutions that have been approved to disperse 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. 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. 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. Wisconsin has also dedicated $15 million to the Wisconsin Housing and Economic Development Authority (WHEDA), which will offer credit support to small businesses that receive financing from Community Development Financial Institutions (CDFIs).