2.3. Documents and resources for the 2021 SSBCI program. - The United States Treasury today announced it has approved up to $112.9 million for Nevada's State Small Business Credit Initiative (SSBCI). With small businesses continuing to face challenges brought on by the pandemic, the U.S. Department of Treasury has expanded the State Small Business Credit Initiative (SSBCI) Program as a part of The American Rescue Plan Act of 2021. Per the agreement, the oversight with the U.S. Treasury expired on March 31, 2017. Any changes to the application deadline will be posted on the website. State Small Business Credit Initiative (SSBCI) was originally created in the Small Business Jobs Act of 2010 to increase availability of credit for small businesses. 7.2. Treasury will review complete applications as quickly as possible, in the order in which they are received. What are the eligible uses for these funds? First, verify that your name and initials are correct. For the TA Grant program, preliminary program allocations for states, territories, and the District of Columbia can be found on the programs website at Treasury.gov/SSBCI by scrolling down to the Program Rules and Materials section then clicking on the Preliminary Technical Assistance Grant Program Allocation Table link. The first time you click a SIGN or INITIAL field, you are asked to adopt a signature and initials. Eligible Entities can either create an account (your identity will need to be verified through ID.me) or log in. What is ID.me? These State Small Business Credit Initiative funds are awarded to Delaware, Kentucky, Tennessee, and Wyoming to support local small business financing and investment programs WASHINGTON Today, the U.S. Department of the Treasury announced the approval of four additional state plans for up to $353.4 million in funding under the State Small Business Credit Initiative (SSBCI) in President . The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. How do I report them? Recent SSBCI News and Announcements from the last 60 days: Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States (3/2/2023), Treasury Announces Approval of Up to $353.4 Million to Support Small Business Success Across Four States | U.S. Department of the Treasury (2/27/2023), Treasury Announces Approval of Up to $339 Million to Support Small Business Success Across Three States and Two U.S. For further information on the transition to UEI Number, access SAM.gov. (404) 679-4840, Providing resources, tools, and technical assistance to cities, counties, and local authorities to help strengthen communities, Connecting communities to funding sources to help build capacity and encourage economic development while honoring the communitys past through historic preservation, Helping communities meet housing needs and connecting people with housing assistance, 2018 Georgia Department of Community Affairs. Ohio initially will receive $52.4 million to support socially and economically disadvantaged individuals and very small businesses. It can be used for planning purposes. If the Finish button is not appearing, it is due to one or more incomplete required fields. The Ohio Capital Access Program (OCAP) is a loan portfolio insurance program, similar to a loan guarantee, that enables small businesses to obtain credit to help them grow and expand their businesses. Email: ecd.SSBCI2.0@tn.gov, Go to Economic & Community Development (ECD), is administering a second installment of the. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. By clicking the continue button or continuing to use our website, you are consenting to our, Certified Economic Development Organizations, Educational Improvement Tax Credit Program (EITC), Opportunity Scholarship Tax Credit Program (OSTC), Neighborhood Assistance Program, Enterprise Zone Tax Credit (NAP/EZP), Entertainment Economic Enhancement Program (EEEP), Pennsylvania Capital Access Program (PennCAP), HOME Investment Partnership Program (HOME), H2O PA - Water Supply, Sanitary Sewer and Storm Water Projects, Shapiro Administration Awards New Funding to Increase In-Demand Electrical Worker Apprentices in Pennsylvania, Shapiro Administration Announces Nearly $2 Million in New PIDA Loans to Spur Business Growth, Job Creation in Two Counties, DCED Legislative Budget Presentation FY 2022-23, Certified Economic Development Organizations (CEDOs), Community Development Financing Institutions (CDFIs). Registration with SAM.gov is required for any Entity that wants to do business with the federal government. The consent submitted will only be used for data processing originating from this website. This California paid sick leave law provides most employees in the state with paid time off if they need to be absent from work for medical reasons or to take care of an ailing family member. It was funded at $1.5 billion and implemented by Treasury and states and territories from 2011 through 2017. Detailed questions about the conversion from DUNS number to UEI number should be directed to GSA by creating an incident ticket with the Federal Service Desk online at fsd.gov or by calling (866) 606-8220. What reporting is required? Fund Tennesseeis expecting to launch in the first part of 2023. TheU.S. Department of Treasury (Treasury)is administering a second installment of theState Small Business Credit Initiative (SSBCI 2.0)as part of theAmerican Jobs Plan. Im trying to do something in the Treasury Portal and its not working. How much money have I been preliminarily allocated to receive? Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds. The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. Weencourage those interested in Tennessee's SSBCI program to check backperiodically and/orsign-upfor the newsletter for upcoming announcements. The increased access to capital stems from the state's successful application for $15,487,998 in federal funds from the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI). This initiative was originally created in 2009 under the Obama Administration. Individuals, Small Businesses, or Wrong Program, 6. What steps do I need to complete in SAM.gov? My entity does not have a UEI number. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. SSBCI, small business credit, direct venture investment, revolving loan, PA-SSBCI, small business loan, PA Department of Community and Economic Development. Phone: (615) 741-1888 Eligible Recipients under the Technical Assistance (TA) Grant Program are States, the District of Columbia and Territories that submitted a complete SSBCI Capital Program application by February 11, 2022; and Tribal Governments that submit a complete SSBCI Capital Program application by October 31, 2022. Initial payments will occur sometime after the application is fully reviewed and approved and an allocation agreement is signed. The Act created the State Small Business Credit Initiative (SSBCI) to provide direct support to states for use in programs designed to increase access to credit for small businesses. Im having issues with my SAM.gov account. of Treasury has released funds to somestates/territories, it is a rolling process. An ACH routing number is required. Please reference the website at Treasury.gov/SSBCI for more information. Please scroll down to the Program Rules and Materials section to access these documents. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Technical Assistance for small businesses will be implemented by technical service providers after U.S. Treasury completes the application and award process. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. 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"). Our mission is to bring you "Small business success delivered daily.". 2021 State Small Business Credit Initiative Application Updated (5/24/2022), 2021 State Small Business Credit Initiative Application User Guide (5/24/2022), Compliance and Oversight Narrative Template, Assurances of Compliance with Civil Rights Requirement Template, Technical Assistance Program Application Template, Technical Assistance Templates and Certifications, Sample Technical Assistance Notice of Award, 2021 State Small Business Credit Initiative (SSBCI) Application Material, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. The State Small Business Credit Initiative (SSBCI) provides funds to States, Territories, and Tribal governments to enable these jurisdictions to support programs for small businesses. After reviewing the RFI, commenters can post their comments on Regulations.gov. Technical Assistance Grant Program Preliminary Allocations to Tribal Governments - Methodology Summary, Technical Assistance Grant Program Tribal Consult Summary, Capital Program Policy Guidelines (Updated 12/15/2022), Frequently Asked Questions SSBCI Capital and TA Grant Programs (Updated 12/8/2022), Capital Program National Compliance Standards (11/17/2022), Capital Program Reporting Guidance (Updated 9/30/2022), Technical Assistance Program Application Template, Sample Technical Assistance Notice of Award, Capital Program Sample Certifications (Updated 7/28/2022), Preliminary Technical Assistance Grant Program Allocation Table (4/28/2022), Technical Assistance Grant Program Guidelines (4/28/2022), Allocations for States Territories Washington DC and Tribal Governments, Preliminary Allocation to Tribal Governments Methodology Summary (Updated 11/10/2021). What steps do I need to complete in ID.me? This field is for validation purposes and should be left unchanged. /. Since 2002, the OCAP has assisted countless small businesses with their working capital and fixed-asset financing needs. Once the modifications are completed, we will post the revised RFP to this site. I have Subrecipients to report that have a DUNS, but no UEI. Additional Information Businesses will apply for funding through their local economic development organization. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Tribal Governments must submit their completed SSBCI TA Grant Program application by December 9, 2022 at 11:59 pm ET. SSBCI, which is administered by the U.S. Department of Treasury (Treasury), provides funding to be used for credit and investment programs for existing small businesses and start-ups. Congress appropriated $1.5 billion to the Initiative. If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources now, visit the BERO website and/or TNSmartStart.com to get your personalized list of resources, build your own business model canvas, or locate resources near you. When the Finish button becomes active, you can complete the signing. Sign up to receive the latest Pennsylvania news, direct to your inbox. 3.8. SSBCI is expected to create billions of dollars in lending and investments to small businesses that are not getting the support they need to expand and create jobs. Currently, Georgias SSBCI offers two programs. Please contact our officeto obtain an application package. Helping to build strong, vibrant communities. Businesses will apply for funding through their local economic development organization. Topics, More Currently, non-Tribal applications must have been initiated by December 11, 2021 and completed by February 11, 2022 at 11:59pm ET (Eastern Time). This allotment of State Small Business Credit Initiative (SSBCI) funding will continue to help small businesses through three programs: Loan Participation Program (LPP), Capital Access Program (CAP), and the NC Venture Capital Program. You can find information on those programs on the Treasury.gov website at http://treasury.gov/Recovery. This new portal is referred to as SSBCI Community Development Financial Institutions engaged in small business lending in Georgia. When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. 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) STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. "Small Business Trends" is a registered trademark. And find a statewide network of centers staffed by people who can walk you through how to apply. For the latest, follow us on Google News. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. SSBCI 2.0 funds were allocated as follows: Could be before or after loan or equity infusion, general assistance; to be allocated as a separate grant, Socially and Economically Disadvantaged Businesses (SEDI), Tennessee does not have any tribal governments. Texas Economic Development P.O. System inputs must be in the proper format. The program was established in 2010 by the Small Business Jobs Act of 2010 to help states address the difficulties that private businesses faced while securing financing during the nation's economic recovery. 4.3. The initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. Trafficking CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. The SSBCI Program is now a state-administered revolving loan program. https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. View complete set of self-service resources. The new bill has allocated $10 billion to the State Small Business Credit Initiative (SSBCI), which provides fundingthrough lendersto support small businesses (defined as those with under 500 employees) and nonprofits to expand economic opportunities. Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. Financial Institutions are being enrolled in the CPCFA and IBank programs. $100 million of that amount has been transferred to MBDA to assist with this effort. The primary objective of the SSBCI is to enhance new or existing state programs that provide access to capital for small businesses and manufacturers. List of SSBCI Capital Programs and Contacts. Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, State Small Business Credit Initiative (SSBCI), Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. We believe that access to loan capital is a fundamental component of an equitable, vibrant, and growing economy. 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. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at2010-2017 Archive. Eligible Entities include States, the District of Columbia, Territories, and Tribal Governments. The Treasury Portal supports most modern browsers including Microsoft Edge, Google Chrome, and an updated version of Safari. 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. If you did not receive the email, it could be because it was blocked by your Email Server, Firewall, Email Provider or Email Client. States, the District of Columbia, and Territories must submit their completed SSBCI Technical Assistance (TA) Grant Program application by October 14, 2022 at 11:59 pm ET (Eastern Time). The SSBCI is managed by the U.S. Department of the Treasury, and it will be allocating the funds. State Small Business Credit Initiative (SSBCI) Application | U.S. Department of the Treasury Home State Small Business Credit Initiative (SSBCI) Application Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. This means small business owners that otherwise wouldnt get any loans could qualify under SSBCI. 2.8. The deadline for proposals will also be revised. These organizations provideloans and business development resources to helpborrowers create and grow sustainable businesses and generate jobs for Georgians. (note that the comment deadline has been extended). Addresses inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. To ensure equitable access across the state, DCED has contracted with economic development partners at the regional and local levels to administer loan and equity programs. How do I know if a specific use is eligible? Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. 2.4. 4.8. As part of the American Rescue Plan Act of 2021, the Oklahoma Center for the Advancement of Science and Technology (OCAST) will receive up to $81.6 million in State Small Business Credit Initiative (SSBCI) funding to provide more access to capital for startups and small businesses in Oklahoma. The second-round application period for this grant is open until May 25. For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. On March 11, 2021, the U.S. Congress enacted the American Rescue Plan Act, which, in part, provides $10 billion to fund the State Small Business Credit Initiative (SSBCI). Fund Tennesseeis expecting to launch in the first part of 2023. for the newsletter for upcoming announcements. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. Financial support for small business across states. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments . What is the turnaround time for reviewing an application? Lending is provided by participating lenders. Indiana was approved to receive up to $99 million in federal funding through the State Small Business Credit Initiative (SSBCI) to expand access to and increase working capital for Hoosier entrepreneurs, startups and small business owners. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. What does the Change to UEI Number mean for Recipients? ID.mes support website can be found at help.id.me. Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. More importantly, 80% of the loans and investments of the first SSBCI went to small businesses with 10 or fewer employees. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). Officials, Human /. This is primarily due to the hands-off approach of the program by allowing states the flexibility to design their own small business support programs. The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. Is there a Webinar or Zoom call that I can attend? Tribal Governments interested in participating in SSBCI were required to submit a Notice of Intent (NOI) to apply for SSBCI funds by December 11, 2021. Maine's Path to Recovery The $4.5 billion investment in Maine from the American Rescue Plan (ARP) is an unprecedented opportunity to support recovery from the COVID-19 pandemic, to improve the lives and livelihoods of Maine people, to make investments in solving Maine's long-term challenges, to develop strategies for new opportunities, and to strengthen our state for years to come. Following approval, program documentation, including submission guidelines, will be made available via the TSBCI web portal, which will also be open to accept applications from financial institutions interested in participating in the program. 2.9. For SSBCI 2.0, Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse businesses become capital ready. Small business financing programs, which includes Capital Access programs, Loan Participations, Loan Guarantees, Collateral Support, and Venture Equity programs. The State of Georgia application to the U.S. Treasury was approved and the allocation agreement executed in December 2011.