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"). Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. 2011 State Small Business Credit Initiative Application Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. How long will it take me to register with ID.me? Fund Tennesseeis expecting to launch in the first part of 2023. for the newsletter for upcoming announcements. 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To find the self-service options, please go to ID.me, select My Account, select Sign In then select the Forgot password link and follow the instructions. Connecticut extends a big welcome to small businesses across a wide array of sectors. https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. All lenders seeking approval as participating lenders in the SSBCI programs must undergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. This document also contains the preliminary allocation methodology summary for Tribal governments. The new funding will be used to launch an updated version of the state's highly successful Small Business Credit Initiative (SSBCI) program . For more information on allocations and allocation methodology, please visit the State Small Business Credit Initiative website at Treasury.gov/SSBCI. 8.1. Similarly, Treasury will automatically populate your existing account records with the GSA-issued UEI number in the Treasury.gov Application and Compliance portal, as applicable. Please check your junk email, confirm your email address with the sender and select to trust all emails from DocuSign. The program will allow for a veteran, active or reserve military, or Gold Star spouse who have a fifty-one percent ownership in a business to apply for and gain certification to recognize and promote their businesses. Copyright 2003 - 2023, Small Business Trends LLC. First, verify that your name and initials are correct. / Am I required to report? SSBCI funds will be used to create two new programs . After reviewing the RFI, commenters can post their comments on Regulations.gov. of Treasury has released funds to somestates/territories, it is a rolling process. Pennsylvania Department of Community and Economic Development, https://dced.pa.gov/wp-content/themes/business2015/images/logo-l.png, Pennsylvania State Small Business Credit Initiative (PA-SSBCI). An overview of the results ishere. To create a Treasury Portal user account, please navigate to Portal.Treasury.gov/cares. Is there a Webinar or Zoom call that I can attend? 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. The objective of SSBCI is to support state programs that provide resources to assist small business growth and create new jobs through increased access to small business funding. Look for the Register Your Entity or Get a Unique Entity ID section on the page then click Learn Mo. The Georgia Small Business Credit Guaranty (SBCG) Program provides a 50% credit guaranty to the lender on loans up to $400,000. Interested in doing business in Pennsylvania? Request for Information: Treasury posted a request for information (RFI) in the Federal Register to gather input from the public about SSBCIs Technical Assistance programs. Information and updates will beshared on this website. 2.5. This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. Technical Assistance for small businesses will be implemented by technical service providers after U.S. Treasury completes the application and award process. If you are a business or a lending institution that is interested in participating in small business financing programs through the SSBCI, please go to http://treasury.gov/ssbci and click on the List of Proposed Programs and Contacts link to locate the State or Territorial contact in your area. Florida received a total SSBCI allocation of $97,662,349. 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. ID.mes support website can be found at help.id.me. The SSBCI Program is now a state-administered revolving loan program. When logged into the Treasury Portal, click on the Avatar in the top right-hand corner of the screen. The best browsers to use are Microsoft Edge, Google Chrome or an updated version of Safari. / What is the status of my application? 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), Enrolled Loan and Leverage Ratio Tables User Guide, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. 8.3. Continue with Recommended Cookies. Eligible Entities can either create an account (your identity will need to be verified through ID.me) or log in. #stimulusnews #stimulusupdate #funding$10 BILLION SSBCI STATE FUNDING FOR SMALL BUSINESS | SHE BOSS TALKOn March 11, 2021, President Biden signed The America. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. How do I know if a specific use is eligible? Applications will be accepted between July 18, 2022 through August 19, 2022. 5.1. Tribal Governments must initiate and submit their completed SSBCI capital program application by October 31, 2022, at 11:59 p.m. The initiative is a partnership between the federal government and individual states and provides funding to state programs that offer financing and technical assistance to small businesses. 4.5. An example of data being processed may be a unique identifier stored in a cookie. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. To access the reporting guidance, scroll down to the Program Rules and Materials section then click on Capital Program Reporting Guidance. Information regarding webinars will be emailed to the points of contact and Authorized Representatives provided in the Notices of Intent. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. How long will it take me to register with SAM.gov? 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. With SSBCI 2.0, the program will have $10 billion available for creating specialized small business access to capital programs. 2.7. So whether you're looking for financing, technical assistance or just a single point of contact to help you navigate the breadth of . GHFA EDFI/Georgia Department of Community Affairs (DCA) is the administrator of the program. Specifically, beginning in FY 2021, the Department of the Treasury (Treasury) is authorized to provide up to $10 billion in support for small business capital . We're here to help New York State's small businesses reimagine, rebuild and renew. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. If you would like to change your name or initials, type the changes in the Full Name and Initials fields. Through SSBCI, Treasury will provide funds to states, the District of Columbia, territories, and . 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. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. Small business financing programs, which includes Capital Access programs, Loan Participations, Loan Guarantees, Collateral Support, and Venture Equity programs. Why do I need to sign up at SAM.gov? 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. . For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. Treasury Announces Eleven Additional States to Receive up to $1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (10/11/2022), California to Receive up to $1.1 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (9/21/2022), Capital Program Application Deadline Extended for Tribal Governments (Updated 8/26/2022), Treasury Approves Four Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative (8/19/2022), 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), Treasury Approves Nine Additional State Plans to Support Underserved Entrepreneurs and Small Business Growth Through the State Small Business Credit Initiative (7/18/2022), Treasury Announces First State Small Business Credit Initiative Awards to Support Underserved Entrepreneurs and Small Business Growth in Key Industries (5/19/2022), Treasury Announces Plans to Deploy $300 Million in Technical Assistance to Underserved Entrepreneurs and Very Small Businesses through the State Small Business Credit Initiative (4/28/2022), Treasury Launches Historic Equity Measurements for American Rescue Plan Small Business Investments Program - Press Release 3/3/2022, Demographics-Related Reporting Requirements: Interim Final Rule (IFR), Tribal government Notice of Intent (NOI) Submissions(Updated 1/31/2022). All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. 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. For small businesses, it offers attractive terms for loans, flexible resources for funding with little red tape, fast access to funds, and a quick answer to a loan request. All other inquiries should be directed to the Public Affairs Office of the Treasury and any press inquiries should be directed to Press@Treasury.gov. Now open! 4.3. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. Congress appropriated $1.5 billion to the Initiative. Registration with SAM.gov is required for any Entity that wants to do business with the federal government. Additional Information Businesses will apply for funding through their local economic development organization. Further information on how these allocations were made can be found by accessing in the Capital Program Policy Guidelines on the same page. Notice, Credit enhancements to strengthen bank loans and reduce risk, Delegated lending model where lenders manage underwriting, Streamlined procedures and quick response to project loan requests. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. The Texas Small Business Credit Initiative is expected to be allocated more than $472 million and the State of Texas is focused on staying apprised of the latest program information released by the U.S. Department of the Treasury. What steps do I need to complete in SAM.gov? 2011 State Small Business Credit Initiative Application, State Small Business Credit Initiative (SSBCI) Application, 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. For more information, please see the Capital Program Policy Guidelines and FAQs on the program website at Treasury.gov/SSBCI. The funds will be sent to California over a period of eight years, in three separate installments (tranches). Im trying to do something in the Treasury Portal and its not working. You will need to verify your identity with ID.me. SSBCI provides Eligible Jurisdictions funding for: For more information, visit the program website at Treasury.gov/SSBCI. This new portal is referred to as SSBCI Contact Information 6.3. This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). If not, you can change them as needed. Delaware Capital Access Program and State Small Business Credit Initiative Participation Loan help lenders to provide financing to businesses deemed too risky for the traditional banking model due to minor collateral or credit issues. Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. 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. For more information, please visit the U.S. Department of the Treasury's website. For further information on the transition to UEI Number, access SAM.gov. 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. Because ID.me verifies your individual identity (and not your company or agency identity), you will need to provide some personal information during the ID.me verification process. The State of Georgia application to the U.S. Treasury was approved and the allocation agreement executed in December 2011. This is to deliver capital to small businesses that urgently need it in the U.S. Technical Assistance to very small businesses and businesses owned and controlled by Socially and Economically Disadvantaged Individuals (SEDI) owned businesses applying for SSBCI and other government programs. As our national outlook now shifts from economic relief to recovery, the most significant program in terms of follow-on investment and inclusive growth is set to come online this summer: the Treasury will begin accepting applications from states for the State Small Business Credit Initiative (SSBCI). State Small Business Credit Initiative (SSBCI 2.0) Current Status The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. If you are registered in SAM.gov, your UEI number has already been assigned and is viewable in your SAM.gov account. For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. - The United States Treasury today announced it has approved up to $112.9 million for Nevada's State Small Business Credit Initiative (SSBCI). Please refer to the Federal Service Desk for assistance with your SAM.gov account. Addresses inequitable capital access by bridging the financing gaps facing new companies, under-banked communities and small businesses. What steps do I need to complete in ID.me? 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. 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. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. At that point, Entities doing business with the Federal Government must use a Unique Entity Identifier (UEI) number assigned in SAM.gov and will no longer use a third-party website to obtain their identifier number. /. 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. /. (note that the comment deadline has been extended). 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) It was funded at $1.5 billion and implemented by Treasury and states and territories from 2011 through 2017. Lenders looking to participate in the SSBCI program will undergo a vetting process.
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