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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. Weencourage those interested in Tennessee's SSBCI program to check backperiodically and/orsign-upfor the newsletter for upcoming announcements. Currently, Georgias SSBCI offers two programs. The large increase to $10 billion is due to the success of the program, which is considered one of the more successful mechanisms for delivering capital from a federal source. The U.S. Department of Treasury is administering a second installment of the State Small Business Credit Initiative (SSBCI) as part of the American Jobs Plan passed in 2021. Contact our office to inquire about becoming a participating lender. Community Development Financial Institutions engaged in small business lending in Georgia. 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. More importantly, 80% of the loans and investments of the first SSBCI went to small businesses with 10 or fewer employees. For more information, please visit the U.S. Department of the Treasury's website. Documents, timelines, and other resources related to the 2021 allocation of the SSBCI program can be accessed here2021 Archive. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding: For more information on reporting, please refer to the Capital Program Reporting Guidance available on the program website at Treasury.gov/SSBCI. Texas Economic Development P.O. So whether you're looking for financing, technical assistance or just a single point of contact to help you navigate the breadth of . In turn, states were able to adapt to existing economic conditions in their region and disperse the funds accordingly. Please note that SAM registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. Any changes to the application deadline will be posted on the website. 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. / Am I required to report? 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 following economic development organizations are eligible to apply for the Revolving Loan Fund component: The following economic development organizations are eligible to apply for the Direct Venture Investment component: Pennsylvania has allocated $125,838,132 of funding to the Revolving Loan Fund component and $125,000,000 of funding to the Direct Venture Investment component. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments . Quarterly Reports Each participating jurisdiction must submit to Treasury a quarterly report for the first full calendar quarter following the execution of its Allocation Agreement with Treasury and each quarter thereafter. Apply for SSBCI through Social Impact Funds Apply for SSBCI through Seed Funds Apply for SSBCI through Venture Funds TEDCO's Venture Capital Limited Partner (VCLP) Program - Interest Form: Emerging fund managers interested in applying to the program, should complete the interest form by 5:00pm ET on Monday, January 9, 2023. 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. If the email is still not found, Users can trigger the email to be resent from within the Treasury Portal. 3.8. CDFA's SSBCI Resource Center is the central source for announcements, events, and information related to the SSBCI program. For the latest, follow us on Google News. 6.5. SSBCI will allocate at least $500 million to Tribal governments. Please check your junk email, confirm your email address with the sender and select to trust all emails from DocuSign. https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. Before the end of the year, MBDA plans to . 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. 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). 3.3. To create a Treasury Portal user account, please navigate to Portal.Treasury.gov/cares. Small Business Owners Struggling with Inflation, How to Support Small Business on Small Business Saturday, 10 New Years Resolutions to Consider for Your Small Business in 2021, Which Small Businesses Will Thrive in 2021, $6.5 billion for State allocation $6 billion based on unemployment and half a billion dollars based on percentage of companies with less than ten employees, $1.5 billion for businesses owned and controlled by socially and economically disadvantaged individuals, $1 billion for incentives to States/Tribal governments that demonstrate robust support for businesses owned and controlled by socially and economically disadvantaged individuals, Half a billion dollars for technical assistance programs, Half a billion dollars for Tribal governments, Purchase or construction renovations of non-passive real estate. /. An online application portal is forthcoming. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments for small business credit support and investment . All said the SSBCI was responsible for helping more than 16,900 small businesses. From there, you can make any appropriate edits then click Save. SSBCI 1.0was passed in 2010 and ran from 2011 to 2017. In fact, we've established a special Office of Small Business Affairs to connect business owners with resources that can help spark growth or ease relocation. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. 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. The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. This program will provide a combined $10 billion for small business credit support and investment programs to: The funds will be sent to California over a period of eight years, in three separate installments (tranches). State Small Business Credit Initiative (SSBCI) The RFP for the SSBCI Venture Capital Programs has been put on hold temporarily while we review potential changes to the RFP. 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). STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. Is there a Webinar or Zoom call that I can attend? Our mission is to bring you "Small business success delivered daily.". During this time, approximately 69 percent of the funding supported . How do I apply for funds through the State Small Business Credit Initiative? 2.3. The initial SSBCI program (SSBCI 1.0) was funded with $1.5 billion to strengthen state programs that support financing of small businesses. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. Your UEI number is located below the DUNS number on your Entity Registration Record. SAM validates information and electronically shares the secure and encrypted data with the federal agencies' Finance Offices to facilitate paperless payments through Electronic Funds Transfer (EFT). Use the Auto Navigation feature (yellow tab) to help you navigate. How do I receive payment (Wire, ACH)? These low-interest direct loans help small businesses take steps toward expanding and creating jobs. Please contact our officeto obtain an application package. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds. As a part of the federal American Rescue Plan Act (ARPA), the federal government passed the State Small Business Credit Initiative (SSBCI) bill to fund small business credit support and investment programs. Connecticut extends a big welcome to small businesses across a wide array of sectors. All Entities can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: 4.4. debt program, and AssistTN, the technical assistance components. 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. 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. Of the total amount funded, Georgia was allocated $48,024,748. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. As a reminder, you must log in using the single sign on that you created using ID.me. 8.1. 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) 4.7. Empire State Development's Small Business Division supports the development and expansion of businesses with under 100 employees - directing an array of programs and initiatives supporting small business growth and helping entrepreneurs maximize opportunities for success. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. The new funding will be used to launch an updated version of the state's highly successful Small Business Credit Initiative (SSBCI) program . Why do I need to sign up at SAM.gov? Preliminary allocations were determined in advance by Treasury. Please refer to help.id.me for more details on the verification process. PROGRAM OVERVIEW INTRO PAGE On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). Please check your browser. 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.