. Small Business Credit Initiative Frequently Asked Questions, https://home.treasury.gov/policy-issues/small-businessprograms/state-small-business-credit-initiative-ssbci/2021-ssbci/program-materials/application-materials, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). 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. Once there, you can click on Create an ID.me account and follow the instructions. How long will it take me to register with SAM.gov? Please note that SAM registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. 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. Eligibility requirements: The applicant must employ 15 or fewer employees, including the owner; The company must be 100 percent Missouri owned and 100 percent Missouri located; 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. Trafficking The initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. 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. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. 2.9. Now open! Please refer to help.id.me for more details on the verification process. These low-interest direct loans help small businesses take steps toward expanding and creating jobs. For more information, please visit theU.S. Department of the Treasuryswebsite. Lenders looking to participate in the SSBCI program will undergo a vetting process. Initial payments will occur sometime after the application is fully reviewed and approved and an allocation agreement is signed. System inputs must be in the proper format. Email: ecd.SSBCI2.0@tn.gov, Go to Economic & Community Development (ECD), is administering a second installment of the. Our mission is to bring you "Small business success delivered daily.". debt program, and AssistTN, the technical assistance components. Select the Settings link. 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 . 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. 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). 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). Entities are able to manage organizational information, such as legal business name and physical address associated with a UEI number, directly from SAM.gov. Connecticut extends a big welcome to small businesses across a wide array of sectors. 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.. And find a statewide network of centers staffed by people who can walk you through how to apply. 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. Financial Institutions are being enrolled in the CPCFA and IBank programs. If the Finish button is not appearing, it is due to one or more incomplete required fields. From there, click the Start an Application button located on the top, right-hand corner of the page and follow the instructions. 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. Economic development organizations must submit the online Electronic Single Application (ESA) for assistance. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. A list of approved economic development organizations will be posted once funding has been allocated to each organization. In turn, states were able to adapt to existing economic conditions in their region and disperse the funds accordingly. Texas Economic Development P.O. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. / Am I required to report? 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. 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. Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. For more information, please visit the U.S. Department of the Treasury's website. 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. The best browsers to use are Microsoft Edge, Google Chrome or an updated version of Safari. 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. For the latest, follow us on Google News. This new portal is referred to as SSBCI Financial support for small business across states. Tribal Governments must initiate and submit their completed SSBCI capital program application by October 31, 2022, at 11:59 p.m. It can be used for planning purposes. Individuals, Small Businesses, or Wrong Program, 6. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. 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. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. New SAM.gov registrants will be assigned a UEI number as part of their SAM registration. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. What is the turnaround time for reviewing an application? 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. / How do I reset my password? *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. If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. Any changes to the application deadline will be posted on the website. 3.9. Currently, Georgias SSBCI offers two programs. 3.11. For the Capital program, preliminary program allocations for states, territories, and the District of Columbia can be on the programs website at Treasury.gov/SSBCI by scrolling down to the Program Rules and Materials section then clicking on the Allocations for States Territories Washington DC and Tribal Governments link. 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 do I check the status of my application? Eligibility and Preliminary Allocations, 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 result was 190,000 jobs that were created or retained because of the support. 7.1. The first time you click a SIGN or INITIAL field, you are asked to adopt a signature and initials. It provides secure digital identity verification to those Government Agencies and Healthcare Providers to make sure that you are you and not someone pretending to be you when you request access to online services. 2.2. Atlanta, GA 30329 If you are a Participating Jurisdiction and do not know who your outreach manager is, please contact ssbci_information@treasury.gov. 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 . Treasury will review complete applications as quickly as possible, in the order in which they are received. PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines - PA Department of Community & Economic Development Pennsylvania Department of Community and Economic Development MENU DCED Library PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines PA State Small Business Credit Initiative (PA-SSBCI) Program Guidelines You will need to verify your identity with ID.me. 2023, State of Texas, Office of the Governor, Texas Economic Development, Governor's University Research Initiative (GURI), Product Development and Small Business Incubator Fund, Economic Development & Diversification In-State Tuition for Employees, Governors Small Business Resource Portal, Veteran, Minority & Women Owned Business Resources. 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"). That will bring up the Account Update screen. Required supplemental information outlined in Appendix I of the program guidelines must be attached electronically to the application as directed on the Addenda tab. Contact Information LOUISIANA VETERANS FIRST BUSINESS INITIATIVE. Look for the Register Your Entity or Get a Unique Entity ID section on the page then click Learn Mo. The Treasury Portal does not work well on Internet Explorer. This is to deliver capital to small businesses that urgently need it in the U.S. 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). Tribal Governments must submit their completed SSBCI TA Grant Program application by December 9, 2022 at 11:59 pm ET. 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 is the last day I can apply for the Capital Program? If you are an eligible jurisdiction and did not receive an email, please contact Treasury at: ssbci_information@treasury.gov. 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. 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. 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. 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. 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. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. How do I receive payment (Wire, ACH)? Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance. 2.5. 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. ID.mes support website can be found at help.id.me. The second-round application period for this grant is open until May 25. The $1.4 billion of the first SSBCI was able to leverage more than $8 billion in private small business loans and investments. Any changes to the application deadline will be posted on the website. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. 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. Additional guidance, forms, and other resources with information about the SSBCI program will be posted as details are available. / What is the status of my application? Territories | U.S. Department of the Treasury (2/23/2023), Treasury Department Announces Puerto Rico to Receive up to $109 Million to Promote Small Business Growth and Entrepreneurship through President Bidens American Rescue (2/9/2023), TA Grant Program Application Deadline Extended for Tribal Governments (12/6/2022), Treasury Announces Seven Additional States to Receive up to $1.5 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (12/6/2022), Tribal Government Capital Program Application Submissions (11/29/2022). Currently, non-Tribal applications must have been initiated by December 11, 2021 and completed by February 11, 2022 at 11:59pm ET (Eastern Time). What steps do I need to complete in SAM.gov? Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue. What information do I need to provide in order to receive the funding? Of the total amount funded, Georgia was allocated $48,024,748. 4.3. What are the eligible uses for these funds? What does the Change to UEI Number mean for Recipients? How do I know if a specific use is eligible? Small businesses can begin by using technical support to learn about financing options and how to prepare to apply for capital, CalOSBA can refer you to small business technical, Small businesses can also access technical support from, When ready to apply for capital, small businesses can apply to participating financial institutions for, After applying, the participating financial institutions underwriting process will determine if the proposed loan should be enrolled in the CalCAP for Small Business or CalCAP Collateral Support program, and may also approve a proposed loan without enrolling the loan in CalCAP, Small businesses can also choose to apply for, There is no charge to enroll and all fees are paid on a per-loan basis, Financial institutions begin enrollment with this, Financial institutions can also choose to. 60 Executive Park South, NE State Small Business Credit Initiative (SSBCI 2.0), Application submitted Februarury 11, 2022, awating final approval. Preliminary allocations were determined in advance by Treasury. SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. Please note that Treasury has assigned individual Outreach Managers to each State, Territory, and Tribal Government to serve as an individualized point of contact for 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. 1. List of SSBCI Capital Programs and Contacts. 2023. 4.1. to get your personalized list of resources, build your own business model canvas, or locate resources near you. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds. To create a Treasury Portal user account, please navigate to Portal.Treasury.gov/cares. 3.3. 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). Applications will be accepted between July 18, 2022 through August 19, 2022. ID.me is a technology partner to multiple Government Agencies and Healthcare Providers. 2.4. Note: The State of Texas is currently awaiting SSBCI application approval from the U.S. Department of the Treasury. While national mediaoutlets have noted that the US Dept. If you have all the required documents, the process should take only a few minutes. 6.5. $100 million of that amount has been transferred to MBDA to assist with this effort. New York State Small Business Revolving Loan Fund Round 2. 4.2. 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. Please reference the website at Treasury.gov/SSBCI for more information. What is the Unique Entity Identifier (UEI) number? Applications will be accepted between July 18, 2022 through August 19, 2022. 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. What Entities are eligible for the Technical Assistance Grant Program? - The United States Treasury today announced it has approved up to $112.9 million for Nevada's State Small Business Credit Initiative (SSBCI). Why do I need to use ID.me? The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. For further information on the transition to UEI Number, access SAM.gov. After performance targets are . Housing Choice Voucher Program (formerly known as Section 8), Georgia Balance of State Continuum of Care (BoS CoC), GHFA Permanent Supporting Housing (formerly known as Shelter Plus Care) (PSH), Homeless Management Information System (HMIS), Housing Opportunities for Persons with AIDS (HOPWA), HUD 811 Project Rental Assistance Program (HUD 811), Reentry Partnership Housing Program (RPH), State Housing Trust Fund for the Homeless (HTF), Community Development Block Grant Disaster Recovery Program (CDBG-DR), Community Development Block Grant Coronavirus (CDBG-CV), Community Development Block Grants (CDBG), Downtown Development Revolving Loan Fund (DDRLF), Regional Economic Business Assistance (REBA), State Small Business Credit Initiative (SSBCI), Regional Economic Assistance Program (REAP), Construction Codes and Housing Development, Georgia Initiative for Community Housing (GICH), HOME Investment Partnership Program (HOME), Governing Statutes, Regulations, and Guidance, Government Management Indicators (GOMI) Survey, Report of Local Government Finance (RLGF), Georgia Commission for Service and Volunteerism, Georgia SBCG (Small Business Credit Guaranty), History - State Small Business Credit Initiative, Georgia Department of Economic Development, University of Georgia Small Business Development Center, CDFIs Engaged in Small Business Lending in Georgia, How do I make a GORA "open records" request, Popular Please verify that you are supplying the information in the correct format. Copyright 2003 - 2023, Small Business Trends LLC. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. It will fund state, territory, and Tribal government small business credit support and investment programs. Nevada has become the first state in the U.S. to launch a novel microloan program under the federal State Small Business Credit Initiative (SSBCI). 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. Small business financing programs, which includes Capital Access programs, Loan Participations, Loan Guarantees, Collateral Support, and Venture Equity programs. Ohio was approved by the U.S. Department of Treasury to receive funding through the federal State Small Business Credit Initiative (SSBCI) to support small businesses across the state. 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. If you did not receive the email, it could be because it was blocked by your Email Server, Firewall, Email Provider or Email Client. 2023 California State Treasurer's Office, Certification to Participate in the State Small Business Credit Initiative (SSBCI) Program, CalCAP Collateral Support Program Webpage, CalCAP for Small Business Program Webpage, CalCAP Participating Financial Institution Application, $1.18 B in SSBCI 2.0 Funds Awarded to California, accepting applications for SSBCI 2.0 Technical Assistance, CalCAP for Small Business Brochure (Including How It Works and Which Loans Qualify), CalCAP Collateral Support Brochure (Including How It Works and Which Loans Qualify), California Office of the Small Business Advocate (CalOSBA), referrals to help in more than 20 languages, Americas Small Business Development Centers, Within the second tranche: loan participation program.