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For more information, please see the Capital Program Policy Guidelines and FAQs on the program website at Treasury.gov/SSBCI. The One-Stop Business Portal is also in development, which will provide small businesses with one resource for starting and running . 2.5. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. If you're a business owner with employees in California, you most likely need to offer your employees paid sick leave.That's because there's the Healthy Workplaces, Healthy Families Act of 2014. The new funding will be used to launch an updated version of the state's highly successful Small Business Credit Initiative (SSBCI) program . To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. What are the eligible uses for these funds? Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. It allowed states to design and implement programs to accommodate various business needs. 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. 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). 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 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 U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. 3.10. 3.4. (VSBFA) is the eligible entity that will apply for SSBCI 2.0 funds. This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). The State of Georgia application to the U.S. Treasury was approved and the allocation agreement executed in December 2011. State Small Business Credit Initiative SSBCI Self-Service Resources SSBCI Self-Service Resources View complete set of self-service resources. Tribal governments may request allocation information by emailing ssbci_information@treasury.gov or by accessing the application portal. Please refer to SAM.gov for further information. 3.8. This is the second SSBCI initiative - Minnesota received $15 million through the Small Business Jobs Act of 2010. There is no set turnaround time for reviewing applications. 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. Preliminary allocations were determined in advance by Treasury. Trafficking When reporting begins, Entities will submit required reports to Treasury using an online portal that will be available at Treasury.gov/SSBCI. How do I receive payment (Wire, ACH)? Any questions regarding the SSBCI program should be submitted tossbci_information@treasury.gov. Required supplemental information outlined in Appendix I of the program guidelines must be attached electronically to the application as directed on the Addenda tab. How much money have I been preliminarily allocated to receive? SSBCI funds will be used to create two new programs . Lending is provided by participating lenders. 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. An ACH routing number is required. 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. The PA Department of Community & Economic Development (DCED) oversees the State Small Business Credit Initiative (SSBCI) in Pennsylvania. Home ->> CPCFA ->> State Small Business Credit Initiative, Please send program inquiries to ssbci@treasurer.ca.gov. Tallahassee, FL - Today, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Florida's State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. How do I report them? 7.1. How do I check the status of my application? 4.1. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. 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. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. Also please verify that you are using a supported browser. Where can I get more information on the Transition to UEI Number? $100 million of that amount has been transferred to MBDA to assist with this effort. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. Why do I need to use ID.me? State Small Business Credit Initiative: Implementation and Funding Issues Congressional Research Service 2 costs).6 As of December 31, 2016, all 57 participants had received their first tranche, 56 had received their second tranche, and 53 had received their third tranche.7 States were expected to leverage their SSBCI funds to generate new small business lending that is 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). The $1.4 billion of the first SSBCI was able to leverage more than $8 billion in private small business loans and investments. This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). 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. If you are an eligible jurisdiction and did not receive an email, please contact Treasury at: ssbci_information@treasury.gov. Entities receive payment to Fed ACH (Automated Clearing House) and Fedwire bank accounts. This document also contains the preliminary allocation methodology summary for Tribal governments. Tribal Governments must submit their completed SSBCI TA Grant Program application by December 9, 2022 at 11:59 pm ET. 2.10. Information regarding webinars will be emailed to the points of contact and Authorized Representatives provided in the Notices of Intent. 2.2. Apply now Overview: Under the Consolidated Appropriations Act of 2021, $50 million was provided to the United States Department of Agriculture (USDA), Agriculture Marketing Service (AMS) for the Seafood Processors Pandemic Response and Safety (SPRS) Block Grant Program. Currently, non-Tribal applications must have been initiated by December 11, 2021 and completed by February 11, 2022 at 11:59pm ET (Eastern Time). Please note that SAM registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. Helping NYS Businesses Build Back. 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. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. ET. Additional Information Businesses will apply for funding through their local economic development organization. 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 . . 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.. Can you send me the form to fill out? For more information, visit the program website at Treasury.gov/SSBCI. 2.8. Currently, Georgias SSBCI offers two programs. The Georgia Small Business Credit Guaranty (SBCG) Program provides a 50% credit guaranty to the lender on loans up to $400,000. U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance. Through SSBCI, Treasury will provide funds to states, the District of Columbia, territories, and . From there, click the Start an Application button located on the top, right-hand corner of the page and follow the instructions. Applications to become a subrecipient will be accepted until January 14 . 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. What does the Change to UEI Number mean for Recipients? Copyright 2003 - 2023, Small Business Trends LLC. We recommend you review their webpage for full instructions. As a reminder, you must log in using the single sign on that you created using ID.me. What was the allocation methodology for SSBCI? Per the agreement, the oversight with the U.S. Treasury expired on March 31, 2017. Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue. 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. If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. 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. After performance targets are . Sign up to receive the latest Pennsylvania news, direct to your inbox. This means small business owners that otherwise wouldnt get any loans could qualify under SSBCI. You will need to provide all of the information listed in the Treasury Portal at Portal.Treasury.gov/cares. Five new programs to be offered through the State Small Business Credit Initiative (SSBCI) OLYMPIA, WA - Washington state has been awarded $163.4 million from the U.S. Treasury Department to operate five capital access programs for small businesses. What is the last day I can apply for the Capital Program? 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. 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. #stimulusnews #stimulusupdate #funding$10 BILLION SSBCI STATE FUNDING FOR SMALL BUSINESS | SHE BOSS TALKOn March 11, 2021, President Biden signed The America. This field is for validation purposes and should be left unchanged. Eligible Entities include States, the District of Columbia, Territories, and Tribal Governments. SmallBizLoansProgSummary102517.pdf. Connecticut extends a big welcome to small businesses across a wide array of sectors. In addition, the program will assist small businesses that are traditionally marginalized and those that have been impacted by the COVID-19 pandemic. I have Subrecipients to report that have a DUNS, but no UEI. Small Business Loan Program. 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. The initial SSBCI program (SSBCI 1.0) was funded with $1.5 billion to strengthen state programs that support financing of small businesses. Once there, you can click on Create an ID.me account and follow the instructions. / Am I required to report? 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. All applications must be submitted electronically through the Treasury Portal at Portal.Treasury.gov/cares. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. For more information, please visit Treasury.gov/SSBCI. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. Questions added 9/16/22: 1.1, 2.1-2.11, 3.1-3.11, 4.1-4.9, 5.1-5.2, 6.1-6.6, 7.1-7.2, 8.1-8.3. The U.S. Department of the Treasury has launched the 2021 State Small Business Credit Initiative (SSBCI) portal. Please check your junk email, confirm your email address with the sender and select to trust all emails from DocuSign. 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. 4.3. It can be used for planning purposes. Why do I need to sign up at SAM.gov? Why isnt the system accepting [x] information? Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI). It will fund state, territory, and Tribal government small business credit support and investment programs. What is the Unique Entity Identifier (UEI) number? All existing Entities with an existing and active registration with SAM.gov will be assigned a UEI number that can be used for reporting activities. And find a statewide network of centers staffed by people who can walk you through how to apply. 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. Manage Settings All Recipients and Subrecipients can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: For more information, please access the SAM.gov website. Additionally, businesses in low- and moderate-income communities were also beneficiaries of the program. 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. 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 7.2. State Small Business Credit Initiative Created as part of the Small Business Jobs Act of 2010, SSBCI was designed by the federal government to help states strengthen existing loan and equity programs and/or create new programs that support financing small businesses. 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, Assistance for State, Local, and Tribal Governments, Assistance for American Families and Workers, Local Assistance and Tribal Consistency Fund. 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. In January, the Michigan Strategic Fund board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through an American Recovery Plan allocation. 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). ID.me is a technology partner to multiple Government Agencies and Healthcare Providers. For more information, please visit the U.S. Department of the Treasury's website. An example of data being processed may be a unique identifier stored in a cookie. 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. What is the turnaround time for reviewing an application? Some of our partners may process your data as a part of their legitimate business interest without asking for consent. 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) 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. Of the total amount funded, Georgia was allocated $48,024,748.