Through SSBCI, Treasury will provide funds to states, the District of Columbia, territories, and . 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. MBDA's Program: Small Business Credit Initiative What are the eligible uses for these funds? Seafood Processors Grants | Washington State Department of Agriculture SmallBizLoansProgSummary102517.pdf. 2.8. Where can I get more information on the Transition to UEI Number? In addition, the program will assist small businesses that are traditionally marginalized and those that have been impacted by the COVID-19 pandemic. 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. It allowed states to design and implement programs to accommodate various business needs. Why do I need to use ID.me? 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. For further information on the transition to UEI Number, access SAM.gov. In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. Incentive Programs | Texas Economic Development - Greg Abbott Businesses will apply for funding through their local economic development organization. Im trying to do something in the Treasury Portal and its not working. SSBCI 1.0was passed in 2010 and ran from 2011 to 2017. 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. State Small Business Credit Initiative (SSBCI 2.0) - Tennessee Email: [email protected], Go to Economic & Community Development (ECD), is administering a second installment of the. 2021 State Small Business Credit Initiative Application Portal Open The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities. Congress appropriated $1.5 billion to the Initiative. MONTGOMERY - Governor Kay Ivey on Tuesday announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program.Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental . Please refer to the Federal Service Desk for assistance with your SAM.gov account. How do I report them? When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. The Treasury Portal does not work well on Internet Explorer. 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. Can you send me the form to fill out? Information about the UEI transition can be found by accessing GSA.gov and searching on Unique Entity Identifier Update. This new portal is referred to as SSBCI Required supplemental information outlined in Appendix I of the program guidelines must be attached electronically to the application as directed on the Addenda tab. https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. It seems the federal government offers loan guarantees and funds to states, who in turn offer loans processed by banks and credit unions. State Small Business Credit Initiative | Development 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. The SSBCI program allocates nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and . If you are registered in SAM.gov, your UEI number has already been assigned and is viewable in your SAM.gov account. Box 12428 Austin, Texas 78711 (512) 936-0100 Please refer to SAM.gov for further information. In Step 1, as part of the Discover Phase, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey. 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. 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. 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). 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. Lenders looking to participate in the SSBCI program will undergo a vetting process. Pennsylvania State Small Business Credit Initiative (PA-SSBCI) Phone: (615) 741-1888 Initial payments will occur sometime after the application is fully reviewed and approved and an allocation agreement is signed. PDF State Small Business Credit Initiative: Implementation and Funding Issues How do I know if a specific use is eligible? Per the agreement, the oversight with the U.S. Treasury expired on March 31, 2017. 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. 4.6. Note:These funds are not available in Tennessee, yet. How do I apply for funds through the State Small Business Credit Initiative? We're here to help New York State's small businesses reimagine, rebuild and renew. Helping to build strong, vibrant communities. Officials, Human Copyright 2003 - 2023, Small Business Trends LLC. Any changes to the application deadline will be posted on the website. 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. Governor's Small Business Resource Portal - Greg Abbott State Small Business Credit Initiative - California State Treasurer What information do I need to provide in order to receive the funding? Registration with SAM.gov is required for any Entity that wants to do business with the federal government. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. / Am I required to report? Tribal governments may request allocation information by emailing [email protected] or by accessing the application portal. Please reference the website at Treasury.gov/SSBCI for more information. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). Incentives & Credits - Division of Small Business - State of Delaware If not, you can change them as needed. provided $10 billion to fund the State Small Business Credit Initiative SSBCI. December 6, 2021 Delaney SextonContributing Editor Main Street Monday - State Small Business Credit Initiative's 2021 Application Portal is Launched The U.S. Department of Treasury opened the SSBCI portal that is going to provide $10 billion to create specialized small business programs and increase access to capital. 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. State Small Business Credit Initiative (SSBCI) Application