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Treasury announces 14 SSBCI Small Business Opportunity Program (SBOP) awards totaling $75M

October 17, 2024
By: Conor Gowder

As a part of the State Small Business Credit Initiative (SSBCI)’s Technical Assistance (TA) Program, the Treasury Department has announced 14 Small Business Opportunity Program (SBOP) awards to 12 states and two Tribal governments, each ranging from $1.6 to $10 million, totaling $75 million. SSBCI’s TA program is divided into two major programs: the TA Grant program and SBOP.

The TA Grant program is an allocation formula-based grant program for which all eligible jurisdictions having submitted complete and approvable applications are generally recommended for funding. SBOP, however, is a competitive grant program for which only certain applications are selected for approval based on evaluation criteria specified in the NOFO. This information and more can be found in the SBOP FAQs.

Note: The nationwide injection of nearly $10 billion from SSBCI has fundamentally transformed finance in most of the country outside the usual regional suspects for tech, innovation and entrepreneurship. Interested Digest readers are invited to join Treasury officials and SSBCI program participants gathering at SSTI’s annual conference Dec. 10-12 to discuss TA, program updates and greater integration with regional innovation efforts.

As of July 2024, Treasury has announced the approval of 48 programs for the SSBCI TA Grant program, including five territories and one Tribal government, totaling approximately $145 million.

SBOP, on the other hand, has had just 14 programs approved: 12 to states and two to Tribal governments. Awards range from $10 million each in California and Maryland to $1.6 million each in Hawaii and Rhode Island.

Refer to Figure 1 below for a map of the 14 awards, their descriptions, and matching funds, if applicable.

Figure 1: Map of SSBCI TA SBOP awards with descriptions and matching funds.

 

SSTI’s dedicated SSBCI Information Page can be found here.

 

This article was prepared by SSTI using Federal funds under award ED22HDQ3070129 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.

ssbci, ssti conference