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Treasury announces five more states’ plans approved for SSBCI

August 25, 2022
By: Emily Schabes

Five additional state plans for the State Small Business Credit Initiative (SSBCI) have received approval from the U.S. Department of Treasury, bringing the current total of announced states to 19. Over the past month, Treasury announcedthat plans in Colorado, Montana, New York, North Carolina and Oregon were approved. Some details on the plans are outlined below.

Colorado has been approved for $104.7 million, which will fund three state programs. The Colorado Venture Capital Authority has been allocated almost $60 million to invest in two venture capital funds per year for three years in order to assist small businesses in need of investment capital. Separately, $35 million will fund Cash Collateral Support, a collateral support program that will assist small businesses and non-profit organizations in securing credit. Finally, $10 million will fund CLIMBER Loan Fund, which will provide working capital loans to help small businesses recover from the pandemic. 

Montana has been approved for $61.3 million to fund the MT SSBCI 2.0 Loan Participation Program, which aims to increase the number of eligible CDFI and non-profit local economic development agencies to participate in the program and target underserved markets. The program is intended to give greater business opportunities to rural and Native American communities in the state. 

New York has been approved for up to $501.5 million to operate nine programs, four of which focus on investment capital. The New York State Innovation Venture Capital Fund will receive $35 million to expand the state’s existing fund. The Emerging and Regional Partner Program Fund will receive $102 million for a new effort to support “diverse, emerging and regional” fund managers. The Community and Regional Partner Program Fund is a new, $52 million effort to support accelerators. The state is directing $30 million for a Pre-seed and Seed Matching Fund Program that will support angel and pre-seed investors. The state is also allocating funds to a new Capital Loan Fund ($106 million) and Contractor Financing Revolving Loan Fund ($22 million) and expanding its Small Business Revolving Loan Fund ($56 million), New York Forward Loan Fund ($47 million), Capital Access Program ($29 million), and Bonding Guarantee Program ($22 million). 

North Carolina has been approved for $201.9 million to fund three different programs, all of which will be run through the NC Rural Center. The state’s NC Venture Capital Program is a new initiative that will invest in funds and is expected to receive $31.9 million. The NC Loan Participation Program has been allocated $160 million, with the remaining $10 million going to the NC Capital Access Program, which reduces barriers to capital for businesses across the state. 

Oregon has been approved for $83.5 million to operate five programs. The state has allocated $30 million to two venture capital programs: Business Oregon Venture Direct Program, which will seek a co-investment partner via a forthcoming RFP, and Business Oregon Venture Fund Program. The state is also allocating $12 million to a venture debt initiative that will both expand its existing Oregon Royalty Loan Program, which receives repayment through a percentage of revenues, and create a new Oregon Angel Loan Program, which will charge funds interest-only payments until the term, or a liquidation event triggers a balloon payment and exit fee. The remaining $41.5 million will go to the Credit Enhancement Fund, a loan guarantee program, and the Business Oregon Relender Program, which will directly support loan funds throughout the state.


Colorado, Montana, New York, North Carolina, Oregonssbci