Useful Stats: SSBCI allocations by category and state

This edition of SSTI’s Useful Stats examines the expected allocation of approximately $8.5 billion in State Small Business Credit Initiative (SSBCI) funding by state and allocation category based on the Department of the Treasury’s recent guidance update. For the first time, these allocation amounts include how much a state is receiving for the program’s new funds to support businesses owned and controlled by socially and economically disadvantaged individuals (SEDI).

The interactive map below shows how much funding states are likely to receive — as indicated by the degree of blue shading. California stands to receive the greatest amount of funding ($1.182 billion), followed by New York ($502 million), Florida ($489 million), Texas ($472 million), and Illinois ($355 million). All combined, Tribal governments, which are newly-eligible to the program, are also estimated to receive more than $709 million in total SSBCI funding.

Use the interactive map below to explore the state-level breakdown of total estimated funding across four allocation categories: 1) Main Capital (employment-based); 2) SEDI Allocation; 3) SEDI Incentive; and 4) Very Small Business. Hover over a state to quickly show allocation category breakdown details. Click on a state in the map to see the category breakdown details in the bar chart beneath the map — or hold ‘Ctrl’ and click on multiple states to compare. Click on white space in the map to reset state selections.

The main capital (employment-based) category accounts for the greatest share of estimated funding in every state and territory. This funding is based on a state’s share of unemployment and job losses from the past few years. The very small business portion is allocated on a similar formula, but must focus on companies with fewer than ten employees.

The SEDI portion is divided into two amounts. The allocation for the states is, essentially, based on the share of a state’s population residing in low-income areas. The incentive piece is the minimum that a state may be able to access if it achieves SEDI investment goals (to be determined later). States that fall short of these goals may receive less than this incentive amount, while states that perform better may compete for an additional $200 million in incentives.

Click here to access the data used in this analysis.