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Where SSBCI equity programs stand at start of 2023

January 05, 2023
By: Emily Schabes

Thirty-three states have been approved for at least one equity program through the State Small Business Credit Initiative (SSBCI) as of December 2022. The states are: Alaska, Arizona, California, Colorado, Connecticut, Florida, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nebraska, Nevada, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Vermont, Virginia, West Virginia.

SSBCI can fund a wide variety of programs that support small business capital access, including direct loans, loan guarantees or equity funds. In many cases, states looking to support new, technology-focused companies have proposed programs that facilitate equity investment. Broadly speaking, Treasury defines equity programs in two buckets: “Equity Capital Program (Funds)” as programs designed to make investments into one or more funds, which match the SSBCI funds with private capital and then invest in businesses, and “Equity Capital Programs (Direct)” as those in which the state or its administrator/contractor invests in a business (alongside private funds) without first investing in a fund. Treasury has also allowed hybrid programs that combine elements of debt and equity, including venture debt or royalty finance.

The below map shows states that have had their SSBCI programs approved, shaded by the number of equity (or hybrid debt-equity) programs approved (states that have not yet had their SSBCI programs approved are in grey). The map also includes the name of each equity program and the total number of SSBCI programs that have been approved in each state.