State Small Business Credit Initiative Information
Across this resource page, SSTI details each state’s programs and allocations and makes available a detailed downloadable data set of available data based on Treasury’s State Capital and Technical Assistance (TA) program summaries lists. After exploring the capital and technical assistance programs, Tribal government capital programs are examined, followed by information from the SSBCI annual report summaries (full report text is pending) alongside other SSBCI-related information. Note that data on the capital and technical assistance programs may differ from that of the other reports and summaries due to lag times with publications and what data is made public; data may be ahead of or behind one another.
SSBCI is largely a capital-providing program, with 95% of appropriations dedicated to funding companies and restrictions on technical assistance limiting small business support to financial, accounting, and legal services. However, growing tech companies often need a great deal of business and technical development assistance to be successful. For this reason, many states and regions look to pair SSBCI funds with broader technical assistance funded from other sources. One example of federal funding that can pair well with an SSBCI-backed investment fund is the U.S. Economic Development Administration's Build to Scale program. Build to Scale funds can be used to support a fund's operations or to provide direct services to current and potential portfolio companies. Multiple EDA Tech Hubs plan connections between that program and SSBCI, using tech-targeted funds to scale companies emerging from the Hubs' tech or entrepreneurship programs.
Capital program allocations by state and program
Technical Assistance program allocations by state
Tribal government capital program breakdown
Tribal government TA Grant Program breakdown
Treasury information on SSBCI resources
How SSBCI 2.0 program allocations are determined
Capital Program allocations by state and program
With data as of July 2024 having been released, the national picture of how 47 states, Washington, D.C., Guam, Puerto Rico, and the U.S. Virgin Islands chose to allocate the over $8 billion approved so far by the U.S. Treasury to spend through the nation’s second go at the State Small Business Credit Initiative (SSBCI) is getting clearer. Equity and venture capital programs—often important financing tools for high growth and innovation-oriented companies—have garnered approximately $2.98 billion across 82 equity/venture capital programs, based on a Treasury-generated list of all programs and allocations and SSTI analysis of press releases. The remainder of the total approved is distributed across 113 credit support programs.
Authorized and expanded under the American Rescue Plan Act of 2021, SSBCI 2.0 is intended to generate $10 in additional private investment for each federal dollar allocated to the states through a formula basis. Every state with a Treasury-approved plan received a minimum of $57 million; nearly half of the states received more than $100 million. California received 15% of the total, while the states with the next highest total allocations, New York, Florida, and Texas, each received approximately 6%.
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State breakdown
Every state except Connecticut, Missouri, North Dakota, and Wyoming has at least one credit support program, while four states (Idaho, Montana, South Dakota, and Texas), Washington, D.C., Puerto Rico, and the U.S. Virgin Islands have no equity/venture capital programs. See Figure 1 for more detail.
Figure 1: Capital program types by state.
California holds nearly $1 billion, or approximately 19%, of all capital placed in credit support programs. As the nation’s perennial leader in private venture capital investment, California allocated a relatively smaller amount to its equity/venture capital programs at $200 million, or 7% of the national total.
Conversely, states capturing less private capital than might be expected given their economies and population sizes, such as Ohio and Virginia, allocate a much larger proportion of their total allocation to equity/venture capital programs than credit support.
See Figure 2 below for more details on each state’s allocations. Clicking on a state or its column will provide a breakdown of each state’s programs and allocations. The type of venture capital program (funds or direct) is also shown.
Figure 2: SSBCI 2.0 capital program allocations by geography and program.
The downloadable data file prepared by SSTI can be referenced for more information on each state’s programs, program administrators, and allocations.
SSTI compiled three tabs of data using Treasury data. The first tab, “SSBCI Table,” contains a breakdown of program names, types (broad and specific), program administrators, and allocations for each state. The second tab, “Program Type Allocations,” provides an overview of the totals and subtotals for each program type without a state breakdown, while the third tab, “State Allocations,” tabulates the totals and subtotals by broad and specific program types for each state.
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Technical Assistance Program allocations by state
Technical Assistance Grant Program
In addition to the capital program, SSBCI’s technical assistance grant program provides funding to approved jurisdictions to assist very small businesses (VSBs) and socially and economically disadvantaged individuals-owned businesses (SEDI) in applying for SSBCI or other government small business capital program funding.
Using Treasury’s most recent SSBCI Technical Assistance Application Approvals document, released in July 2024, information on 42 states and five territories’ (American Samoa, Washington, D.C., U.S. Virgin Islands, Guam, and Puerto Rico) allocations and descriptions are available. Data for the first Tribal government with approved technical assistance plans, LeveLock Village, is also available.
The 48 announced jurisdictions account for approximately $145 million in approved TA grant dollars, or 73% of the total allocation for the TA grant program. Note that the TA program’s share of the overall SSBCI total allocation is $200 million, of which 92.63% is available for distribution to states, and the remaining 7.37% ($14.73 million) is available for distribution to Tribal governments.
With allocations having been determined by a formula (refer to final section), larger states like California ($25,300,000), New York ($10,900,000), Illinois ($6,800,000), and Georgia ($6,212,315) have received the largest amount of TA dollars, while smaller states and territories like American Samoa ($470,304), U.S. Virgin Islands ($521,109), Vermont ($526,819), and North Dakota ($572,143) received the least.
The second downloadable data file prepared by SSTI can be referenced for TA grant allocations by state.
Refer to Figure 3 below for a map of TA application across each state.
Figure 3: SSBCI 2.0 TA program allocations by geography.
Small Business Opportunity Program (SBOP)
While 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 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.
The SBOP program has 14 approved programs, located within 12 states and two Tribal governments. Awards range from $10 million each in California and Maryland to $1.6 million each in Hawaii and Rhode Island.
While all SBOP awards engage at least 34 partners for program deployment, based on the available program descriptions, these activities are typically limited within the awarded jurisdiction. Maryland’s program, however, is listed as serving businesses within its borders as well as in Delaware, Virginia, and Washington, D.C.
Refer to Figure 1 below for a map of the 14 awards, their descriptions, and matching funds, if applicable.
Figure 4: Map of SSBCI TA SBOP awards with descriptions and matching funds.
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Tribal government Capital Program breakdown
As of August 2024, 68 Tribal government applications representing more than 200 Tribes have been approved, totaling over $510 million across 99 individual programs. SSTI has tabulated and classified these programs, identifying 76 credit support and 23 equity/venture capital programs.
Figure 5, located below, shows all of the currently approved applications. Clicking on the name of any approved Tribe(s) will show a breakdown of the credit support and equity/venture capital programs, and further clicking will show the specific program type(s) approved. For example, clicking “Navajo Nation, Arizona, New Mexico, & Utah,” then “Credit Support Programs,” reveals one loan guarantee and one loan participation program.
Figure 5: Tribal government capital program types.
While program-level allocation data is not yet available, high-level allocation data is. Figure 6 below shows all currently approved applications, sized by allocation. Hovering over any circle will show the approved jurisdiction’s full name and approved dollar amount.
It is important to remember that the approved applications represent hundreds of Tribes, meaning that many applications represent multiple Tribal governments– for example, the Alaska SSBCI Tribal Consortium represents 125 Alaska Tribes. Thus, comparing the total allocations for each application may be misleading and should be considered with caution.
Figure 6: SSBCI 2.0 Tribal government capital program allocations.
For a complete list of approved Tribal government applications, refer to Treasury’s most recent SSBCI Tribal Government Approvals document and press release.
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Tribal government TA Grant Program breakdown
A total of 15 tribal government TA Grant awards totaling over $4 million have been announced as of October 2024. These awards varied greeatly in size, ranging from just over $4 million have been announced as of October 2024.,. These awards varied greatly in size, ranging from just over $60,000 to $1 million, and were allocated by formula.
Levelock Village, approved for up to $65,327, was announced in July 2024, while the other 14 were announced in October 2024.
Figure 7 shows all 15 currently approved TA Grant awardees. Scrolling over any awardee will reveal the full awardee name, award amount, and description of the approved program.
Figure 7: Approved Tribal government TA Grant programs.
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Treasury information on SSBCI resources
Summary of Annual Reports
The SSBCI Summary of Participating Jurisdictions 2022 and 2023 Annual Reports, released in July 2024 ahead of the full 2023 annual report, presents a variety of high-level metrics generated by the SSBCI program since its 2021 reauthorization. Treasury has approved applications for $8.7 billion in SSBCI funding for capital programs, including nearly $415 million for 221 Tribal governments.
The summary includes data for over 3,900 transactions supporting over 3,600 small businesses and, while preliminary and still subject to change, provides a relatively large sample to measure the initial impacts of the program. Nearly 600 businesses have received SSBCI equity/venture capital investments. Ninety percent of these businesses were early stage, seed, or pre-seed stage.
To date, jurisdictions have expended over $750 million in SSBCI funding, resulting in over $3.2 billion in overall new financing, including $2.8 billion in private financing.
The professional, scientific, and technical services sector has the largest cumulative transaction amounts as of the summary’s publication, with just over half a billion dollars spread over 438 transactions. Within this sector, computer systems design and related services had the most transactions (119), while scientific research and development services had the highest total transaction amount ($266 million).
Manufacturing sector industries have the next largest cumulative transaction amounts at nearly $415 million spread across 372 transactions, followed by the accommodation and food services sector ($297 million over 430 transactions), retail trade sector ($116 million over 273 transactions), and transportation and warehousing sector ($54 million over 519 transactions).
SSBCI spotlights on diverse investors and investees
By the end of 2023, over $1 billion in SSBCI funds had been either deployed to support loans or investments or obligated to venture capital funds to support small businesses, reveals the July 2024 SSBCI Spotlight.
While data is preliminary, it is estimated that as of July 2024, 54 venture capital funds had received SSBCI capital commitments, 36 of which are owned/managed by or include a focus on supporting diverse or underserved populations.
See Treasury’s full document for spotlights on venture capital programs from Pennsylvania, North Carolina, and California for investee spotlights on diverse founders from NasaClip, Kinetic Technologies, Cap Creations, and Tuyan LLC.
U.S. Treasury Lender Map
Treasury has released an interactive map showing the lenders, investors, and technical service providers with Treasury funding or Community Development Financial Institutions Fund (CDFI Fund) certifications by state.
Data can be filtered by provider name, federal program, and/or provider type. The federal programs included are CDFI Fund, Emergency Capital Investment Program (ECIP), Minority Business Development Agency (MBDA) Capital Readiness Program, SSBCI Capital Program, and SSBCI Technical Assistance.
The data included in the map is shown as reported to Treasury by applicants or program participants—the accuracy of these data have not been independently confirmed by Treasury.
The Lender Map can be accessed here.
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How SSBCI 2.0 program allocations are determined
Capital program allocations to states, Washington, D.C., and territories are determined on a formula basis, with each guaranteed a minimum allocation of 0.9%. The formula considers a jurisdiction’s job losses in proportion to the aggregate job losses of all jurisdictions.
Tribal governments have a separate allocation based on Tribal enrollment for capital programs. Tribal governments are given a preliminary minimum allocation of approximately 0.09% of the total $500 million Tribal allocation.
A total of $200 million is available for the technical assistance grant program: $185.27 million for states, D.C., and territories, and $14.73 million for Tribal governments.
The specific allocations for each state, D.C., and territory are determined by formula calculated by taking the sum of the eligible recipient’s SEDI-owned and VSBs and dividing that number by the sum of the SEDI and VSB capital allocations to all states, D.C., and Territories, then multiplying that fraction by $187.27 million.
Read more about the allocation formula and other technical details in Treasury’s Capital Program Policy Guidelines document.
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This page 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.