ssbci

Treasury releases guidance for SSBCI TA funds

Earlier today, the U.S. Department of the Treasury released information on the $500 million pool of technical assistance (TA) funds authorized as part of the State Small Business Credit Initiative (SSBCI). The agency is allocating $200 million to the states, transferring $100 million to the U.S. Minority Business Development Agency (MBDA), and retaining $200 million at this time. According to guidance released by Treasury, states can use their TA funds for legal, accounting and financial services.

Senate proposes $2.3 billion cut to SSBCI

Earlier this week, legislation was introduced in the Senate that would rescind $2.3 billion from the State Small Business Credit Initiative. The purpose of the action would be to source funds for an additional $10 billion for new COVID expenses; the Senate proposal opts to reduce selected unspent funds from American Rescue Plan Act and CARES Act programs. The cut to SSBCI is targeted at states’ potential third tranches of program funds, as well as 40 percent of the overall SSBCI technical assistance funding.

Treasury updates SSBCI guidance

As the U.S. Department of the Treasury continues to review states’ applications for funding from the State Small Business Credit Initiative (SSBCI), the agency has published new guidance in the form of FAQs, an interim final rule, and an updated timeline for technical assistance awards.

Making the most of SSBCI

The U.S. Department of the Treasury will be meeting with SSTI members on Nov. 22 to discuss the State Small Business Credit Initiative (SSBCI). States, venture development organizations and numerous other tech-based economic development entities around the country are looking for information on how to best use the program to effectively support small business capital access in their regions.