ssbci
Treasury announces five more states’ plans approved for SSBCI
Nine additional SSBCI state plans approved
The U.S. Department of the Treasury announced nine additional states whose SSBCI plans have been approved: Arizona, Connecticut, Indiana, Maine, New Hampshire, Pennsylvania, South Carolina, South Dakota, and Vermont. This is in addition to the five states approved earlier this year: Hawaii, Kansas, Maryland, Michigan and West Virginia.
First five states approved for SSBCI funds
The U.S. Department of the Treasury announced today that five states — Hawaii, Kansas, Maryland, Michigan and West Virginia — have had their State Small Business Credit Initiative (SSBCI) capital programs approved by the agency.
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.
Treasury publishes first SSBCI FAQs
Yesterday, Treasury released the first clarifications for its State Small Business Credit Initiative (SSBCI) guidance. These frequently asked questions (FAQs) are intended to help states understand the program rules as they prepare their applications by the Feb. 11, 2022 deadline.
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.
Treasury releases SSBCI guidance
The U.S. Department of the Treasury released long-awaited guidance on the new implementation of the State Small Business Credit Initiative (SSBCI). The rules provide preliminary guidance to states, territories and Tribal governments on permissible uses of $9.3 billion in funds to support small business capital access.
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.