SSBCI, or State Small Business Credit Initiative, is a . Treasury Launches the 2021 State Small Business Credit Initiative (SSBCI) Technical Assistance Grant Application Portal on 8/1/2022 Treasury Announces North Carolina Approved to Receive Up to $201.9 Million to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (7/29/2022) California SSBCI Funding $1.1B Approved & Accepting Applications: California has allocated over $118 million to a capital access program, over $390 million to a small business loan guarantee program, over $472 million to a program that will help to provide collateral for small business loans. Wellcare Offers Innovative Special Supplemental Benefits for the On March 11, 2021, the U.S. Congress enacted the American Rescue Plan Act, which, in part, provides $10 billion to fund the State Small Business Credit Initiative (SSBCI). Control of the content of this website belongs to the website's owner and not to the Department of Economic Opportunity. The loan participation program, allocated $27.5 million, will offer up to 50 percent participation in small business loans for equipment and working capital. CDFA along with representatives from Treasury discussed key provisions in the updated guidance and fielded questions from attendees. PDF State Small Business Credit Initiative: Implementation and Funding Issues Contact Us. Small businesses operating in Maryland with less than 500 employees. What are Socially and Economically Disadvantaged Individuals (SEDI)? We use cookies to ensure that we give you the best experience on our website. The program provides equity or equity-like co-investment (convertible notes) alongside primarily angel investors or venture capital funds. Final. Minnesota will operate a new loan participation program with an allocation of $12.5 million that provides loans to Minnesota businesses purchasing machinery, equipment, or software to increase productivity and automation. TAMPA, Fla., Nov. 8, 2021 /PRNewswire/ -- Wellcare, a wholly owned subsidiary of Centene Corporation, announced today its Special Supplemental Benefits for the Chronically Ill (SSBCI) for plan. ET, 2022. It will further help in building and strengthening the delivery system of capital across and within the state. 2011 State Small Business Credit Initiative Application. On February 10, 2022, the Florida Department of Economic Opportunity (DEO) applied for the SSBCI. State Small Business Credit Initiative (SSBCI) Apply for this Guaranteed $125K FOR FL BASED BUSINESSES SSBCI Funding ! The Collateral Support Program enables financing that might otherwise be unavailable due to a collateral shortfall. The plan should bring $488 million in funding to Florida's small businesses. See our full post on South Carolina SSBCI funding. The State Small Business Credit Initiative (SSBCI) was originally created through federal legislation - the Small Business Jobs Act of 2010. . Administered by the U.S. Department of the Treasury, this initiative is the second installment of the program originally passed under the Small Business Jobs Act of 2010. Book a time to talk with us here. The two programs will consist of a loan participation program, and a venture capital program. Massachusettss $30 million venture capital program, administered by MassVentures, provides pre-seed, seed, seed-extension and early-stage venture capital equity investments in Massachusetts-based technology companies. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million is ready for deployment. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. In order to maximize the effectiveness of these programs and to meet the needs of small businesses in Florida, we have prioritized stakeholder engagement to ensure this program supports the small businesses that keep our economy strong. Auxiliary aids and services are available upon request to individuals with disabilities. If you wish to find out more about the application process, you can refer to all the instructions and information provided in the given segments. A business purpose includes, but is not limited to: start-up costs, working capital, business procurement, franchise fees, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real-estate investment purposes. Wyoming SSBCI Funding $58M Approved: This state will operate two equity/venture capital programs. State Incentives: SSBCI Program Recap and Overview The equity/venture capital programs have combined allocations of over $173.4 million. An overview of the results is here. The State Small Business Credit Initiative (SSBCI) application gives monetary access to small businesses and entrepreneurs. As defined by SSBCI, a Very Small Business has fewer than 10 employees, including independent contractors and sole proprietors, at the time of the loan, investment, or other/equity support. This initiative will expand access to capital and help small businesses grow. March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Goals: To assess the availability of and enrollment in MA plans offering new types of supplemental benefits in 2019 and 2020. Current status: Step 4 2021 State Small Business Credit Initiative (SSBCI) Application This credit enhancement uses public resources to encourage private lenders to lend money to businesses by providing a cash deposit as collateral for a business loan or credit facility. The funds will be available through state approved community banks, CDFIs, and non-profits. The Small Business Loan Program of the Illinois Finance Authority. Assistant Director SSBCI Technical Assistance Program See our full post on Maryland SSBCI funding, Michigan SSBCI Funding $236M Approved & Accepting Applications: Three programs were launched to include a collateral support program, loan participation, and capital access. h. rept. DEO will target institutions in the financial services sector that align with the mission of SSBCI. SSBCI was funded with $1.5 billion to strengthen state programs that support financing of small businesses. The U.S. Department of the Treasury (Treasury) issued revised SSBCI. ET, the same deadline for the submission of a complete SSBCI capital application. Territories. SSBCI, administered by DEO in partnership with Enterprise Florida, Inc., has five programs to serve small businesses that may not otherwise have access to the capital needed to grow their businesses, including very small businesses and businesses owned by socially and economically disadvantaged individuals. How does a lender become enrolled in the SSBCI Program(s)? SSBCI Preliminary Eligibility and Application Preliminary Eligibility The SSBCI application process begins with determining your eligibility. On March 26, 2021, we discussed insights and recommendations to Treasury and our understanding of what resources need to be developed. An equal opportunity employer/program. PDF Medicare Drug Health Plan Contract Administration Group DEO will exercise due care to ensure that each financial institution participating in SSBCI possesses sufficient commercial lending experience, financial and managerial capacity, and operational skills to meet the objectives of SSBCI. The LPP will provide companion loans for up to 50% of the principal loan amount through the Nebraska Growth Loan Fund. Massachusetts SSBCI Funding $169M Approved: This state will operate five programs: two loan participation programs, two loan guarantee programs, and a venture capital program. Issued by: Centers for Medicare & Medicaid Services (CMS) Issue Date: April 24, 2019. CDFIs as eligible lenders that receive credit support: CDFIs may enroll transactions in the states lending programs just like traditional banks. Under SSBCI, any insured depository institution, insured credit union, certified development company, or community development financial institution, as defined in section 103 of the Riegle Community Development and Regulatory Improvement Act of 1994, is eligible to participate. These SSBCI Initiative funds are awarded to Arkansas, Guam, Rhode Island, the U.S. Virgin Islands, and Wisconsin to support local small business financing and investment programs. Application" button in Section 10: Application Certification. RT @GovRonDeSantis: Happy Birthday Florida! March 31, 2022 - Applications for SSBCI technical assistance from states, territories, and Washington, DC are due (application form forthcoming). Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. Iowa SSBCI Funding $96M Approved: This state will operate four programs, including two venture capital programs, to which they have allocated $53 million. October 11, 2022 Jefferson City The U.S. Department of Treasury has approved Missouri's State Small Business Credit Initiative's (SSBCI) application, representing nearly $27 million to support small businesses, startups, and entrepreneurs. When expanded it provides a list of search options that will switch the search inputs to match the current selection. The inaugural version of SSBCI was a success. Medicare Advantage Plans Offering Expanded Supplemental Benefits Prom Necklace Rose Gold, The loan guarantee program, allocated over $36 million, provides lenders with the necessary security, in the form of a partial guarantee, to incentivize lenders to make loans to borrowers. A loan originated to place under the protection of the approved state program prior debt that is not covered under the approved state program and that is or was owed by the borrower to the lender or to an affiliate of the lender. South Dakota SSBCI Funding $62M Approved: The state has allocated these new funds entirely to support a loan participation program, which will be dispersed through approved lending institutions and CDFIs. (SSBCI) APPLICATION Applicants must complete and submit this application form, relevant attachments, and the signature on or before 5:00 pm ET form June 27, 2011 to Treasury, . The Small Business Jobs Act of 2010 (the "Act") became law in the fall of 2010. State Small Business Credit Initiative (SSBCI 2.0) - Tennessee Applicants may also amend their submitted "Initiated Application" from December 12, 2021, to February 11 at 11:59 p.m. On August 19, Governor Kathy Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Online submissions are only open for three categories whereas the general application timeline is already over. The new version of the SSBCI program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses who are looking for capital. Kahner Global's Cannabis & Psychedelics Investment Summit is just around the corner! Community Development Financial Institutions (CDFIs) areeligible lendersas well aseligible borrowersunder the SSBCI program. Special Supplemental Benefits for Chronically Ill (SSBCI) - CareValue The direct program, allocated $35 million, will provide equity co-investments in Series A or growth stage technology companies in the state. Each SSBCI transaction, whether the relevant location is in a CDFI Investment Area or not, must be determined immediately before the closing of the relevant loan, investment, or other credit or equity support-related transaction, at the time that ownership and control is assessed. Please read the attachment for complete information on submissions.
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