"Small Business Trends" is a registered trademark. And find a statewide network of centers staffed by people who can walk you through how to apply. Any changes to the application deadline will be posted on the website. After reviewing the RFI, commenters can post their comments on Regulations.gov. Businesses will apply for funding through their local economic development organization. While on the DocuSign page and once all required fields have been completed, the Finish button will appear. It can be used for planning purposes. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). State Small Business Credit Initiative (SSBCI), Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. Tribal Governments must submit their completed SSBCI TA Grant Program application by December 9, 2022 at 11:59 pm ET. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. Eligibility and Preliminary Allocations, Budget, Financial Reporting, Planning and Performance, Financial Markets, Financial Institutions, and Fiscal Service, Treasury Coupon-Issue and Corporate Bond Yield Curve, Treasury International Capital (TIC) System, Kline-Miller Multiemployer Pension Reform Act of 2014, Taxpayers Will See Improved Service This Filing Season Thanks to Inflation Reduction Act, Disparities in the Benefits of Tax Expenditures by Race and Ethnicity, Racial Differences in Economic Security: Non-Housing Assets, Treasury Sanctions People Involved in Serious Human Rights Abuse Against Vladimir Kara-Murza, Treasury Announces Approval of Up to $890.7 Million to Support Small Business Success Across Three States, Treasury Sanctions CJNG-Run Timeshare Fraud Network. Connecticut extends a big welcome to small businesses across a wide array of sectors. The first step to becoming an approved lender is to complete a lender application package and submit it to DCA for review. 6.2. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. All applications must be submitted electronically through the Treasury Portal at Portal.Treasury.gov/cares. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. Small business financing programs, which includes Capital Access programs, Loan Participations, Loan Guarantees, Collateral Support, and Venture Equity programs. Information regarding webinars will be emailed to the points of contact and Authorized Representatives provided in the Notices of Intent. How long will it take me to register with SAM.gov? (note that the comment deadline has been extended). PROGRAM OVERVIEW INTRO PAGE On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which provided $10 billion to fund the State Small Business Credit Initiative (SSBCI). This new portal is referred to as SSBCI Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Currently, Georgias SSBCI offers two programs. Helping NYS Businesses Build Back. The first time you click a SIGN or INITIAL field, you are asked to adopt a signature and initials. To ensure equitable access across the state, DCED has contracted with economic development partners at the regional and local levels to administer loan and equity programs. The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. In late November 2021, Treasury launched an application portal for the State Small Business Credit Initiative (SSBCI) at Portal.Treasury.gov/cares. My entity does not have a UEI number. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. Apply for SSBCI through Social Impact Funds Apply for SSBCI through Seed Funds Apply for SSBCI through Venture Funds TEDCO's Venture Capital Limited Partner (VCLP) Program - Interest Form: Emerging fund managers interested in applying to the program, should complete the interest form by 5:00pm ET on Monday, January 9, 2023. The Act created the State Small Business Credit Initiative (SSBCI) to provide direct support to states for use in programs designed to increase access to credit for small businesses. These participating lendersundergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. State Small Business Credit Initiative (SSBCI) was originally created in the Small Business Jobs Act of 2010 to increase availability of credit for small businesses. For more information, please visit the U.S. Department of the Treasury's website. 4.3. The Treasury Portal does not work well on Internet Explorer. Tribal Governments must initiate and submit their completed SSBCI capital program application by October 31, 2022, at 11:59 p.m. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. A payment confirmation will be sent to the contact person and Authorized Representative, communicating the scheduled date of payment. Our mission is to improve the quality of life for Pennsylvania citizens while assuring transparency and accountability in the expenditure of public funds. The primary objective of the SSBCI is to enhance new or existing state programs that provide access to capital for small businesses and manufacturers. This is the second SSBCI initiative - Minnesota received $15 million through the Small Business Jobs Act of 2010. 2023, State of Texas, Office of the Governor, Texas Economic Development, Governor's University Research Initiative (GURI), Product Development and Small Business Incubator Fund, Economic Development & Diversification In-State Tuition for Employees, Governors Small Business Resource Portal, Veteran, Minority & Women Owned Business Resources. State Small Business Credit Initiative Created as part of the Small Business Jobs Act of 2010, SSBCI was designed by the federal government to help states strengthen existing loan and equity programs and/or create new programs that support financing small businesses. LOUISIANA VETERANS FIRST BUSINESS INITIATIVE. Specifically, beginning in FY 2021, the Department of the Treasury (Treasury) is authorized to provide up to $10 billion in support for small business capital . This initiative was originally created in 2009 under the Obama Administration. The maximum amount of the credit guaranty is $200,000. It will fund state, territory, and Tribal government small business credit support and investment programs. Small Business Loan Program. This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). If you did not receive the email, it could be because it was blocked by your Email Server, Firewall, Email Provider or Email Client. Economic development organizations must submit the online Electronic Single Application (ESA) for assistance. Texas Small Business Credit Initiative The objective of the Texas Small Business Credit Initiative (TSBCI) is to support state programs that provide resources to assist small business growth and create new jobs through increased access to small business funding. to get your personalized list of resources, build your own business model canvas, or locate resources near you. All other inquiries should be directed to the Public Affairs Office of the Treasury and any press inquiries should be directed to Press@Treasury.gov. $100 million of that amount has been transferred to MBDA to assist with this effort. Please note that Treasury has assigned individual Outreach Managers to each State, Territory, and Tribal Government to serve as an individualized point of contact for the SSBCI Program. What steps do I need to complete in ID.me? SSBCI, small business credit, direct venture investment, revolving loan, PA-SSBCI, small business loan, PA Department of Community and Economic Development. All existing Entities with an existing and active registration with SAM.gov will be assigned a UEI number that can be used for reporting activities. Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. An example of data being processed may be a unique identifier stored in a cookie. Why isnt the system accepting [x] information? SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. 3.8. On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021, which provided $10 billion to fund the State Small Business Credit Initiative SSBCI. Directory of State of Nevada Employees and Elected Officials with phone numbers, emails and general information. How do you get an application for small business loan? For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding: For more information on reporting, please refer to the Capital Program Reporting Guidance available on the program website at Treasury.gov/SSBCI. Entities receive payment to Fed ACH (Automated Clearing House) and Fedwire bank accounts. Manage Settings Is there a Webinar or Zoom call that I can attend? For more information, visit the program website at Treasury.gov/SSBCI. What information do I need to provide in order to receive the funding? Further information on how these allocations were made can be found by accessing in the Capital Program Policy Guidelines on the same page. Initial payments will occur sometime after the application is fully reviewed and approved and an allocation agreement is signed. We recommend you review their webpage for full instructions. For overall information about the program, including information on requesting funding, please see, For general questions about SSBCI, please email. Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. The $10 billion will be distributed in the following manner: States can then use the following small business financing programs to disperse the SSBCI funds: Also known as SSBCI 2.0, the second iteration of this program maintains the initial goals of the 2010 version. In January, the Michigan Strategic Fund board approved the State Small Business Credit Initiative (SSBCI 2.0) Michigan Business Growth Fund 2.0 programs and guidelines to access a minimum of $215.7 million in federal funding allocated to Michigan in 2021 through an American Recovery Plan allocation. Box 12428 Austin, Texas 78711 (512) 936-0100 Of the total amount funded, Georgia was allocated $48,024,748. 3.4. The SSBCI program allocates nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and . Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, State Small Business Credit Initiative (SSBCI), Enrolled Loan and Leverage Ratio Tables User Guide, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. All rights reserved. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments for small business credit support and investment . If you would like to change your name or initials, type the changes in the Full Name and Initials fields. Your UEI number is located below the DUNS number on your Entity Registration Record. Per the agreement, the oversight with the U.S. Treasury expired on March 31, 2017. Applications will be accepted between July 18, 2022 through August 19, 2022. If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. Required supplemental information outlined in Appendix I of the program guidelines must be attached electronically to the application as directed on the Addenda tab. /. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. The expectation is that this funding will generate the minimum bang for the buck of $10 in private investment for every $1 in federal funding . That will bring up the Account Update screen. The initial SSBCI program (SSBCI 1.0) was funded with $1.5 billion to strengthen state programs that support financing of small businesses. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. What reporting is required? State Small Business Credit Initiative (SSBCI) About SSBCI The State Small Business Credit Initiative (SSBCI) was created through the Small Business Jobs Act of 2010 (the "Act"). How do I check the status of my application? If you're a business owner with employees in California, you most likely need to offer your employees paid sick leave.That's because there's the Healthy Workplaces, Healthy Families Act of 2014. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft.