Lending is provided by participating lenders. An example of data being processed may be a unique identifier stored in a cookie. This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. The Pennsylvania State Small Business Credit Initiative (PA-SSBCI) provides funding to economic development partners for the implementation and administration of capital programs to support small businesses through loans and equity investments: The following economic development organizations are eligible to apply for the Revolving Loan Fund component: The following economic development organizations are eligible to apply for the Direct Venture Investment component: Pennsylvania has allocated $125,838,132 of funding to the Revolving Loan Fund component and $125,000,000 of funding to the Direct Venture Investment component. It was funded at $1.5 billion and implemented by Treasury and states and territories from 2011 through 2017. An online application portal is forthcoming. 2.3. Helping NYS Businesses Build Back. For the latest, follow us on Google News. Please note that SAM.gov registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. This program will provide a combined $10 billion for small business credit support and investment programs to: If the Finish button is not appearing, it is due to one or more incomplete required fields. After performance targets are . Five new programs to be offered through the State Small Business Credit Initiative (SSBCI) OLYMPIA, WA - Washington state has been awarded $163.4 million from the U.S. Treasury Department to operate five capital access programs for small businesses. The funds will be used to implement the five types of programs allowed under SSBCI 2.0. 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). The Treasury Portal does not work well on Internet Explorer. Community Development Financial Institutions engaged in small business lending in Georgia. Tribal governments may request allocation information by emailing ssbci_information@treasury.gov or by accessing the application portal. 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), Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). Please verify that you are supplying the information in the correct format. 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. 4.7. Tribal Governments interested in participating in SSBCI were required to submit a Notice of Intent (NOI) to apply for SSBCI funds by December 11, 2021. Small Business Loan Program. Sign up to receive the latest Pennsylvania news, direct to your inbox. If you are having difficulty registering on SAM.gov, please refer to the Federal Service Desk for assistance with your SAM.gov account. . 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"). Manage Settings As our national outlook now shifts from economic relief to recovery, the most significant program in terms of follow-on investment and inclusive growth is set to come online this summer: the Treasury will begin accepting applications from states for the State Small Business Credit Initiative (SSBCI). ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. Officials, Human This document also contains the preliminary allocation methodology summary for Tribal governments. How do I know if a specific use is eligible? Following approval, program documentation, including submission guidelines, will be made available via the TSBCI web portal, which will also be open to accept applications from financial institutions interested in participating in the program. 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. What is the last day I can apply for the Technical Assistance Grant Program? 5.1. How do I receive payment (Wire, ACH)? Look for the Register Your Entity or Get a Unique Entity ID section on the page then click Learn Mo. We're here to help New York State's small businesses reimagine, rebuild and renew. All applications and required supplemental information must be electronically submitted by close of business on August 19, 2022. The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. For more information, please visit Treasury.gov/SSBCI. Please note that SAM registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. All lenders seeking approval as participating lenders in the SSBCI programs must undergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. To find the self-service options, please go to ID.me, select My Account, select Sign In then select the Forgot password link and follow the instructions. The Treasury Portal supports most modern browsers including Microsoft Edge, Google Chrome, and an updated version of Safari. All rights reserved. Please refer to SAM.gov for further information. The Small Business Jobs Act of 2020, signed into law on September 27, 2010, was created to help small businesses create jobs to drive the economic recovery. The Small Business Jobs Act of 2010 (the "Act") was signed into law on September 27, 2010. 2.2. Quarterly reports must be submitted within 30 days after the end of each quarterly reporting period (excluding the quarterly reporting period ending on the expiration date of the Allocation Agreement). What do I do? The initial SSBCI program (SSBCI 1.0) was funded with $1.5 billion to strengthen state programs that support financing of small businesses. The SSBCI is managed by the U.S. Department of the Treasury, and it will be allocating the funds. In turn, states were able to adapt to existing economic conditions in their region and disperse the funds accordingly. Please refer to help.id.me for more details on that process. Applications will be accepted between July 18, 2022 through August 19, 2022. The American Rescue Plan Act (ARPA) provided Treasury with $500 million to deploy technical assistance (TA) for underserved entrepreneurs to access $10 billion in State Small Business Credit Initiative (SSBCI) funding. The SSBCI program works withapproved lenders to provide financial support to small businesses. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. We recommend you review their webpage for full instructions. To view the purposes they believe they have legitimate interest for, or to object to this data processing use the vendor list link below. The mission of the Department of Community and Economic Development (DCED) is to foster opportunities for businesses to grow and for communities to succeed and thrive in a global economy. Why isnt the system accepting [x] information? Please reference the website at Treasury.gov/SSBCI for more information. My entity does not have a UEI number. In fact, we've established a special Office of Small Business Affairs to connect business owners with resources that can help spark growth or ease relocation. What Entities are eligible for the Technical Assistance Grant Program? Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. How long will it take me to register with ID.me? How long will it take me to register with SAM.gov? Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. of Treasury has released funds to somestates/territories, it is a rolling process. Please refer to help.id.me for more details on the verification process. 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 . U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance. *Please note that the PDF version of the Application Instructions below is not the application and should not be filled out or sent to Treasury. 2.9. We and our partners use data for Personalised ads and content, ad and content measurement, audience insights and product development. The Small Business Jobs Act of 2010 (the Act) became law in the fall of 2010. Ohio initially will receive $52.4 million to support socially and economically disadvantaged individuals and very small businesses. An overview of the results ishere. For overall information about the program, including information on requesting funding, please see, For general questions about SSBCI, please email. System inputs must be in the proper format. What does the Change to UEI Number mean for Recipients? I have Subrecipients to report that have a DUNS, but no UEI. What reporting is required? MONTGOMERY - Governor Kay Ivey on Tuesday announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program.Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental . https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. 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)