New SSBCI report reveals jurisdiction fund deployments

The U.S. Department of the Treasury (Treasury) recently released a report on the State Small Business Credit Initiative (SSBCI) program with data through December 31, 2024. As of the end of 2024, Treasury has disbursed nearly $4 billion of the $10 billion set aside for the program in the 2021 American Rescue Plan of Act. 

In terms of the three-tranche, formula-based allocation structure of the SSBCI program, the report documents the first disbursement to 130 jurisdictions, the second for 20, and the third, or final, tranche for six.

Within this article, SSTI provides two data visualizations to graphically compare states and their progress with accessing SSBCI funds. 

The graphics below include data for only the 50 states, Washington, D.C., and Puerto Rico, and not Tribal governments.

Figure 1 includes a stacked column for each state, Washington, D.C., and Puerto Rico, showcasing a breakdown of each’s total allocation (deployed, disbursed but not deployed, and neither disbursed nor deployed). The data in this figure was calculated by SSTI using Figure 5 from Treasury’s new Quarterly Report. 

Figure 1: SSBCI metrics (%) for select reporting jurisdictions

Figure 2 includes a map of six metrics, five from Treasury and one calculated by SSTI. All data is from Figure 5 in the report, and formula calculations are in the figures’ notes. The metric mapped can be toggled via the dropdown menu beneath the title.

Figure 2: SSBCI metrics for select reporting jurisdictions

Data Notes:

As per Treasury: 

Total allocated funds include initial eligible amounts of incentive allocations for participating jurisdictions that demonstrate “robust support” for underserved businesses, as described in SSBCI guidance. Initial incentive allocation funding is generally disbursed based on the participating jurisdictions’ deployment of funds to support certain underserved businesses.

In the context of the report from which SSTI draws this data, SSBCI funds deployed are defined as those “expended, obligated, or transferred” or “EOT.” Expended SSBCI funds are “used to support loans or investments or for administrative expenses;” obligated funds are “committed pledged, or otherwise promised, in writing, to support loans or investments, including obligations to intermediaries, and for administrative expenses;” transferred funds are “transferred to a contracting entity as reimbursement of expenses incurred or to fund a loan or investment.” 

EOT funds include “obligations to venture capital funds not yet linked to specific small business investments.”

Refer to Treasury’s report for more detail on the data.

This article was prepared by SSTI using Federal funds under award ED22HDQ3070129 from the Economic Development Administration, U.S. Department of Commerce. The statements, findings, conclusions, and recommendations are those of the author(s) and do not necessarily reflect the views of the Economic Development Administration or the U.S. Department of Commerce.