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Treasury releases RFI and clarifications on SSBCI technical assistance
Last week, the U.S. Department of the Treasury released clarifications and a request for information (RFI) related to its $500 million pool for State Small Business Credit Initiative (SSBCI) technical assistance.
The new FAQs relate to the $200 million Treasury allocated to the states, and for which applications are due Oct. 14. Under SSBCI, these funds can be used to provide legal, accounting and financial advisory services to small businesses, and services can be provided with a contract to a “legal, accounting or financial advisory firm.” One new FAQ defines these firms as an entity that: makes providing these services a primary purpose; markets itself as providing these services; or, has at least 25% of its revenues or staff time related to these services. The other new FAQ clarifies that states can make subawards to a subdivision of the state.
Treasury’s RFI seeks input on how the $200 million in technical assistance funds held by the agency could best be used to help small businesses. The key questions in the request ask about: gaps in available technical assistance; effective service deployment methods; considerations for grant or contracting processes; and, how Treasury could leverage non-federal funding. Responses are due by Oct. 20.