ssbci

When Daniel Pelaez took a job with the Town of Southbury, Connecticut Public Works Department after his first year at Worcester Polytechnic Institute, he learned lessons that, a few years later, would become the basis for his startup, Cyvl. Daniel spent a season on the public works road crew fixing issues flagged by residents or found by the road foreman.

The U.S. Department of the Treasury (Treasury) recently issued three new FAQs for the State Small Business Credit Initiative 2.0 (SSBCI) program. These FAQs clarify and reiterate the timeline for the end of the Capital Program, and the deadlines by which participating jurisdictions must request disbursement of any remaining allocated Capital Program funds.

In summary:

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. 

The U.S. Department of the Treasury (Treasury) announced at the Native CDFI Network’s Annual Policy and Capacity Building Summit $8.6 million in additional support for tribal nations through the State Small Business and Credit Initiative (SSBCI) 2.0 program, published in a readout.

The United States Department of the Treasury’s (Treasury) new 2022-2023 State Small Business Credit Initiative (SSBCI) 2.0 Annual Report highlights the nearly $10 billion program to enhance access to capital for small businesses, particularly those in underserved communities.

The Treasury Department has recently approved an additional $106 million in SSBCI dollars for tribal governments: $102 million as part of the Capital Program and $4 million as part of the Technical Assistance (TA) Grant Program.

As a part of the State Small Business Credit Initiative (SSBCI)’s Technical Assistance (TA) Program, the Treasury Department has announced 14 Small Business Opportunity Program (SBOP) awards to 12 states and two Tribal governments, each ranging from $1.6 to $10 million, totaling $75 million. SSBCI’s TA program is divided into two major programs: the TA Grant program and SBOP.

The U.S. Department of the Treasury has made multiple announcements about the State Small Business Credit Initiative (SSBCI) in recent weeks, including new program approvals, providing an update on uses of funds through the first two years of the program, and highlighting venture capital success stories, and releasing a database of participating lenders. In addition to covering these updates below, SSTI is collecting Treasury’s resources in revised SSBCI tracking pages.

SSTI has updated data across four states, and added data for an additional two and Puerto Rico, in last week’s “SSBCI 2.0: An overview of state uses of funds” article.

This article, including the downloadable data sheet, visuals, and analysis, was updated on July 10th, 2024, to include new data from Treasury’s SSBCI Capital Program Summaries.

This article was edited on April 4th, 2024, to correct for an error in, and add to, the original data. Refer to the note at the bottom of this article for more detail.