From there, you can make any appropriate edits then click Save. States, the District of Columbia, and Territories must submit their completed SSBCI Technical Assistance (TA) Grant Program application by October 14, 2022 at 11:59 pm ET (Eastern Time). If you are having difficulty registering on ID.me, please refer to ID.me Contact Support for assistance. 2.2. All Recipients and Subrecipients can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: For more information, please access the SAM.gov website. Documents and resources from the 2010 SSBCI Allocation which operated from 2011-2017 can be found at2010-2017 Archive. State Small Business Credit Initiative: Implementation and Funding Issues Congressional Research Service 2 costs).6 As of December 31, 2016, all 57 participants had received their first tranche, 56 had received their second tranche, and 53 had received their third tranche.7 States were expected to leverage their SSBCI funds to generate new small business lending that is For the latest, follow us on Google News. Information and updates will beshared on this website. The SSBCI is managed by the U.S. Department of the Treasury, and it will be allocating the funds. ID.me is a technology partner to multiple Government Agencies and Healthcare Providers. The Treasury Portal supports most modern browsers including Microsoft Edge, Google Chrome, and an updated version of Safari. What reporting is required? 2023. The Treasury Portal does not work well on Internet Explorer. You can find information on those programs on the Treasury.gov website at http://treasury.gov/Recovery. 4.8. 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Entrepreneurship through the American Rescue Plan (7/29/2022) Please ensure your legacy DUNS number is accessible for historical reference where needed, as the DUNS number will no longer be visible to Users in SAM.gov after April 4, 2022. More importantly, 80% of the loans and investments of the first SSBCI went to small businesses with 10 or fewer employees. Detailed questions about the conversion from DUNS number to UEI number should be directed to GSA by creating an incident ticket with the Federal Service Desk online at fsd.gov or by calling (866) 606-8220. What do I do? Territories | U.S. Department of the Treasury (2/23/2023), Treasury Department Announces Puerto Rico to Receive up to $109 Million to Promote Small Business Growth and Entrepreneurship through President Bidens American Rescue (2/9/2023), TA Grant Program Application Deadline Extended for Tribal Governments (12/6/2022), Treasury Announces Seven Additional States to Receive up to $1.5 Billion from U.S. Treasury Department to Promote Small Business Growth and Entrepreneurship through the American Rescue Plan (12/6/2022), Tribal Government Capital Program Application Submissions (11/29/2022). (note that the comment deadline has been extended). The State Small Business Credit Initiative (SSBCI) provides funds to States, Territories, and Tribal governments to enable these jurisdictions to support programs for small businesses. 2.10. STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. In late November 2021, Treasury launched an application portal for the State Small Business Credit Initiative (SSBCI) at Portal.Treasury.gov/cares. How do I apply for funds through the State Small Business Credit Initiative? All applications must be submitted electronically through the Treasury Portal at Portal.Treasury.gov/cares. of Treasury has released funds to somestates/territories, it is a rolling process. The maximum amount of the credit guaranty is $200,000. Also please verify that you are using a supported browser. After reviewing the RFI, commenters can post their comments on Regulations.gov. 4.6. All Entities can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: 4.4. Central Office 4.7. GHFA EDFI/Georgia Department of Community Affairs (DCA) is the administrator of the program. All rights reserved. The increased access to capital stems from the state's successful application for $15,487,998 in federal funds from the U.S. Department of Treasury through the State Small Business Credit Initiative (SSBCI). Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. Where can I get more information on the Transition to UEI Number? This means small business owners that otherwise wouldnt get any loans could qualify under SSBCI. The One-Stop Business Portal is also in development, which will provide small businesses with one resource for starting and running . Since 2002, the OCAP has assisted countless small businesses with their working capital and fixed-asset financing needs. Small Business Credit Initiative Frequently Asked Questions, https://home.treasury.gov/policy-issues/small-businessprograms/state-small-business-credit-initiative-ssbci/2021-ssbci/program-materials/application-materials, Special Inspector General, Troubled Asset Relief Program (SIGTARP), Administrative Resource Center (ARC)- Bureau of the Fiscal Service, This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). SSBCI, which is administered by the U.S. Department of Treasury (Treasury), provides funding to be used for credit and investment programs for existing small businesses and start-ups. Small Business Owners Struggling with Inflation, How to Support Small Business on Small Business Saturday, 10 New Years Resolutions to Consider for Your Small Business in 2021, Which Small Businesses Will Thrive in 2021, $6.5 billion for State allocation $6 billion based on unemployment and half a billion dollars based on percentage of companies with less than ten employees, $1.5 billion for businesses owned and controlled by socially and economically disadvantaged individuals, $1 billion for incentives to States/Tribal governments that demonstrate robust support for businesses owned and controlled by socially and economically disadvantaged individuals, Half a billion dollars for technical assistance programs, Half a billion dollars for Tribal governments, Purchase or construction renovations of non-passive real estate. An example of data being processed may be a unique identifier stored in a cookie. 4.9. Treasury will review complete applications as quickly as possible, in the order in which they are received. Ohio initially will receive $52.4 million to support socially and economically disadvantaged individuals and very small businesses. 6.2. The SSBCI program allocates nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and . $100 million of that amount has been transferred to MBDA to assist with this effort. Entities receive payment to Fed ACH (Automated Clearing House) and Fedwire bank accounts. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. 4.3. Through SSBCI, Treasury will provide funds to states, the District of Columbia, territories, and . For the TA Grant program, preliminary program allocations for states, territories, and the District of Columbia can be found on the programs website at Treasury.gov/SSBCI by scrolling down to the Program Rules and Materials section then clicking on the Preliminary Technical Assistance Grant Program Allocation Table link. The large increase to $10 billion is due to the success of the program, which is considered one of the more successful mechanisms for delivering capital from a federal source. Tribal governments may request allocation information by emailing ssbci_information@treasury.gov or by accessing the application portal. The Georgia Small Business Credit Guaranty (SBCG) Program provides a 50% credit guaranty to the lender on loans up to $400,000. Remarks by Assistant Secretary Elizabeth Rosenberg for Terrorist Financing and Financial Crimes at the Association of Women in International Trade. The Act created the State Small Business Credit Initiative, funded with $1.5 billion to strengthen state lending programs that support small businesses and manufacturers. As a reminder, you must log in using the single sign on that you created using ID.me. SSBCI provides Eligible Jurisdictions funding for: For more information, visit the program website at Treasury.gov/SSBCI. New SAM.gov registrants will be assigned a UEI number as part of their SAM registration. SmallBizLoansProgSummary102517.pdf. Responses are due November 3, 2022. 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For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. This is to deliver capital to small businesses that urgently need it in the U.S. State Small Business Credit Initiative (SSBCI) Application | U.S. Department of the Treasury Home State Small Business Credit Initiative (SSBCI) Application Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. The program was established in 2010 by the Small Business Jobs Act of 2010 to help states address the difficulties that private businesses faced while securing financing during the nation's economic recovery. 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. For more information, please visit Treasury.gov/SSBCI. Maryland has been approved by the U.S. Treasury to administer up to $198 million in federal assistance, including subsequent performance-based funds, through the State Small Business Credit Initiative (SSBCI). Nevada Employee Directory (NED). The portal will provide access to $10 billion, which is made possible by the American Rescue Plan Act of 2021. To create a Treasury Portal user account, please navigate to Portal.Treasury.gov/cares. March 31, 2023- Applications for SSBCI technical assistance funding from Tribal governments are due (application materials). 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). Tallahassee, FL - Today, the Florida Department of Economic Opportunity (DEO) announced the approval of the state of Florida's State Small Business Credit Initiative (SSBCI) application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. 3.4. 2011 State Small Business Credit Initiative Application, State Small Business Credit Initiative (SSBCI) Application, 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. If you have all the required documents, the process should take only a few minutes. For more information, please visit theU.S. Department of the Treasuryswebsite. 2021 State Small Business Credit Initiative Application Updated (5/24/2022), 2021 State Small Business Credit Initiative Application User Guide (5/24/2022), Compliance and Oversight Narrative Template, Assurances of Compliance with Civil Rights Requirement Template, Technical Assistance Program Application Template, Technical Assistance Templates and Certifications, Sample Technical Assistance Notice of Award, 2021 State Small Business Credit Initiative (SSBCI) Application Material, 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. December 6, 2021 Delaney SextonContributing Editor Main Street Monday - State Small Business Credit Initiative's 2021 Application Portal is Launched The U.S. Department of Treasury opened the SSBCI portal that is going to provide $10 billion to create specialized small business programs and increase access to capital. Eligible Entities can either create an account (your identity will need to be verified through ID.me) or log in. For further assistance, reach out to support.docusign.com. Our mission is to bring you "Small business success delivered daily.". Lending is provided by participating lenders. If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources now, visit the BERO website and/or TNSmartStart.com to get your personalized list of resources, build your own business model canvas, or locate resources near you. Atlanta, GA 30329 The funding will be distributed through various existing business lending programs, including MSBDFA, which received $45 million. 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 . Florida received a total SSBCI allocation of $97,662,349. What are the eligible uses for these funds? 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. Tennessee's SSBCI 2.0 program, calledFund Tennessee, is comprised of InvestTN, the equity component, LendTN, thedebt program, and AssistTN, the technical assistance components. Note:These funds are not available in Tennessee, yet. / Am I required to report? What information do I need to provide in order to receive the funding? What is the last day I can apply for the Capital Program? 3.2. It seems the federal government offers loan guarantees and funds to states, who in turn offer loans processed by banks and credit unions. The program will allow for a veteran, active or reserve military, or Gold Star spouse who have a fifty-one percent ownership in a business to apply for and gain certification to recognize and promote their businesses. 2.3. The State Small Business Credit Initiative May 09, 2018 By Michael Eggleston , Lisa J. Locke Abstract The State Small Business Credit Initiative (SSBCI), a component of the Small Business Jobs Act of 2010, allocated nearly $1.5 billion to states to support small-business financing programs. Any changes to the application deadline will be posted on the website. Entities are able to manage organizational information, such as legal business name and physical address associated with a UEI number, directly from SAM.gov. No action is required if you have an existing and active registration in SAM.gov. It is their responsibility to notify financial personnel within their organization on their end of the incoming payment. These organizations provideloans and business development resources to helpborrowers create and grow sustainable businesses and generate jobs for Georgians.