Also please make sure you are using a supported browser. In turn, states were able to adapt to existing economic conditions in their region and disperse the funds accordingly. In September 2022, DEO announced the approval of the state SSBCI application by the United States Department of the Treasury (U.S. Treasury) for $488 million in funding. My entity does not have a UEI number. 8.1. I am trying to fill out the application. 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 Act created the State Small Business Credit Initiative (SSBCI) to provide direct support to states for use in programs designed to increase access to credit for small businesses. Please reference the website at Treasury.gov/SSBCI for more information. Florida received a total SSBCI allocation of $97,662,349. Please note that SAM.gov registration can take up to three weeks; delay in registering in SAM.gov could impact timely payment of funds. Their website is fsd.gov and you can also call them at 866-606-8220 from 8am - 8pm EST. 2.10. Sign up to receive the latest Pennsylvania news, direct to your inbox. While on the DocuSign page and once all required fields have been completed, the Finish button will appear. How do I report them? *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. State Small Business Credit Initiative (SSBCI) The RFP for the SSBCI Venture Capital Programs has been put on hold temporarily while we review potential changes to the RFP. ID.me is asking for my personal information, but Im trying to apply on behalf of my entity. If you would like to change your settings or withdraw consent at any time, the link to do so is in our privacy policy accessible from our home page.. State Small Business Credit Initiative (SSBCI 2.0) Current Status The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. 4.3. Note:These funds are not available in Tennessee, yet. Interested in doing business in Pennsylvania? Quarterly Reports Each participating jurisdiction must submit to Treasury a quarterly report for the first full calendar quarter following the execution of its Allocation Agreement with Treasury and each quarter thereafter. For small businesses, it offers attractive terms for loans, flexible resources for funding with little red tape, fast access to funds, and a quick answer to a loan request. Preliminary allocations were determined in advance by Treasury. 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. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. This document contains answers to frequently asked questions regarding the Department of Treasury State Small Business Credit Initiative (SSBCI). The PA Department of Community & Economic Development (DCED) oversees the State Small Business Credit Initiative (SSBCI) in Pennsylvania. 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. Responses are due November 3, 2022. This will be evaluated by the state to determine management, lending experience, financial capacity, and ability. Continue with Recommended Cookies. Information about the UEI transition can be found by accessing GSA.gov and searching on Unique Entity Identifier Update. Technical Assistance Grant Program Preliminary Allocations to Tribal Governments - Methodology Summary, Technical Assistance Grant Program Tribal Consult Summary, Capital Program Policy Guidelines (Updated 12/15/2022), Frequently Asked Questions SSBCI Capital and TA Grant Programs (Updated 12/8/2022), Capital Program National Compliance Standards (11/17/2022), Capital Program Reporting Guidance (Updated 9/30/2022), Technical Assistance Program Application Template, Sample Technical Assistance Notice of Award, Capital Program Sample Certifications (Updated 7/28/2022), Preliminary Technical Assistance Grant Program Allocation Table (4/28/2022), Technical Assistance Grant Program Guidelines (4/28/2022), Allocations for States Territories Washington DC and Tribal Governments, Preliminary Allocation to Tribal Governments Methodology Summary (Updated 11/10/2021). To ensure equitable access across the state, DCED has contracted with economic development partners at the regional and local levels to administer loan and equity programs. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. No action is required if you have an existing and active registration in SAM.gov. 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. Any questions regarding the SSBCI program should be submitted tossbci_information@treasury.gov. STEM-based companies can receive up to $100,000 for eligible expenses, and other businesses can get up to $50,000. State Small Business Credit Initiative (SSBCI), 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. State Small Business Credit Initiative (SSBCI) Hello folks. On March 11, 2021, the U.S. Congress enacted the American Rescue Plan Act, which, in part, provides $10 billion to fund the State Small Business Credit Initiative (SSBCI). 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. To create a Treasury Portal user account, please navigate to Portal.Treasury.gov/cares. Once there, you can click on Create an ID.me account and follow the instructions. 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. The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. On April 4, 2022, the Federal Government transitioned from the DUNS number issued by Dun and Bradstreet to the Unique Entity Identifier (UEI). More importantly, 80% of the loans and investments of the first SSBCI went to small businesses with 10 or fewer employees. Documents and resources from the 2010 SSBCI which operated from 2011-2017 will be revised for the 2021 round of SSBCI. Minnesota has been approved by the U. S. Department of the Treasury for up to $97 million for small business financing support. For more information, please visit Treasury.gov/SSBCI. What does the Change to UEI Number mean for Recipients? 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. How do I edit my individual account information? https://home.treasury.gov/policy-issues/small-business-programs/state-smallbusiness-credit-initiative-ssbci. Small businesses can begin by using technical support to learn about financing options and how to prepare to apply for capital, CalOSBA can refer you to small business technical, Small businesses can also access technical support from, When ready to apply for capital, small businesses can apply to participating financial institutions for, After applying, the participating financial institutions underwriting process will determine if the proposed loan should be enrolled in the CalCAP for Small Business or CalCAP Collateral Support program, and may also approve a proposed loan without enrolling the loan in CalCAP, Small businesses can also choose to apply for, There is no charge to enroll and all fees are paid on a per-loan basis, Financial institutions begin enrollment with this, Financial institutions can also choose to. These participating lendersundergo a vetting process whereby the State will evaluate the lender on management and lending experience as well as financial capacity and ability. TheU.S. Department of Treasury (Treasury)is administering a second installment of theState Small Business Credit Initiative (SSBCI 2.0)as part of theAmerican Jobs Plan. Notice, Credit enhancements to strengthen bank loans and reduce risk, Delegated lending model where lenders manage underwriting, Streamlined procedures and quick response to project loan requests. To access the reporting guidance, scroll down to the Program Rules and Materials section then click on Capital Program Reporting Guidance. We recommend you review their webpage for full instructions. Diversity, Equity, Inclusion, and Accessibility, Alcohol and Tobacco Tax and Trade Bureau (TTB), Financial Crimes Enforcement Network (FinCEN), Office of the Comptroller of the Currency (OCC), Treasury Inspector General for Tax Administration (TIGTA), Special Inspector General for the Troubled Asset Relief Program (SIGTARP), Special Inspector General for Pandemic Recovery (SIGPR), Budget Request/Annual Performance Plan and Reports, Inspector General Audits and Investigative Reports, Foreign Account Tax Compliance Act (FATCA), The Community Development Financial Institution (CDFI) Fund, Specially Designated Nationals List (SDN List), Sanctions Programs and Country Information, Financial Literacy and Education Commission, The Committee on Foreign Investment in the United States (CFIUS), Macroeconomic and Foreign Exchange Policies of Major Trading Partners, U.S.-China Comprehensive Strategic Economic Dialogue (CED), Small and Disadvantaged Business Utilization, Daily Treasury Par Real Yield Curve Rates, Debt Management Overview and Quarterly Refunding Process, U.S International Portfolio Investment Statistics, Report Fraud Related to Government Contracts, Cashing Savings Bonds in Disaster-Declared Areas, Community Development Financial Institution (CDFI) Fund, Electronic Federal BenefitPayments - GoDirect, General Property, Vehicles, Vessels & Aircraft. State Small Business Credit Initiative (SSBCI 2.0), Application submitted Februarury 11, 2022, awating final approval. 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 initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. For the lenders there is a lower risk of loss, thus allowing them to approve loans they would ordinarily decline. This is a considerable increase from the first SSBCI and the $1.4 billion it offered in 2010. 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. 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 Treasury Portal does not work well on Internet Explorer. When approved a business can generally use the funds for: This can vary by state, so make sure to check. 4.5. What Entities are eligible for the Technical Assistance Grant Program? Through SSBCI, Treasury will provide funds to states, the District of Columbia, territories, and . 2021 State Small Business Credit Initiative (SSBCI) Application Material Documents and resources for the 2021 SSBCI program. For more information, please visit theU.S. Department of the Treasuryswebsite. Contact our office to inquire about becoming a participating lender. (note that the comment deadline has been extended). With small businesses continuing to face challenges brought on by the pandemic, the U.S. Department of Treasury has expanded the State Small Business Credit Initiative (SSBCI) Program as a part of The American Rescue Plan Act of 2021. Treasury will review complete applications as quickly as possible, in the order in which they are received. Please note that Treasury has assigned individual Outreach Managers to each State, Territory, and Tribal Government to serve as an individualized point of contact for the SSBCI Program. Lending is provided by participating lenders. Funding is available from U.S. Treasury in three tranches, and the first tranche of funding - $142 million - is ready for deployment. provided $10 billion to fund the State Small Business Credit Initiative SSBCI. All existing Entities with an existing and active registration with SAM.gov will be assigned a UEI number that can be used for reporting activities.
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