Businesses will apply for funding through their local economic development organization. Quarterly reports must be submitted within 30 days after the end of each quarterly reporting period (excluding the quarterly reporting period ending on the expiration date of the Allocation Agreement). Of the total amount funded, Georgia was allocated $48,024,748. SAM validates information and electronically shares the secure and encrypted data with the federal agencies' Finance Offices to facilitate paperless payments through Electronic Funds Transfer (EFT). These low-interest direct loans help small businesses take steps toward expanding and creating jobs. 3.11. When additional information becomes available, it will be posted on the program website at Treasury.gov/SSBCI. The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. 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. Financial Institutions are being enrolled in the CPCFA and IBank programs. #stimulusnews #stimulusupdate #funding$10 BILLION SSBCI STATE FUNDING FOR SMALL BUSINESS | SHE BOSS TALKOn March 11, 2021, President Biden signed The America. Further information on how these allocations were made can be found by accessing in the Capital Program Policy Guidelines on the same page. 7.2. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0. Through SSBCI 2.0, Treasury will provide funds to states, the District of Columbia, territories, and Tribal governments . For the Capital program, preliminary program allocations for states, territories, and the District of Columbia can be on the programs website at Treasury.gov/SSBCI by scrolling down to the Program Rules and Materials section then clicking on the Allocations for States Territories Washington DC and Tribal Governments link. 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. On April 4, 2022, the Federal Government transitioned from the DUNS number issued by Dun and Bradstreet to the Unique Entity Identifier (UEI). Texas Economic Development P.O. These organizations provideloans and business development resources to helpborrowers create and grow sustainable businesses and generate jobs for Georgians. /. For more information, please visit the U.S. Department of the Treasury's website. If you are a business or a lending institution that is interested in participating in small business financing programs through the SSBCI, please go to http://treasury.gov/ssbci and click on the List of Proposed Programs and Contacts link to locate the State or Territorial contact in your area. For more information, visit the program website at Treasury.gov/SSBCI. Ohio was approved by the U.S. Department of Treasury to receive funding through the federal State Small Business Credit Initiative (SSBCI) to support small businesses across the state. An ACH routing number is required. We're here to help New York State's small businesses reimagine, rebuild and renew. What are the eligible uses for these funds? The initiative features a newly developed refinancing mechanism to strengthen Community Development Financial Institutions lending to small business. Note:These funds are not available in Tennessee, yet. What was the allocation methodology for SSBCI? Our mission is to bring you "Small business success delivered daily.". SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses. If the Finish button is not appearing, it is due to one or more incomplete required fields. 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.. 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. This new portal is referred to as SSBCI Remarks by Under Secretary for Domestic Finance Nellie Liang During Workshop on Next Steps to the Future of Money and Payments, Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Prime Minister of Ukraine Denys Shmyhal, RT @TreasuryDepSec: At our roundtable with @BlkEconAlliance today, @SBAIsabel @RepNikema and I heard from business leaders about ways the f, RT @TreasuryDepSec: I'm in Atlanta this week with @SBAIsabel and @DepSecTodman to highlight some of the historic investments @USTreasury @S, Form 941, employer's quarterly federal tax return, Assistance for State, Local, and Tribal Governments, Assistance for American Families and Workers, Local Assistance and Tribal Consistency Fund. There is no set turnaround time for reviewing applications. How do I receive payment (Wire, ACH)? The funds will be used to implement the five types of programs allowed under SSBCI 2.0. Fund Tennesseeis expecting to launch in the first part of 2023. for the newsletter for upcoming announcements. Also please verify that you are using a supported browser. My entity does not have a UEI number. The Treasury Portal supports most modern browsers including Microsoft Edge, Google Chrome, and an updated version of Safari. "Small Business Trends" is a registered trademark. Any questions regarding the SSBCI program should be submitted tossbci_information@treasury.gov. New York State Small Business Revolving Loan Fund Round 2. Where can I get more information on the Transition to UEI Number? For further assistance, reach out to support.docusign.com. The Texas Small Business Credit Initiative is expected to be allocated more than $472 million and the State of Texas is focused on staying apprised of the latest program information released by the U.S. Department of the Treasury. 4.6. What do I do? 5.1. For the Capital Program, Quarterly and Annual Reporting will be required for Recipients of SSBCI funding. 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. 4.8. The Small Business Jobs Act of 2020, signed into law on September 27, 2010, was created to help small businesses create jobs to drive the economic recovery. MONTGOMERY - Governor Kay Ivey on Tuesday announced that the Alabama Innovation Corporation (Innovate Alabama) opened applications for the Innovate Alabama Supplemental Grant Program.Alabama-based recipients of Phase I and Phase II Federal Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) grants are eligible to apply for up to $250,000 in supplemental . State Small Business Credit Initiative (SSBCI) About SSBCI The State Small Business Credit Initiative (SSBCI) was created through the Small Business Jobs Act of 2010 (the "Act"). Registration with SAM.gov is required for any Entity that wants to do business with the federal government. 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. Delaware will receive Treasury funding to provide small business financing and technical assistance to help small and diverse businesses become capital ready. Tribal Governments must submit their completed SSBCI TA Grant Program application by December 9, 2022 at 11:59 pm ET. Tribal Governments must initiate and submit their completed SSBCI capital program application by October 31, 2022, at 11:59 p.m. The SSBCI is managed by the U.S. Department of the Treasury, and it will be allocating the funds. Contact our office to inquire about becoming a participating lender. How do I edit my individual account information? Connecticut extends a big welcome to small businesses across a wide array of sectors. All Entities can obtain a Unique Entity Identifier (UEI) number on the Sam.gov website and register for an account if needed: 4.4. SSBCI funds will be used to create two new programs . 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. 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. Administered by the U.S. Department of the Treasury, this initiative is the second installment of the program originally passed under the Small Business Jobs Act of 2010. Currently, Georgias SSBCI offers two programs. 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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. U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance. While on the DocuSign page and once all required fields have been completed, the Finish button will appear. On March 11, 2021, President Biden signed The American Rescue Plan Act, which reauthorized and funded the State Small Business Credit Initiative (SSBCI). 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. It provides secure digital identity verification to those Government Agencies and Healthcare Providers to make sure that you are you and not someone pretending to be you when you request access to online services. The deadline for proposals will also be revised. A payment confirmation will be sent to the contact person and Authorized Representative, communicating the scheduled date of payment. You can check the status of your application at any time by logging into the Treasury Portal at Portal.Treasury.gov/cares. 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 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. If the email is still not found, Users can trigger the email to be resent from within the Treasury Portal. Tribal Governments interested in participating in SSBCI were required to submit a Notice of Intent (NOI) to apply for SSBCI funds by December 11, 2021. Find out more about our Business Pandemic Recovery Initiative programs, including tax credits and grant funding, below. With SSBCI 2.0, the program will have $10 billion available for creating specialized small business access to capital programs. SSBCI 2.0 funds were allocated as follows: Could be before or after loan or equity infusion, general assistance; to be allocated as a separate grant, Socially and Economically Disadvantaged Businesses (SEDI), Tennessee does not have any tribal governments. Florida received a total SSBCI allocation of $97,662,349. It is their responsibility to notify financial personnel within their organization on their end of the incoming payment. Further information on how these allocations were made can be found by accessing in the Technical Assistance Grant Program Guidelines on the same page. Email instructions and a link were emailed to eligible jurisdiction point(s) of contact the same day each portal was launched. 6.3. / Am I required to report? What reporting is required? Texas Small Business Credit Initiative The objective of the Texas Small Business Credit Initiative (TSBCI) is to support state programs that provide resources to assist small business growth and create new jobs through increased access to small business funding.