As part of the American Rescue Plan Act signed into law in March 2021, $10 billion of additional funding was reauthorized for the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program will provide a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses who are looking for capital. The funds will also support American entrepreneurship and democratize access to startup capital across the country, including in underserved communities.
Here is the latest list on SSBCI funding, which we'll update as more funding becomes approved and available.
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List of States Approved for SSBCI Funding
As of September 26, 2022
Summary of SSBCI Funding Situation
As of September 26, 2022, 21 states have been approved for SSBCI funding, and 3 states are accepting SSBCI applications through lenders.
As states get funding and get approved we will add links to resources and lenders
If you want help applying for SSBCI funding, we can help you as a Made VIP member, along with applying for other funding and growing your business as a public open community.
To track updates & approvals for your state — and when you should take action — register your VIP account here.
Full List of SSBCI Funding By State
Here's the full summary list. Details of approved states below. Want help applying for these? Book a time to talk with us here.
States A-L Alabama $98M — pending approval | Alaska $60M — pending approval | Arizona $11M — approved pending applications | Arkansas $81M — pending approval | California $1.1B — approved | Colorado $105M — approved pending applications | Connecticut $119M — approved pending applications | Delaware $61M — pending approval | DC $62M — pending approval | Florida $488M — approved pending applications | Georgia $200M — pending approval | Hawaii $62M — approved pending applications | Idaho $66M — pending approval | Illinois $355M — pending approval | Indiana $99M — approved pending applications | Iowa $96M — pending approval | Kansas $69M — approved pending applications | Kentucky $117M — pending approval | Louisiana $113M — pending approval States M-Z Maine $62M — approved pending applications | Maryland $198M — accepting applications | Massachusetts $169M — pending approval | Michigan $237M — accepting applications | Minnesota $97M — pending approval | Mississippi $86M — pending approval | Missouri $95M — pending approval | Montana $61M — approved pending applications | Nebraska $64M — pending approval | Nevada $113M — pending approval | New Hampshire $61M — approved pending applications | New Jersey $255M — pending approval | New Mexico $74M — pending approval | New York $501M — approved pending applications | North Carolina $201M — approved pending applications | North Dakota $59M — pending approval | Ohio $182M — pending approval | Oklahoma $82M — pending approval | Oregon $84M — approved pending applications | Pennsylvania $268M — approved pending applications | Rhode Island $62M — pending approval | South Carolina $101M — accepting applications | Tennessee $117M — pending approval | Texas $472M — pending approval | Utah $69M — pending approval | Vermont $58M — approved pending applications | Virginia $230M — pending approval | Washington $163M — pending approval | West Virginia $72M — approved pending applications | Wisconsin $79M — pending approval | Wyoming $58M — pending approval States Currently with SSBCI Funding Approved Arizona SSBCI Funding — $111M Approved: The state will have three programs available, two of which are venture capital funding initiatives ($87 Million), focusing on Series A-stage funding for technology startups, and one loan guarantee program ($24 Million) geared towards underserved communities. California SSBCI Funding — $1.1B Approved: California has allocated over $118 million to a capital access program, over $390 million to a small business loan guarantee program, over $472 million to a program that will help to provide collateral for small business loans, which is expected to generate over $5 billion in private financing over the next decade, and California has allocated $200 million to implement several venture capital strategies intended to provide key investments to small businesses. Colorado SSBCI Funding — $105M Approved: The state will operation three programs, including a venture capital program, to which it has allocated nearly $60 million. Colorado has also allocated $35 million to an existing cash collateral support program that enables small businesses and non-profit organizations to secure credit by pledging a cash deposit as collateral. In addition, Colorado has set aside $10 million for a loan program intended to help Main Street businesses recover from the pandemic. Connecticut SSBCI Funding — $119M Approved: Two new programs were launched - The Connecticut Future Fund and The ClimateTech (CT) Fund. Programs will prioritize minority, women, individuals with disabilities, and veteran owned small business. There will be up to 3 funds that will be managed by Community Development Financial Institutions, or non-bank community lenders. Florida SSBCI Funding — $488M Approved: On September 9th, 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. Additionally, on Friday, Florida’s Legislative Budget Commission approved the plan to distribute the first tranche of funding totaling $142 million for an existing small business loan program and venture capital investment program. Once the federal government disburses the funding, the approval of Florida’s application gives DEO the ability to administer various capital access, credit support, and venture capital programs designed to help Florida’s small businesses grow and thrive. Hawaii SSBCI Funding — $62M Approved: Hawaii is launching four HI-CAP programs that will include Collateral assistance, Loans, a CDFI Loan Pool Program, and an Investment Program. They anticipate all programs to be up and running by the end of August 2022. Indiana SSBCI Funding — $99M Approved: Program will include credit enhancement and collateral programs for small businesses. Kansas SSBCI Funding — $69M Approved: Program will include a capital multiplier loan program, along with venture funds, that will assist small businesses in both rural and urban areas. Maine SSBCI Funding — $62M Approved: Program will be operated by Grow Maine, and work with statewide intermediary lenders. They will provide loan guarantees, direct loans, and equity capital. Applications will be available in September of 2022. They do recommend speaking with a FAME loan officer before applying. Montana SSBCI Funding — $61M Approved: Program will operate a loan participation program modeled after a successful program in the previous iteration of SSBCI. This new program is designed to significantly increase the number of eligible CDFI and non-profit local economic development agencies with revolving loan funds (RLFs) that can participate in the program. In addition, this program gives rural and Native American entrepreneurs greater opportunity to create new businesses and expand existing small businesses — creating jobs and economic opportunities in Montana’s rural counties and Indian Country. New Hampshire SSBCI Funding — $61M Approved: The program will operate five programs for the state including the a capital access program, a loan guarantee program, and 3 separate loan programs. The program will be overseen by the New Hampshire Business Finance Authority. New York SSBCI Funding — $501M Approved: New York will operate multiple programs, including a capital access program, loan guarantee programs, loan participation programs, and venture capital programs. For example, New York has allocated over $154 million to a program that provide equity support to small businesses by investing through private venture capital funds and accelerator funds. This program will provide capital support to funds with diverse and emerging fund managers and teams. North Carolina SSBCI Funding — $201M Approved: Three programs have been approved to include, capital access, venture capital, and a loan participation program. A list of financial institutions participating in these program is expected to be released early fall. Oregon SSBCI Funding — $84M Approved: Will operate five programs, including two venture capital programs to which the state has allocated $30 million. The venture capital programs are designed to invest in funds in need of additional capital to launch and scale and to make co-investments in companies alongside private investors by matching the lead investor’s structure and terms. Pennsylvania SSBCI Funding — $268M Approved: Two programs have been approved, including a revolving loan fund ($125,838,132), and a direct venture investment ($125,000,000) component that will provide funding or capital. A list of financial institutions participating in these program is expected to be released once funding has been allocated to each organization. South Dakota SSBCI Funding — $62M Approved: The state has allocated these new funds entirely to support a loan participation program, which will be dispersed through approved lending institutions and CDFIs. Vermont SSBCI Funding — $58M Approved: Vermont will operate two programs with the new approved SSBCI funds - including a loan participation program, and a venture capital program. Both of the new programs will be administered by the Vermont Economic Development Authority. West Virginia SSBCI Funding — $72M Approved: Two programs are being developed, including half of the funds being allocated to a seed capital co-investment fund. The funds will be available through state approved community banks, CDFI’s, and non-profits. More information about approved lenders and the application process will be provided later in the year States Currently Accepting Applications for SSBCI Programs Maryland SSBCI Funding — $198M Approved & Accepting Applications: Three programs are available through the Maryland State Small Business Credit Initiative Program. These programs include loan and equity funding, and various venture capital and startup programs. These programs are being ran by three separate agencies. Michigan SSBCI Funding — $236 Approved & Accepting Applications: Three programs were launched to include a collateral support program, loan participation, and capital access. To date, only 27 banks are participating in these programs. South Carolina SSBCI Funding — $101M Approved & Accepting Applications: Two programs have been allocated for funding. The two programs will consist of a loan participation program, and a venture capital program. The funds will be available through lenders approved by the state. To date, there are 29 financial institutions that have been approved to disperse SSBCI funding.
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If you want help applying in your state, we can help you as a Made VIP member, along with applying for other funding and growing your business.
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