On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010 (the "Act"). The Act created the State Small Business Credit Initiative, which was funded with $1.5 billion to strengthen state programs that support lending to small businesses and small manufacturers. The State Small Business Credit Initiative is expected to help spur up to $15 billion in lending to small businesses. Under the State Small Business Credit Initiative, participating states will use the federal funds for programs that leverage private lending to help finance small businesses and manufacturers that are creditworthy, but are not getting the loans they need to expand and create jobs. The State Small Business Credit Initiative will allow states to build on successful models for state small business programs, including collateral support programs, Capital Access Programs (CAPs) and loan guarantee programs. Existing and new state programs are eligible for support under the State Small Business Credit Initiative.
Map of Participating States
The map below shows the SSBCI Allocation Amounts and Approved Programs for each state, territory, and municipality participating in the State Small Business Credit Initiative. Click on your state for more information.
For a larger map please click here
Click here to get a full listing of allocation amounts and programs of states, territories, and municipalities participating in the State Small Business Credit Initiative.
For Financial Institution Lenders
Click here to get an overview of SSBCI for lenders. The Office of the Comptroller of the Currency (OCC) created a dedicated page on its website with an overview of the program and FAQ. The Federal Deposit Insurance Corporation (FDIC) answered frequently asked regulatory question here.
For State VC Programs
Click here for the report, Information and Observations on State Venture Capital Programs: Report for the U.S. Department of the Treasury and Interested Parties in the State Small Business Credit Initiative, prepared by Cromwell Schmisseur LLC
Most Recent News and Announcements
Articles in ABA newsletter Commercial Insights (October 2012, December 2012, February 2013)
WV Capital Access Program putting money where it's needed, fast
OCC Community Developments Investments published February 2013 featuring State Small Business Credit Initiative
Obama Administration Announces Funding For North Carolina, South Carolina, And Wyoming To Spur At Least $773 Million In New Small Businesses Lending (11/1/12)
Treasury Updates SSBCI National Standards (5/16/12)
Treasury's FAQ Document has been Updated (4/26/12)