State Small Business Credit Initiative
The State Small Business Credit Initiative is a $1.5 billion initiative that 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 capital access programs (CAPs), loan participation programs, loan guarantee programs, collateral support programs, and venture capital programs.
Strategies for Leveraging the State Small Business Credit Initiative (February 2013) This issue of Community Development Investments explores how banks can use the SSBCI Program to help meet the needs of small business borrowers.
The U.S. Department of Treasury offers a State Small Business Credit Initiative Resource Center. The Resource Center includes information on each of the state programs, news and announcements, and other helpful resources.
The U.S. Department of Treasury compiled a list of State Programs Funded by the SSBCI
Please contact your local District Community Affairs Officer for more information. Currently the DCAOs are working to raise awareness of the SSBCI programs among lenders, and they would welcome hearing about new areas of outreach.
Letter from John Lyons, Senior Deputy Comptroller for Bank Supervision Policy and Chief National Bank Examiner, to the Honorable Pat Quin, Governor of Illinois, concerning regulatory oversight of financial institutions using funding provided by the State Small Business Credit Initiative.
Renewing Economic Growth: Small Business Jobs Act of 2010 (June 2011) This issue explores three main features of the Small Business Jobs Act of 2010, describing the programs and provisions and explaining their requirements.
FAQ Regulatory Issues concerning the State Small Business Credit Initiative