STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI)
STATE SMALL BUSINESS CREDIT INITIATIVE (SSBCI)
The Arkansas Development Finance Authority (ADFA) is the implementing entity for the State of Arkansas and administrator of all programs.
SSBCI is a $10 billion federal program administered by the Department of the Treasury. It is a federal program administered by the Department of the Treasury that was created to strengthen capital programs that support private financing to small businesses, including capital access programs and other credit support programs (loan guarantees, loan participations, and venture capital investment programs) of eligible jurisdictions (i.e., states, the District of Columbia, territories, Tribal governments, and eligible municipalities).
Arkansas was awarded up to $81,621,691 payable in three tranches over 6 years, where 80% of each tranche must be expended to draw the next tranche of funds. The program requires an initial minimum of $1 private funds match for each $1 of SSBCI funds with a plan to produce $10 of private funds match for each $1 of SSBCI funds over the 9-year life of the program.
Treasury has mandated deployment of funds into the following specific targeted areas:
- Socially and Economically Disadvantaged Individuals (SEDI) Owned Businesses $16,557,075
- Very Small Businesses (VSB) with less than 10 employees) $ 4,142,176
- Additional Incentive Funds (available for meeting above targets $ 8,830,440
- Main Capital Allocation for General Distribution to all Small Businesses $52,092,000
Total SSBCI Allocation Available to ADFA $81,621,691
ADFA will deploy funds through the following existing programs:
- Capital Access Program (CAP) $ 621,691
- Small Business Revolving Loan Guaranty Fund $ 5,000,000
- Bond Guaranty Loan Participation Program $15,000,000
- Disadvantaged Business Enterprises Program $15,000,000
- Arkansas Venture Development Fund (Fund to Fund Investment) $20,000,000
- Arkansas Venture Capital Development Fund (Direct Company Investment) $26,000,000
Total Funds Deployed by ADFA Programs $81.621,691
To learn more about SSBCI funding contact:
Chuck Cathey
Vice President of Development Finance
Send an email
501-682-5906