State Small Business Credit Initiative (SSBCI 2.0)
TNECD surveys small and diverse businesses, ESOs, lenders and funders, etc. as part of planning process
The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. For SSBCI 2.0, the Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse businesses become capital ready.
As part of the Discover Phase of the planning process, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders are asked to complete a brief survey by August 2, 2021. The survey may be completed here.
Discover -> Design -> Deploy
Tennessee’s plan uses a three-phase approach.
- The Discover phase is intended to inform and familiarize stakeholders about SSBCI 2.0. Treasury guidance related to programmatic elements is ongoing. The state has already engaged numerous stakeholders for the program.
- The Design phase is intended utilize feedback and structure the SSBCI 2.0 program of work in Tennessee.
- The Deploy phase is the rollout and launch of SSBCI 2.0 in Tennessee. As the program develops, we will reassess the program of work and needs.
SSBCI 2.0 funds were allocated as follows:
Funding Categories |
U.S. Allocation |
TN Allocation |
Description |
|---|---|---|---|
|
(See line 10) |
$6 billion |
$60,573,813 |
Based on 2020 unemployment figures |
|
(See line 17) |
$500 million |
TBD |
Could be before or after loan or equity infusion, general assistance |
Microenterprises (Very Small Businesses) (See line 10) |
$500 million |
$4,816,620 |
Businesses with fewer than 10 employees |
|
(See line 19) |
$1.5 billion |
TBD |
Socially and Economically Disadvantaged Businesses (SEDI) |
|
(See line 11) |
$1 billion |
TBD |
Performance-based; further Treasury guidance expected |
|
(See line 8) |
$500 million |
N/A |
Tennessee does not have any tribal governments |
Total: |
$10 billion |
$65,390,433 |
|
As updates are ready, the website will be updated.
Contact Information
Phone: (615)741-1888
Email: ecd.SSBCI2.0@tn.gov