The U.S. Department of Treasury (Treasury) has administered 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, Treasury has allocated $10 billion to fund (1) small business financing and (2) technical assistance to help small and diverse businesses become capital ready.
The initiative provides federal funds to states, which can use for their own purposes, such as issuing loans or grants. Virginia and Maryland are some of the states that have created a Small Business Credit Initiative 2.0 (SSBCI 2.0) to assist local businesses and entrepreneurs with all their funding needs. The SSBCI 2.0 will provide loans, grants, and other forms of assistance to help small businesses thrive and spur economic growth in these states.
Join the conversation of the Virginia MBDA Business Center with Cheryl P. Bostick of the Virginia Small Business Financing Authority and Stanley W. Tucker from the Maryland Small Business Development Financing Authority. This conversation helps us understand the various financing products they use to expand access to capital, promote economic resiliency, and create new jobs and economic opportunities in Virginia and Maryland.
Here’s What You’ll Get In This Episode
[00:01] Episode intro: What is State Small Business Credit Initiative 2.0?
[04:04] Quick bio of today’s guests
[07:53] Meet Cheryl & what they do at the Virginia Small Business Financing Authority
[10:44] Range of financial programs offered to small businesses by VSBFA
[13:17] Meet Mr. Stanley of the Maryland Small Business Development Financing Authority
[14:19] MSBDFA financing products
[19:24] Eligibility requirements for small business financing in Virginia & Maryland
[22:27] How you can reach out and connect
[30:29] Do you have to go through a bank before approaching them?
[33:07] Is there an open period for applying for a small business investment grant?
[36:47] Are angel groups also included in the eligibility criteria?
[38:44] Is SSBCI a loan or grant, and what are the criteria for determining what you’ll get
[47:21] If you have a business in Virginia, can you apply for the grant in Maryland?
[48:32] Lending partners or banks that the allocations are made through
[53:00] Ending the show and call to action
Connect with Cheryl P. Bostick and Stanley W. Tucker