Through today’s post, we will tell you about the SSBCI application portal which provides services like a loan guarantee program. In this post, we have shared with you how to apply for SSBCI application 2022? its deadline, SSBCI loan guarantee program, and all other information. So this post must be read completely.
SSBCI Application Portal
President Biden signed The American Rescue Plan Act on March 11, 2021. Which has re-authorised and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, Columbia districts, territories and tribal governments etc. to use the capital needed to invest in job creation opportunities as the country emerges from the pandemic. Empowering small businesses to do so.
The fund will serve to support recipient jurisdictions in promoting American entrepreneurship as well as democratizing access to startup capital across the country. Including underserved communities.
Types of Programs
Programs under SSBCI aim to promote access to capital in all recipient jurisdictions, including those in underserved areas:
• Venture capital programs: The Jurisdictions may establish public-private partnerships for equity investments or invest in venture capital funds. These investments are focused on providing capital to underserved startups and democratizing venture capital across geographies.
• Debt Partnership Programs: In these programs, state, District of Columbia, territory and tribal governments buy interest in loans made by lenders or lend directly with private lenders, providing direct loans to finance small businesses.
• Loan Guarantee Programs: State, District of Columbia, territory, and tribal governments use SSBCI funds to assure lenders that after every reasonable effort by the lender to make a small loan to help, in the event of a default in part they will be repaid. Business secured loans that might otherwise be inaccessible or prohibitively expensive.
• Collateral Assistance Program: Programs in this model set aside funds as collateral for new loans, enabling start-ups to borrow funds to help their businesses grow with the help of SSBCI capital .
• Capital Access Program (CAP): These programs provide portfolio insurance in the form of a loan loss reserve fund to which lenders and borrowers contribute, supplemented with SSBCIfund.
How to Apply for SSBCI Application 2022
To apply for the ssbci application, you must check the date, eligibility and requirements and below application process.
The application can apply the application before the deadline from the official website (https://home.treasury.gov) of the State Small Business Credit Initiative (SSBCI). After that, you need to read the instruction and complete your application.
- 2021 State Small Business Credit Initiative Application Instructions Updated (5/24/2022)
- 2021 State Small Business Credit Initiative Application User Guide (5/24/2022)
SSBCI loan guarantee program
What are the Application Deadlines?
The US Treasury Department has extended the deadline for tribal governments to begin and submit their full SSBCI Capital Program applications to September 1, 2022, at 11:59 p.m.
The last date for submission of applications for the Eastern Time and SSBCI Technical Assistance (TA) Grant Program is September 1, 2022, till 11:59 PM.
And only tribal governments that submit or are part of a tribal joint application that submits a capital program application are eligible to submit or be part of a tribal joint application that submits an application to the TA grant program.
SSBCI Application 2022 Upcoming dates
September 1, 2022 – Applications for SSBCI capital programs from tribal governments must be initiated and completed (application material).
September 1, 2022 – Applications are due for SSBCI Technical Assistance Funding from states, the District of Columbia, and territories (Application Portal Upcoming).
September 1, 2022 – Applications are due for SSBCI Technical Assistance Fund from Tribal Governments (Application Portal Upcoming).
SSBCI customer support
To any query to the application, you can easily contact the customer care of the SSBCI program. you should be submitted to firstname.lastname@example.org.