May 21 -- The Treasury Department's Office of Federal Program Finance invites public comment by June 4, 2021 on the design and implementation of the State Small Business Credit Initiative (SSBCI), reauthorized by the American Rescue Plan Act of 2021 and provided $10 billion for allocation.
The State Small Business Credit Initiative (SSBCI) provides funds to States, Territories, and Tribal governments to enable these jurisdictions to support programs for small businesses. Specifically, beginning in FY 2021, the Department of the Treasury (Treasury) is authorized to provide up to $10 billion in support for small business capital and technical assistance programs as a response to the economic effects of the COVID-19 pandemic.
Treasury invites the public to comment on the SSBCI program design and implementation in order to support new and existing small businesses. Responses may be used by Treasury to assist in developing program design and guidance. Responses may also be used to inform Treasury's allocation of technical assistance funding to states, territories, and Tribal governments, the Minority Business Development Agency (MBDA), and programs implemented directly by Treasury.
SSBCI provides funding for two program categories: Capital access programs (“CAPs”) and other credit support programs (“OCSPs”). CAPs provide portfolio insurance for business loans by setting up loan loss reserve funds for participating financial institutions. OCSPs include, but are not limited to, collateral support programs, loan participation and guarantee programs, and venture capital and other venture financing programs.
FR notice inviting public comments to five set of questions: https://www.federalregister.gov/documents/2021/05/21/2021-10697/notice-and-request-for-information-state-small-business-credit-initiative-ssbci