Program Updates
On February 10, 2022, the Florida Department of Economic Opportunity (DEO) applied for the State Small Business Credit Initiative (SSBCI) through the United States Department of the Treasury (U.S. Treasury), and the application is currently under review. DEO will continue to update this webpage with additional information on SSBCI for the State of Florida.
More information about SSBCI is available on the U.S. Treasury website
Overview
The American Rescue Plan Act of 2021 reauthorized SSBCI as part of the national response to the coronavirus pandemic-induced recession. Originally created in 2010 and federally administered through the U.S. Treasury, SSBCI allocates $10 billion in funding to states to use for their own capital access initiatives. Florida has been initially allocated $488,486,572 to utilize for various technical assistance, capital access, credit support, and venture capital programs designed to help small businesses grow and thrive.
Florida’s SSBCI program will provide businesses with additional resources and capital to facilitate business growth and economic development. These funds will support businesses owned or controlled by socially and economically disadvantaged individuals, including minority-owned, women-owned, veteran-owned, rural, or other targeted small business populations across the state.
This multi-year effort aligns with the Governor’s prioritization of workforce development initiatives, a business-friendly environment, and aggressive economic growth. In order to maximize the effectiveness of these programs and to meet the needs of small businesses in Florida, we have prioritized stakeholder engagement to ensure this program supports the small businesses that keep our economy strong.
Florida’s Preliminary Allocation and Proposed Programs
The table below identifies the funding and initial eligible amounts that U.S. Treasury has made available to Florida under SSBCI, as amended by the American Rescue Plan Act of 2021.
|
Jurisdiction
|
Main Capital Allocation
|
Very Small Business Allocation
|
SEDI Allocation
|
Initial Eligible Amounts of Incentive Funding
|
Total Potential Funding Amount
|
|
Florida
|
$300,311,399
|
$23,879,723
|
$107,149,207
|
$57,146,243
|
$488,486,572
|
You can access the full preliminary allocation table on the U.S. Treasury’s website.
On February 10, 2022, DEO applied for SSBCI through the U.S. Treasury and is awaiting application approval. The table below demonstrates the proposed program type and total potential funding allocation to the program, as detailed in the State’s application for funding.
|
Program Type
|
Allocated Funding
|
|
Collateral Support Program
|
$250,000,000.00
|
|
Loan Guarantee Program
|
$50,000,000.00
|
|
Loan Participation Program
|
$50,000,000.00
|
|
Capital Access Program
|
$38,486,572.00
|
|
Equity Capital Program
|
$100,000,000.00
|
DEO will continue to provide updates on the program as more information becomes available.
Additional Information
If you have a specific question regarding SSBCI, please email SSBCI@DEO.MyFlorida.com or contact 1-888-357-5053.