The State Small Business Credit Initiative
The State Small Business Credit Initiative (SSBCI) was part of the American Rescue Act (ARPA) of 2021 and included $10 billion for state, territory and tribal business finance programs. Minnesota has applied to the U. S. Department of the Treasury for $97 million for small business financing support. This is the second SSBCI initiative – Minnesota received $15 million through the Small Business Jobs Act of 2010.
Treasury is now in the process of reviewing applications. The timeline for approval is uncertain and may take several months. We do not anticipate receipt of funding prior to May 1, 2022, and it may be longer. Once Minnesota receives approval and funding, we will launch a variety of programs to utilize these dollars to benefit small businesses. More information about the programs and how to apply will be posted here once Treasury approval is received.
For more information regarding SSBCI from the U.S. Treasury visit the SSBCI page on their website.
For questions about Minnesota’s potential allocation of SSBCI funding, please contact SSBCI.DEED@state.mn.us.