Please note that there is no application specific to the State Small Business Credit Initiative (SSBCI) program. The federal SSBCI funds are being deployed through specific programs to which small business owners can apply.
As a part of the federal American Rescue Plan Act (ARPA), the federal government passed the State Small Business Credit Initiative (SSBCI) bill to fund small business credit support and investment programs. This initiative was originally created in 2009 under the Obama Administration. Colorado’s allocated funding in 2009 helped create the Cash Collateral Support program designed to help small- to medium-sized businesses that had difficulty accessing capital due to a lack of collateral.
Colorado has been allocated approximately $100,000,000 and will receive these funds in three tranches over a seven-year period. There are no grants available, but Colorado is using these funds to provide loans, collateral support for loans, and venture capital investments to Colorado businesses, and in particular those led by socially and economically disadvantaged individuals and very small businesses.
Please follow the links to the SSBCI-funded programs to learn more about these funding opportunities and how to apply.
- Venture Capital Authority Fund: With the SSBCI funding, the Venture Capital Authority will partner with multiple funds to provide capital access in the form of equity capital to new and expanding businesses that will ultimately support the formation of new jobs in Colorado.
- CLIMBER Fund: With the SSBCI funding, the state will partner with participating lenders to create greater access to capital for Colorado’s businesses by catalyzing loans that might not otherwise be available.
- Cash Collateral Support: With the SSBCI funding, Colorado will partner with participating lenders to create greater access to capital for Colorado’s businesses by strengthening the value of collateral pledged by a business to secure a commercial loan.
Additionally, OEDIT’s SSBCI dollars will support technical assistance to prepare businesses for these programs and other access to capital programs.
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