State Small Business Credit Initiative (SSBCI) Technical Assistance for Capital Readiness Program 2023
The SSBCI Technical Assistance for Capital Readiness Program 2023: Capital Readiness Coaches’ (SSBCI TA Program) primary purpose is to help Socially and Economically Disadvantaged Individual (SEDI)-owned businesses, Very Small Businesses (VSBs), and Small Manufacturing Enterprises (SME) access and apply for capital funding from an SSBCI-supported program or other federal or other jurisdiction small business program. The SSBCI TA Program prioritizes services from technical assistance providers that will meet program goals as outlined by US Treasury and serve businesses that are owned by socially and economically disadvantaged individuals (SEDI) and very small businesses (VSB), including services that:
- Increase awareness and readiness for entrepreneurs and small businesses applying for capital.
- Result in the successful acquisition of capital as well as supportive services post loan.
- Increase legal, accounting, and financial management skills.
- Support the equitable coverage of small businesses across the state’s vast geographic regions.
Become a SSBCI Subrecipient
CalOSBA seeks applicants to become a part of the SSBCI mesh network as Capital Readiness Coaches, Capital Readiness Network Manager, Capital Providers, Equity Advisors, or Technical Assistance Training Partners. Review the Program Announcement for full program details and eligibility requirements through the link below.
Deadline to apply is December 22, 2023 by 11:59:59PM PDT.
Become a SSBCI Lender
CalOSBA proudly collaborates with the California Infrastructure and Economic Development Bank (iBank) and California Pollution Control Financing Authority (CPCFA) to empower financial institutions in their role as SSBCI Lenders, facilitating support for SEDI-owned and VSBs. To become a SSBCI Lender, contact iBank or CPCFA.
I am a Small Business
CalOSBA leads the SSBCI TA Program, helping SEDI-owned businesses and VSBs access SSBCI programs or participate in other federal or other jurisdiction programs that support small businesses by providing legal, accounting, and financial advisory services. Program launch dates coming soon.
About the Program
On March 11, 2021, President Biden signed The American Rescue Plan Act (ARPA), which reauthorized and funded the State Small Business Credit Initiative (SSBCI). The new version of the SSBCI program provides a combined $10 billion to states, the District of Columbia, territories, and Tribal governments to empower small businesses to access capital needed to invest in job-creating opportunities as the country emerges from the pandemic. ARPA provided $9.5 billion for SSBCI capital programs and $500 million for technical assistance funding with $25.3 million allocated to California to administer a Technical Assistance (TA) program. The program has a new allocation of $1.5 billion for business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI-owned businesses), along with $1 billion of incentive funds for jurisdictions that demonstrate robust support for SEDI-owned businesses. The funds will also support recipient jurisdictions in promoting American entrepreneurship and democratizing access to startup capital across the country, including in underserved communities.
The program is intended to mobilize local sources of capital, such as community banks, approved Financial Development Corporations (FDCs), Community Development Financial Institutions (CDFIs) Fund, Minority Depository Institutions, and private & institutional investors, to support local small businesses. SSBCI capital programs are administered by both the California Infrastructure and Economic Development Bank (IBank), housed within the Governor’s Office of Business and Economic Development and the California Pollution Control Financing Authority, housed within the California State Treasurer’s Office. The Office of the Small Business Advocate (CalOSBA) within the Governor’s Office of Business and Economic Development (GO-Biz) is designated as the lead office for the SSBCI technical assistance programming.