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Summary

On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 

2010 (P.L. 111-240) (the Act), which created programs to encourage small business 

lending, including the State Small Business Credit Initiative (SSBCI). SSBCI provides $1.5 

billion to support new and existing state programs that provide lending to, and invest in,

small businesses and small manufacturers. 

SSBCI is expected to help spur up to $15 billion in additional private sector lending and 

investing to small businesses and small manufacturers. States do this by using federal 

funds for programs that leverage private lending and investing to help finance small 

businesses that are creditworthy, but do not have sufficient access to capital necessary 

to expand and create jobs. To be eligible for funds, each State had to demonstrate a 

reasonable expectation that it would be able to leverage each federal $1 to generate 

$10 in new small business lending or investing.

In 2011 and 2012, Treasury approved applications on a rolling basis and signed 

Allocation Agreements with 47 states, the District of Columbia, five territories and 

municipalities in three states (for simplicity each participating entity will be referred to as 

a “State”). North Dakota and Wyoming did not apply for SSBCI funding, and Alaska 

withdrew its application. States could divide their allocation among several types of 

small business support programs: Loan Participation Programs (LPPs): Venture Capital 

Programs (VCPs), Loan Guarantee Programs (LGPs), Collateral Support Programs (CSPs)

and Capital Access Programs (CAPs). States receive SSBCI funding in three equal 

disbursements which are paid out based on cumulative funds used.

 Disbursements: As of June 30, 2013, $810,940,324 out of $1,459,589,591 or 56

percent of total allocations were disbursed. All 57 States received their first

disbursement; 27 States received their second disbursement; 8 States received 

their third disbursement. 

 SSBBCI funds expended, obligated or transferred:

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Through June 30, 2013, 

States expended, obligated or transferred $565,037,565 in SSBCI funds to support 

loans or investments to small businesses, including to intermediaries, and for 

administrative expenses related to the program.

 Change in funds expended, obligated or transferred since prior quarter: This 

figure increased from 27 percent of allocated funds in 1Q13 to 38 percent in 

2Q13.

 

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SSBCI funds “expended” are funds used to support loans or investments or for administrative expenses. SSBCI 

funds “obligated” are funds legally committed to support loans or investments, including obligations to 

intermediaries, and for administrative expenses. SSBCI funds “transferred” are funds transferred to a contracting 

entity as reimbursement of expenses incurred or to fund a loan or investment.
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 Extent of funds expended, obligated or transferred: Three-quarters of States 

– 41 of 57 – expended, obligated or transferred over $3 million of their SSBCI 

allocation. 

 Funds expended, obligated or transferred by type of program: Venture 

Capital Programs expended, obligated or transferred the largest portion of their 

allocation (47 percent). Venture Capital Programs obligate or transfer funds to 

private entities which, in turn, invest in small businesses. Among lending 

programs, Loan Participation Programs expended, obligated or transferred the 

largest portion or their allocation (42 percent).

Figure 1. 

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

2011

Mar

2011

Jun

2011

Sep

2011

Dec

2012

Mar

2012

Jun

2012

Sep

2012

Dec

2013

Mar

2013

Jun

3rd Disbursement

2nd Disbursement

1st Disbursement

Disbursements of SSBCI Allocations

(Cumulative through June 30, 2013)
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Figure 2. 

SSBCI Disbursements

(As of June 30, 2013)

Figure 3.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

June

2011

Sept

2011

Dec

2011

March

2012

June

2012

Sept

2012

Dec

2012

March

2013

June

2013

SSBCI Funds Expended, Obligated or Transferred

(Cumulative through June 30, 2013)
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Figure 4.

Figure 5.

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

MichiganNew York Florida North

Carolina

California Illinois Texas Indiana Alabama Missouri

Top 10 States by Dollars of 

SSBCI Funds Expended, Obligated or Transferred

(Cumulative through June 30, 2013)

0%

20%

40%

60%

80%

100%

120%

Top 10 States by Percentage of 

SSBCI Allocations Expended, Obligated or Transferred

(Cumulative through June 30, 2013)
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Figure 6.

Figure 7.

$118m

$209m

$230m

$442m

$461m

$0 $100 $200 $300 $400 $500

CAP

Collateral Support

Loan Guarantee

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type 

(As of June 30, 2013)

47%

42%

33%

30%

7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Venture Capital Loan Participation Collateral Support Loan Guarantee CAP

Percentage of SSBCI Funds 

Expended, Obligated or Transferred by Program Type

(Cumulative through June 30, 2013)
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Appendix A: States Sorted by Percentage of SSBCI Allocation Expended, Obligated or Transferred 

through 6/30/2013 

# State Agreement Date Allocated Amount

Expended, Obligated or 

Transferred

Percent

1 Idaho 8/29/2011 $13,168,350 $12,638,234 96%

2 West Virginia 11/18/2011 $13,168,350 $12,521,285 95%

3 South Carolina 7/6/2011 $17,990,415 $16,444,874 91%

4 Montana 7/18/2011 $13,168,350 $11,050,125 84%

5 New Hampshire 7/18/2011 $13,168,350 $10,819,563 82%

6 Arkansas 10/31/2011 $13,168,350 $10,273,889 78%

7 Michigan 7/6/2011 $79,157,742 $57,075,614 72%

8 North Carolina 5/23/2011 $46,061,319 $32,264,046 70%

9 Missouri 5/23/2011 $26,930,294 $17,508,034 65%

10 South Dakota 9/22/2011 $13,168,350 $8,461,885 64%

11 New York 9/26/2011 $55,351,534 $34,852,248 63%

12 Alabama 8/24/2011 $31,301,498 $19,498,505 62%

13 Indiana 5/27/2011 $34,339,074 $21,387,311 62%

14 Louisiana 8/24/2011 $13,168,350 $7,958,069 60%

15 Iowa 8/30/2011 $13,168,350 $7,667,502 58%

16 Tennessee 10/4/2011 $29,672,070 $16,694,104 56%

17 Texas 8/15/2011 $46,553,879 $26,114,240 56%

18 Washington 10/31/2011 $19,722,515 $10,796,794 55%

19 Massachusetts 9/13/2011 $22,032,072 $10,898,301 49%

20 Oregon 8/29/2011 $16,516,197 $7,870,385 48%

21 North Dakota, Mandan 8/31/2012 $9,710,768 $4,590,864 47%

22 Nebraska 10/4/2011 $13,168,350 $5,513,472 42%

23 Kansas 6/28/2011 $13,168,350 $5,506,647 42%

24 Illinois 7/26/2011 $78,365,264 $27,772,431 35%

25 Florida 8/24/2011 $97,662,349 $33,304,902 34%

26 Delaware 7/18/2011 $13,168,350 $4,447,131 34%

27 New Jersey 9/22/2011 $33,760,698 $11,173,982 33%

28 Oklahoma 7/18/2011 $13,168,350 $4,330,447 33%

29 Vermont 5/23/2011 $13,168,350 $4,068,681 31%

30 Rhode Island 9/6/2011 $13,168,350 $4,062,778 31%

31 Wisconsin 9/22/2011 $22,363,554 $6,816,703 30%

32 Hawaii 5/27/2011 $13,168,350 $3,502,206 27%

33 Arizona 11/7/2011 $18,204,217 $4,834,404 27%

34 Georgia 12/13/2011 $47,808,507 $12,370,400 26%

35 New Mexico 10/11/2011 $13,168,350 $3,271,596 25%

36 Utah 9/30/2011 $13,168,350 $3,100,742 24%

37 Minnesota 9/30/2011 $15,463,182 $3,493,083 23%

38 Mississippi 8/24/2011 $13,168,350 $2,813,738 21%

39 Nevada 9/30/2011 $13,803,167 $2,845,438 21%

40 Maryland 6/2/2011 $23,025,709 $4,544,472 20%

41 Maine 9/6/2011 $13,168,350 $2,508,298 19%

42 Pennsylvania 10/6/2011 $29,241,232 $5,415,498 19%

43 District of Columbia 8/15/2011 $13,168,350 $2,389,047 18%

44 Alaska, Anchorage 2/14/2012 $13,168,350 $2,293,218 17%

45 California 5/19/2011 $167,755,642 $28,500,101 17%

46 Kentucky 7/28/2011 $15,487,998 $2,230,590 14%

47 Guam 9/30/2011 $13,168,350 $1,687,868 13%

48 North Dakota, Carrington 9/28/2012 $3,433,709 $436,637 13%

49 Colorado 10/11/2011 $17,233,489 $2,187,275 13%

50 Ohio 9/2/2011 $55,138,373 $6,908,657 13%

51 Puerto Rico 10/6/2011 $14,540,057 $1,721,440 12%

52 Virginia 8/15/2011 $13,168,350 $1,651,477 9%

53 Virgin Islands 10/4/2011 $17,953,191 $711,451 5%

54 Connecticut 7/14/2011 $13,301,126 $110,764 1%

55 Wyoming, Laramie 12/4/2012 $13,168,350 $70,000 1%

56 Northern Mariana 3/14/2012 $13,168,350 $56,119 0%

57 American Samoa 1/26/2012 $10,500,000 $0 0%

TOTAL $1,459,589,591 $564,037,565 39%
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Appendix B: States Sorted by Dollars of SSBCI Funds Expended, Obligated or Transferrred 

through 6/30/2013

# State

Agreement Date Allocated Amount

Expended, Obligated or 

Transferred

Percent

1 Michigan 7/6/2011 $79,157,742 $57,075,614 72%

2 New York 9/26/2011 $55,351,534 $34,852,248 63%

3 Florida 8/24/2011 $97,662,349 $33,304,902 34%

4 North Carolina 5/23/2011 $46,061,319 $32,264,046 70%

5 California 5/19/2011 $167,755,642 $28,500,101 17%

6 Illinois 7/26/2011 $78,365,264 $27,772,431 35%

7 Texas 8/15/2011 $46,553,879 $26,114,240 56%

8 Indiana 5/27/2011 $34,339,074 $21,387,311 62%

9 Alabama 8/24/2011 $31,301,498 $19,498,505 62%

10 Missouri 5/23/2011 $26,930,294 $17,508,034 65%

11 Tennessee 10/4/2011 $29,672,070 $16,694,104 56%

12 South Carolina 7/6/2011 $17,990,415 $16,444,874 91%

13 Idaho 8/29/2011 $13,168,350 $12,638,234 96%

14 West Virginia 11/18/2011 $13,168,350 $12,521,285 95%

15 Georgia 12/13/2011 $47,808,507 $12,370,400 26%

16 New Jersey 9/22/2011 $33,760,698 $11,173,982 33%

17 Montana 7/18/2011 $13,168,350 $11,050,125 84%

18 Massachusetts 9/13/2011 $22,032,072 $10,898,301 49%

19 New Hampshire 7/18/2011 $13,168,350 $10,819,563 82%

20 Washington 10/31/2011 $19,722,515 $10,796,794 55%

21 Arkansas 10/31/2011 $13,168,350 $10,273,889 78%

22 South Dakota 9/22/2011 $13,168,350 $8,461,885 64%

23 Louisiana 8/24/2011 $13,168,350 $7,958,069 60%

24 Oregon 8/29/2011 $16,516,197 $7,870,385 48%

25 Iowa 8/30/2011 $13,168,350 $7,667,502 58%

26 Ohio 9/2/2011 $55,138,373 $6,908,657 13%

27 Wisconsin 9/22/2011 $22,363,554 $6,816,703 30%

28 Nebraska 10/4/2011 $13,168,350 $5,513,472 42%

29 Kansas 6/28/2011 $13,168,350 $5,506,647 42%

30 Pennsylvania 10/6/2011 $29,241,232 $5,415,498 19%

31 Arizona 11/7/2011 $18,204,217 $4,834,404 27%

32 North Dakota, Mandan 8/31/2012 $9,710,768 $4,590,864 47%

33 Maryland 6/2/2011 $23,025,709 $4,544,472 20%

34 Delaware 7/18/2011 $13,168,350 $4,447,131 34%

35 Oklahoma 7/18/2011 $13,168,350 $4,330,447 33%

36 Vermont 5/23/2011 $13,168,350 $4,068,681 31%

37 Rhode Island 9/6/2011 $13,168,350 $4,062,778 31%

38 Hawaii 5/27/2011 $13,168,350 $3,502,206 27%

39 Minnesota 9/30/2011 $15,463,182 $3,493,083 23%

40 New Mexico 10/11/2011 $13,168,350 $3,271,596 25%

41 Utah 9/30/2011 $13,168,350 $3,100,742 24%

42 Nevada 9/30/2011 $13,803,167 $2,845,438 21%

43 Mississippi 8/24/2011 $13,168,350 $2,813,738 21%

44 Maine 9/6/2011 $13,168,350 $2,508,298 19%

45 District of Columbia 8/15/2011 $13,168,350 $2,389,047 18%

46 Alaska, Anchorage 2/14/2012 $13,168,350 $2,293,218 17%

47 Kentucky 7/28/2011 $15,487,998 $2,230,590 14%

48 Colorado 10/11/2011 $17,233,489 $2,187,275 13%

49 Puerto Rico 10/6/2011 $14,540,057 $1,721,440 12%

50 Guam 9/30/2011 $13,168,350 $1,687,868 13%

51 Virginia 8/15/2011 $13,168,350 $1,651,477 9%

52 Virgin Islands 10/4/2011 $17,953,191 $711,451 5%

53 North Dakota, Carrington 9/28/2012 $3,433,709 $436,637 13%

54 Connecticut 7/14/2011 $13,301,126 $110,764 1%

55 Wyoming, Laramie 12/4/2012 $13,168,350 $70,000 1%

56 Northern Mariana 3/14/2012 $13,168,350 $56,119 0%

57 American Samoa 1/26/2012 $10,500,000 $0 0%

TOTAL $1,459,589,591 $564,037,565 39%