1
1

Summary

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

2010 (P.L. 111-240) (the Act), creating the State Small Business Credit Initiative (SSBCI). 

SSBCI provides $1.5 billion to new and existing state programs that support privatesector lending to, and investment in, small businesses and small manufacturers. 

SSBCI allows each State to design its own small business support programs in response 

to local economic conditions. SSBCI programs fall into two general categories - credit 

support programs (e.g., loan guarantee or loan participation programs) and statesponsored venture capital programs. States receive funding in three equal 

disbursements based on cumulative funds deployed.1

 States have drawn 94 percent of available funding: As of September 30, 2015, 

$1,362,671,748 out of $1,456,685,731 or 94 percent of total allocated funds was 

disbursed to the States.

2

 All 57 States received their first disbursement; 55 States 

received their second disbursement; 42 States received their third disbursement.

 States have deployed over $1.2 billion to support small business financing: 

Through September 30, 2015, States deployed a total of $1,243,430,637. Of this 

total, $1,121,747,784 was from original SSBCI allocations and $121,682,853 was

from recycled3SSBCI funds. These funds support loans or investments to small 

businesses, including through financial institutions and intermediaries, and for 

administrative expenses related to the program.

 States generate over $7 in new financing for every $1 in federal support: 

Through 2014, SSBCI operations have generated $7.36 in new small business 

lending or investing for every $1 of federal support.4 

 

1

SSBCI funds deployed are those legally expended (used to support loans or investments or for administrative expenses), 

obligated (legally committed to support loans or investments or for administrative expenses), or transferred (to a contracting 

entity as reimbursement of expenses incurred or to fund a loan or investment). This includes obligations to venture capital 

funds not yet linked to specific small business investments. As of 12/31/14, Venture Capital Programs reported that the 

amount of funds deployed was 37% greater ($79 million) than the amount expended to small businesses. The variance was due 

to SSBCI dollars that were obligated for investment in a business or to a venture capital fund but not yet expended to a specific 

small business.

2

Treasury approved applications from 47 states, the District of Columbia, five territories, and municipalities in three states 

(collectively referred to as States).

3

“Recycled” funds refer to program income, interest earned, or principal repayments that States deploy to support new 

transactions.

4

States report to Treasury the total deployment of funds on a quarterly basis and transaction-level detail, including 

private financing, on an annual basis. 
2

SSBCI at Work: Featured Success Stories

Montana: Bringing Local Dairy Products to a Statewide Market

To meet rising demand for locally produced dairy, Jared Tuck and his wife Mary, part owners of 

Kalispell Kreamery, sought financing to expand their operation. The had only one small 

problem: given the unique nature of their business model, there was no external market analysis 

their bank could use to substantiate their potential cash flow and provide the Tucks with the 

expansion financing that they needed.

By working with their lender through the 

financing process and using SSBCI funds, 

they were able to finance the company’s 

growth, freeing the dairy’s cash for wages 

for additional employees. Their lender

suggested combining a conventional loan 

of $118,000 with a matching SSBCI loan 

through Montana West Economic 

Development for a total of $236,000, which 

would allow them to enjoy the incredibly 

low interest rate of 0.8 percent. 

“Going through the SSBCI Loan Program was as simple as working with our local banker on any 

conventional loan. At the time we needed financing for a new barn and delivery truck we were 

also shopping for a bank. Our lender at First Interstate Bank won our business because of his 

willingness to think outside the box,” said Mary Tuck. “It made our expansion possible.” 

The new barn allowed the dairy to increase the number of cows on the farm from 100 to 200 

and created capacity for another 100 cows in the future. With seven employees and the five 

owners at the time of the loan, three years later an additional eight employees have joined the 

dairy in Northwest Montana. 

Connecticut: Solutions for Local Government through Innovative 

Technologies

In an effort to improve their hometown of New Haven, Ben Berkowitz, Miles Lasater, and Kam 

Lasater launched SeeClickFix, a smartphone app that citizens use to report non-emergency 

issues, communicate with public officials, and engage with fellow citizens to help find solutions 

to problems in their neighborhood or town. For example, citizens can take pictures of 

neighborhood concerns, such as graffiti, potholes, or broken streetlights, and send them directly 

to the appropriate government officials.
3

However, in order to complete the development of the product, 

SeeClickFix needed more funding. Without the funding, the 

company would not be able to improve the product and hire 

expertise necessary to gain market traction. Connecticut 

Innovations (CI) used SSBCI funds to invest $500,000 in 

SeeClickFix, and the company leveraged $1.1 million in additional 

funding from outside investors, allowing the company to develop 

its sales and marketing teams and make critical investments in 

the product. CI’s participation in the round was critical to this

financing. It did not lead the round, but its commitment helped 

catalyze the investment of the lead investor and helped mobilize 

new investors. SeeClickFix now provides comprehensive solutions 

to more than 240 government partners across the U.S. 

Idaho: Helping Entrepreneurs Get a Start

Nam Pharnasith decided to start a food truck because she loves to cook and saw a space in the 

market for the cuisine of her home country, Thailand. Though she has no formal culinary 

training, Pharansith learned to cook watching her mother and grandmother, and has continued 

cooking in the traditional style of Northeast 

Thailand since moving to Idaho 13 years ago. 

In order to open her new business – Thai Zap –

Pharansith required a business loan, but since she 

was a first-time business owner, it was difficult to 

find private financing. The Idaho Housing and 

Finance Association (IHFA) stepped in by providing 

collateral support with SSBCI funds to guarantee a 

$49,500 loan to Thai Zap. 

The business has created three new jobs, and 

added an exciting new dynamic to the food and 

restaurant scene in the small town of Pocatello. 
4

Guam: Providing Retail Options for a Small Community

Husband-and-wife team Haeja 

Son and Chang Bok Son had 

extensive experience in retail 

operations, but still faced 

challenges financing their dream 

of opening their own 

store. With support from the 

Guam Economic Development 

Authority (GEDA) loan guarantee 

program, the owners received a 

$534,760 loan from Community 

First Guam Federal Credit Union

to purchase the real estate and 

build out their convenience 

store. A spokesperson for the 

credit union explained, “We believe that Mr. and Mrs. Son [have] a small business with 

experience and a passion for service.”

Since the original loan, the business has attracted an additional $40,000 in financing for working 

capital using a second loan guarantee from GEDA. The business created 11 new jobs in the local 

area, and has been able to expand their merchandise providing more options to customers. 

Thanks in part to SSBCI, they are able to serve the area as the only neighborhood retail store, 

giving residents access to food and other general store items that they would otherwise have to 

travel significant distances to purchase. 
5

Figure 1.

Figure 2.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400 Millions

Disbursements of SSBCI Allocations 

(Cumulative through September 30, 2015)

3rd Disbursement

2nd Disbursement

1st Disbursement

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

Millions

SSBCI Funds Deployed

(Cumulative through September 30, 2015)

Recycled

Funds

Deployed

Allocation

Deployed
6

Figure 3.

Figure 4.

* For purposes of calculating percent of allocation deployed (expended, obligated or 

transferred), Treasury does not count any recycled SSBCI funds.

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

Recycled

Funds

Deployed

Allocation

Deployed

Top 20 States by Dollars of SSBCI Funds Deployed

(Cumulative through September 30, 2015)

100% 100% 100% 100% 100% 100%

99% 99% 99%

98% 98%

96% 96% 96%

95%

93% 93%

92% 92%

91%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Top 20 States by Percentage of SSBCI Funds Deployed*

(Cumulative through September 30, 2015)
7

Figure 5.

Figure 6.

* For purposes of calculating percent of allocation deployed (expended, obligated or 

transferred), Treasury does not count any recycled SSBCI funds.

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

$40,000,000

Recycled

Funds

Deployed

Allocation

Deployed

Top 20 States Year Over Year Change 

by Dollars of SSBCI Funds Deployed

52%

40% 38% 36%

31% 30% 28% 27% 25% 24% 24% 23% 22% 20% 20% 19% 17% 16% 15% 15%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Top 20 States Year Over Year Change 

by Percentage of SSBCI Funds Deployed*
8

Figure 7.

Figure 8.

$45 m

$233 m

$242 m

$457 m

$480 m

$0 $100 $200 $300 $400 $500 $600

CAP

Loan Guarantee

Collateral Support

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type 

(As of September 30, 2015)

81%

70%

84%

71%

37%

9%

0.17%

8%

25%

0.02%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Loan

Participation

Venture

Capital

Collateral

Support

Loan

Guarantee

CAP

Recycled Funds

Deployed

Allocation

Deployed

Percentage of SSBCI Funds Depoyed by Program Type

(Cumulative through September 30, 2015)
9

Figure 9.

* For purposes of calculating percent of allocation deployed (expended, obligated or 

transferred), Treasury does not count any recycled SSBCI funds.

Figure 10.

100100100100100100 99 99 99 98 98 96 96 96 95 93 93 92 92 91 90 89 86 86 85 84 83 81 80 76 76 75 75 75 75 74 72 70 69 68 66 66 64 63 63 61 60 55

53 52 52

44 43 41 39

15 5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NC

SC

PR

VT

ID

ND-M

OR

MT

NH

UT

SD

MO

AR

KS

IL

MI

CO

AL

WV

OK

TX

HI

TN

VA

WY-L

MS

AZ

ND-C

WA

NM

IA

FL

NY

AK-A

LA

MA

MN

GA

NE

OH

CA

NJ

IN

PA

DE

GU

KY

NV

CT

WI

VI

DC

ME

MD

RI

MP

AS

Percentage of SSBCI Allocation Deployed by State*

(As of September 30, 2015)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

NC

SC

PR

VT

ID

ND-M

OR

MT

NH

UT

SD

MO

AR

KS

IL

MI

CO

AL

WV

OK

TX

HI

TN

VA

WY-L

MS

AZ

ND-C

WA

NM

IA

FL

NY

AK-A

LA

MA

MN

GA

NE

OH

CA

NJ

IN

PA

DE

GU

KY

NV

CT

WI

VI

DC

ME

MD

RI

MP

AS

Millions

SSBCI Allocation Amount by State 

(As of September 30, 2015)
10

Appendix A: States Sorted by Percentage of SSBCI Allocation Deployed*

(As of 09/30/2015)

# State Agreement 

Date

Allocated 

Amount

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed

1 North Carolina 5/23/2011 $46,061,319 $46,061,319 100% $136,708 $46,198,027 

2 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $6,308,074 $24,298,489 

3 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $2,820,559 $17,360,616 

4 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $2,561,557 $15,729,907 

5 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $6,867,663 $20,004,207 

6 North Dakota, 

Mandan

8/31/2012 $9,734,641 $9,717,680 100% $3,575,733 $13,293,413 

7 Oregon 8/29/2011 $16,516,197 $16,404,277 99% $234,474 $16,638,751 

8 Montana 7/18/2011 $12,765,037 $12,638,284 99% $0 $12,638,284 

9 New Hampshire 7/18/2011 $13,168,350 $13,024,351 99% $0 $13,024,351 

10 Utah 9/30/2011 $13,168,350 $12,862,772 98% $985,500 $13,848,272 

11 South Dakota 9/22/2011 $13,168,350 $12,846,794 98% $1,325,030 $14,171,824 

12 Missouri 5/23/2011 $26,930,294 $25,925,774 96% $225,000 $26,150,774 

13 Arkansas 10/31/2011 $13,168,350 $12,702,929 96% $1,183,374 $13,886,303 

14 Kansas 6/28/2011 $13,168,350 $12,584,703 96% $496,616 $13,081,319 

15 Illinois 7/26/2011 $78,365,264 $74,813,106 95% $1,500,000 $76,313,106 

16 Michigan 7/6/2011 $79,157,742 $73,396,836 93% $15,200,207 $88,597,043 

17 Colorado 10/11/2011 $17,233,489 $16,042,605 93% $0 $16,042,605 

18 Alabama 8/24/2011 $31,301,498 $28,921,765 92% $33,583,190 $62,504,955 

19 West Virginia 11/18/2011 $13,168,350 $12,104,332 92% $300,591 $12,404,923 

20 Oklahoma 7/18/2011 $13,168,350 $11,928,332 91% $0 $11,928,332 

21 Texas 8/15/2011 $46,553,879 $41,816,729 90% $0 $41,816,729 

22 Hawaii 5/27/2011 $13,168,350 $11,727,631 89% $0 $11,727,631 

24 Tennessee 10/4/2011 $29,672,070 $25,419,276 86% $0 $25,419,276 

25 Virginia 8/15/2011 $17,953,191 $15,403,960 86% $0 $15,403,960 

26 Wyoming, Laramie 12/4/2012 $13,168,350 $11,152,647 85% $0 $11,152,647 

26 Mississippi 8/24/2011 $13,168,350 $11,002,435 84% $67,750 $11,070,185 

27 Arizona 11/7/2011 $18,204,217 $15,160,485 83% $0 $15,160,485 

28 North Dakota, 

Carrington

9/28/2012 $3,433,709 $2,785,674 81% $300,000 $3,085,674 

29 Washington 10/31/2011 $19,722,515 $15,744,841 80% $1,382,217 $17,127,058 

30 New Mexico 10/11/2011 $13,168,350 $9,986,290 76% $0 $9,986,290 

31 Iowa 8/30/2011 $13,065,020 $9,938,221 76% $0 $9,938,221 

32 Florida 8/24/2011 $97,662,349 $73,127,691 75% $26,306,646 $99,434,337 

33 New York 9/26/2011 $55,351,534 $41,675,791 75% $0 $41,675,791 

34 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,964 75% $0 $9,931,964 

35 Louisiana 8/24/2011 $12,366,058 $9,267,785 75% $1,024,564 $10,292,349 

36 Massachusetts 9/13/2011 $20,445,072 $15,158,902 74% $2,158,033 $17,316,935 

37 Minnesota 9/30/2011 $15,463,182 $11,168,909 72% $0 $11,168,909 

38 Georgia 12/13/2011 $47,808,507 $33,326,740 70% $480,000 $33,806,740 

39 Nebraska 10/4/2011 $13,168,350 $9,147,491 69% $0 $9,147,491 

40 Ohio 9/2/2011 $55,138,373 $37,351,754 68% $0 $37,351,754 

41 California 5/19/2011 $167,755,641 $110,791,608 66% $11,147,631 $121,939,239 

42 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $875,243 $23,157,304 

43 Indiana 5/27/2011 $34,339,074 $21,844,616 64% $0 $21,844,616 

44 Pennsylvania 10/6/2011 $29,241,232 $18,326,137 63% $636,494 $18,962,631 

45 Delaware 7/18/2011 $13,168,350 $8,239,038 63% $0 $8,239,038 

46 Guam 9/30/2011 $13,168,350 $8,097,961 61% $0 $8,097,961 

47 Kentucky 7/28/2011 $15,487,998 $9,352,269 60% $0 $9,352,269 

48 Nevada 9/30/2011 $13,803,176 $7,619,528 55% $0 $7,619,528 

49 Connecticut 7/14/2011 $13,301,126 $7,088,492 53% $0 $7,088,492 

50 Wisconsin 9/22/2011 $22,363,554 $11,612,154 52% $0 $11,612,154 

51 U.S. Virgin Islands 10/4/2011 $13,168,350 $6,881,425 52% $0 $6,881,425 

52 District of Columbia 8/15/2011 $13,168,350 $5,771,699 44% $0 $5,771,699 

53 Maine 9/6/2011 $13,168,350 $5,600,736 43% $0 $5,600,736 

54 Maryland 6/2/2011 $23,025,709 $9,452,047 41% $0 $9,452,047 

55 Rhode Island 9/6/2011 $13,168,350 $5,097,792 39% $0 $5,097,792 

56 Northern Mariana 

Islands

3/14/2012 $13,168,350 $2,007,889 15% $0 $2,007,889 

57 American Samoa 2/14/2012 $10,500,000 $575,890 5% $0 $575,890 

TOTAL $1,456,685,731 $1,121,747,784 77% $121,682,853 $1,243,430,637

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred.”

**Note: The Total Allocated Amount may change from quarter to quarter due to modifications made to individual State allocations.

***Note: Includes funds Expended, Obligated, Transferred or used for Administrative Expenses.
11

Appendix B: States Sorted by Dollars of SSBCI Allocation Deployed*

(As of 09/30/2015)

# State Agreement 

Date

Allocated 

Amount

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed

1 California 5/19/2011 $167,755,641 $110,791,608 66% $11,147,631 $121,939,239 

2 Florida 8/24/2011 $97,662,349 $73,127,691 75% $26,306,646 $99,434,337 

3 Michigan 7/6/2011 $79,157,742 $73,396,836 93% $15,200,207 $88,597,043 

4 Illinois 7/26/2011 $78,365,264 $74,813,106 95% $1,500,000 $76,313,106 

5 Alabama 8/24/2011 $31,301,498 $28,921,765 92% $33,583,190 $62,504,955 

6 North Carolina 5/23/2011 $46,061,319 $46,061,319 100% $136,708 $46,198,027 

7 Texas 8/15/2011 $46,553,879 $41,816,729 90% $0 $41,816,729 

8 New York 9/26/2011 $55,351,534 $41,675,791 75% $0 $41,675,791 

9 Ohio 9/2/2011 $55,138,373 $37,351,754 68% $0 $37,351,754 

10 Georgia 12/13/2011 $47,808,507 $33,326,740 70% $480,000 $33,806,740 

11 Missouri 5/23/2011 $26,930,294 $25,925,774 96% $225,000 $26,150,774 

12 Tennessee 10/4/2011 $29,672,070 $25,419,276 86% $0 $25,419,276 

13 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $6,308,074 $24,298,489 

14 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $875,243 $23,157,304 

15 Indiana 5/27/2011 $34,339,074 $21,844,616 64% $0 $21,844,616 

16 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $6,867,663 $20,004,207 

17 Pennsylvania 10/6/2011 $29,241,232 $18,326,137 63% $636,494 $18,962,631 

18 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $2,820,559 $17,360,616 

19 Massachusetts 9/13/2011 $20,445,072 $15,158,902 74% $2,158,033 $17,316,935 

20 Washington 10/31/2011 $19,722,515 $15,744,841 80% $1,382,217 $17,127,058 

21 Oregon 8/29/2011 $16,516,197 $16,404,277 99% $234,474 $16,638,751 

22 Colorado 10/11/2011 $17,233,489 $16,042,605 93% $0 $16,042,605 

23 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $2,561,557 $15,729,907 

24 Virginia 8/15/2011 $17,953,191 $15,403,960 86% $0 $15,403,960 

25 Arizona 11/7/2011 $18,204,217 $15,160,485 83% $0 $15,160,485 

26 South Dakota 9/22/2011 $13,168,350 $12,846,794 98% $1,325,030 $14,171,824 

27 Arkansas 10/31/2011 $13,168,350 $12,702,929 96% $1,183,374 $13,886,303 

28 Utah 9/30/2011 $13,168,350 $12,862,772 98% $985,500 $13,848,272 

29 North Dakota, Mandan 8/31/2012 $9,734,641 $9,717,680 100% $3,575,733 $13,293,413 

30 Kansas 6/28/2011 $13,168,350 $12,584,703 96% $496,616 $13,081,319 

31 New Hampshire 7/18/2011 $13,168,350 $13,024,351 99% $0 $13,024,351 

32 Montana 7/18/2011 $12,765,037 $12,638,284 99% $0 $12,638,284 

33 West Virginia 11/18/2011 $13,168,350 $12,104,332 92% $300,591 $12,404,923 

34 Oklahoma 7/18/2011 $13,168,350 $11,928,332 91% $0 $11,928,332 

35 Hawaii 5/27/2011 $13,168,350 $11,727,631 89% $0 $11,727,631 

36 Wisconsin 9/22/2011 $22,363,554 $11,612,154 52% $0 $11,612,154 

37 Minnesota 9/30/2011 $15,463,182 $11,168,909 72% $0 $11,168,909 

38 Wyoming, Laramie 12/4/2012 $13,168,350 $11,152,647 85% $0 $11,152,647 

39 Mississippi 8/24/2011 $13,168,350 $11,002,435 84% $67,750 $11,070,185 

40 Louisiana 8/24/2011 $12,366,058 $9,267,785 75% $1,024,564 $10,292,349 

41 New Mexico 10/11/2011 $13,168,350 $9,986,290 76% $0 $9,986,290 

42 Iowa 8/30/2011 $13,065,020 $9,938,221 76% $0 $9,938,221 

43 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,964 75% $0 $9,931,964 

44 Maryland 6/2/2011 $23,025,709 $9,452,047 41% $0 $9,452,047 

45 Kentucky 7/28/2011 $15,487,998 $9,352,269 60% $0 $9,352,269 

46 Nebraska 10/4/2011 $13,168,350 $9,147,491 69% $0 $9,147,491 

47 Delaware 7/18/2011 $13,168,350 $8,239,038 63% $0 $8,239,038 

48 Guam 9/30/2011 $13,168,350 $8,097,961 61% $0 $8,097,961 

49 Nevada 9/30/2011 $13,803,176 $7,619,528 55% $0 $7,619,528 

50 Connecticut 7/14/2011 $13,301,126 $7,088,492 53% $0 $7,088,492 

51 U.S. Virgin Islands 10/4/2011 $13,168,350 $6,881,425 52% $0 $6,881,425 

52 District of Columbia 8/15/2011 $13,168,350 $5,771,699 44% $0 $5,771,699 

53 Maine 9/6/2011 $13,168,350 $5,600,736 43% $0 $5,600,736 

54 Rhode Island 9/6/2011 $13,168,350 $5,097,792 39% $0 $5,097,792 

55 North Dakota, 

Carrington

9/28/2012 $3,433,709 $2,785,674 81% $300,000 $3,085,674 

56 Northern Mariana 

Islands

3/14/2012 $13,168,350 $2,007,889 15% $0 $2,007,889 

57 American Samoa 2/14/2012 $10,500,000 $575,890 5% $0 $575,890 

TOTAL $1,456,685,731 $1,121,747,784 77% $121,682,853 $1,243,430,637

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred.”

**Note: The Total Allocated Amount may change from quarter to quarter due to modifications made to individual State allocations.

***Note: Includes funds Expended, Obligated, Transferred or used for Administrative Expenses.