STATE SMALL BUSINESS

CREDIT INITIATIVE:

A SUMMARY OF STATES’

2013

ANNUAL REPORTS
DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 20220

September 29, 2014

We are pleased to present the Summary of States’ 2013 Annual Reports for the U.S. Treasury’s 

State Small Business Credit Initiative (SSBCI). SSBCI was created by the Small Business Jobs 

Act of 2010 to support private lending and investing in small businesses. From 2011 through 

2013, States reported that they had expended $590 million in SSBCI funds which, in turn, 

supported over 8,500 private sector loans or investments to small businesses totaling $4.1 billion. 

The state-by-state data show how SSBCI programs operating in all 50 States, the District of 

Columbia and territories have expended their allocated funds to date. The States reported the 

following notable accomplishments:

•	 State SSBCI programs supported 3,832 loans or investments in 2013, a nine percent 

increase over 2012.

•	 State SSBCI programs supported $1.9 billion in new private sector loans or investments 

in 2013, an eight percent increase over 2012.

•	Cumulatively, the State programs have supported $6.95 in private sector loans or 

investments for every $1 in SSBCI funds. Nine States have already surpassed the goal of 

10:1 private sector leverage by the end of the program.

Treasury publishes States’ SSBCI performance data in Quarterly and Annual Reports. In 

addition, Treasury publishes Best Practices from SSBCI state managers, as well as independent 

reports on SSBCI loan programs and venture capital programs.

For more information about SSBCI, visit www.treasury.gov/ssbci. 

Jessica Milano Clifton G. Kellogg

Deputy Assistant Secretary Director

Small Business, Community Development State Small Business Credit Initiative

And Affordable Housing Policy
Capital

Access

Program

34,757

Loan

Participation

21,132

Loan

Guarantee

18,853

Venture

Capital 

11,577

Collateral

Support

9,282

More than

95,000 Jobs

Created or Saved*

=$6,200 per job 

* Estimated by business owner receiving loan or investment.

Through 2013, SSBCI funds have increased

private sector small business

lending or investing by

$4.1 billion

helping more than 8,500

small businesses across the country

The State Small Business Credit Initiative (SSBCI) was created 

with President Obama’s signing of the Small Business Jobs Act of 

2010. In the past three years, the U.S. Department of the Treasury 

has provided over $1 billion in federal funds to Participating 

States. Through 2013, states had expended $590 million, which 

leveraged over $4 billion of increased capital to local businesses, 

almost 7:1 leverage. 

The $4 billion in public and leveraged private capital resulted 

in new loans and investments to more than 8,500 businesses. 

The States decide how to use the funds, which may be used in 

programs such as Loan Participation, Venture Capital, Loan 

Guarantee, Collateral Support, and Capital Access Programs.

One of the main goals of SSBCI is to foster job creation. To date, 

business owners report more than 95,000 jobs will be created or 

retained due to the new loans and investments caused by SSBCI 

funds. This amounts to $6,200 per job supported. More than 

half of all SSBCI loans or investments went to young businesses 

less than five years old. Research suggests that young businesses 

are more likely to create jobs than more mature businesses.1 

Additionally, 80 percent of SSBCI supported loans or investments 

went to businesses with 10 employees or less. Over 40 percent 

of the loans or investments were in low- or moderate-income 

communities. 

1 “Kauffman Foundation Research Series: Where Will The Jobs Come 

From?” November 2009

Guam

American

Samoa

Northern

Marina Islands

Puerto

Rico

U.S. Virgin

Islands

$0 M - $10 M

$10 M - $50 M

$50 M - $100 M

Over $100 M

New Small Business Loans or Investments Caused by SSBCI Funding

(Through 2013)

SSBCI: Summary of States’ 2013 Annual Reports iii
iv SSBCI: Summary of States’ 2013 Annual Reports

Deployment* of SSBCI Funds is Increasing . . .

(Cumulative through June 30, 2014) 

Dollars in Millions

*Deployed funds are legally expended, obligated, or transferred.

Original SSBCI Funds Recycled SSBCI Funds

0 

$100

$200

$300

$400

$500

$600

$700

$800 

$900 

$1,000 

June 2011 

Sept 2011 

Dec 2011 

March 2012 

June 2012 

Sept 2012 

Dec 2012 

March 2013 

June 2013 

Sept 2013 

Dec 2013 

March 2014 

June 2014 

0-1 year 

0-10 FTE 

2-5 years 

11-50 FTEs 

6-10 years 

51-100 FTEs 

>10 years 

100-250 FTEs 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total Number of Loans or Investments 

251-500 FTEs 

Age of Business Number of Employees

Percent of SSBCI-supported Loans or Investments 

in Low- or Moderate-Income Census Tracts

Capital access 47%

Collateral support 30%

Loan guarantee 35%

Loan participation 30%

Venture capital 41%

TOTAL 42%

SSBCI loans and investments support . . .

Young Businesses, Small Businesses, and Businesses in Underserved Communities
SSBCI: Summary of States’ 2013 Annual Reports v

Table of Contents

Loan Participation Programs .

Venture Capital Programs  

Loan Guarantee Programs .

Collateral Support Programs .

Capital Access Programs .

SSBCI Allocations and Disbursements .

SSBCI Program Performance .

Appendix A-1: State-by-State Results .

Appendix A-2: Participating Municipalities . 

Appendix A-3: Participating Territories  .

Appendix B: SSBCI Funds Expended by State .

Appendix C: SSBCI Funds Expended by Program Type by State .

Appendix D: Top 15 Lenders by Amount Loaned and by Number of Loans . 

Acknowledgements .
vi SSBCI: Summary of States’ 2013 Annual Reports
SSBCI: Summary of States’ 2013 Annual Reports PROGRAMS 1

SSBCI PROGRAM TYPE

Loan Participation 

Programs 

Creating and saving nearly 22,700 

jobs with innovative financing 

Loan Participation Programs (LPPs) support 

small business lending by providing a portion 

of the capital for a financial institution’s 

small business loan. SSBCI funds help in 

two different ways. States can use SSBCI 

funds to purchase a portion of a financial 

institution’s loan. This is known as a purchase 

LPP. Alternatively, States can use SSBCI funds 

to make a direct loan, known as a companion 

LPP. In both cases, the portion funded with 

SSBCI funds is typically subordinate in its claim 

on collateral to a financial institution’s interest, 

providing a crucial boost for small business 

lending.

Key Facts

•	 LPPs operate in 38 States and supported 

nearly $1.5 billion in loans through 2013, 

creating over 10,000 jobs, the most of any 

SSBCI program type. 

•	 The average total financing per small 

business for LPPs is over $1.6 million. LPPs 

have leveraged $6.41 for every $1 in SSBCI 

funds.

•	 States have deployed 46 percent of the 

funding they received for LPPs, the second 

highest percentage of funds deployed by any 

SSBCI program type.

Illinois:

In-sourcing Jobs to the Midwest

Customer Speak, LLC (CSL) provides call 

center services for market research and 

customer support to clients, including 

Fortune 500 companies. In 2011, CSL 

purchased a Costa Rica-based company 

with the intention of moving its 

operations to Rockford, Illinois. To make 

the move, CSL needed working capital, 

workstation equipment, and financing to 

outfit a leased property – all challenging 

to finance given their lack of collateral. 

The Illinois Department of Community 

and Economic Opportunity (DCEO) 

created a LPP with its allocation of 

SSBCI funds. Through 2013, DCEO has 

deployed $34 million in SSBCI funds to 

support more than $345 million in private 

financing. 

Working with Northwest Bank of Rockford, 

IL, DCEO lent $1.2 million of the over 

$5.1 million in total project costs for CSL’s 

expansion that is expected to create 150 

jobs in the first two years of operations. 

“The SSBCI-supported loans allowed 

us to sign a 10-year lease on a 

40,000-square-foot call center, and to 

expand our Rockford operations,” said 

Stewart Dauman, majority owner and 

Chairman. “We are happy that we can 

help support the community of Rockford 

with additional jobs and play a role in 

improving the local economy.”
2 PROGRAMS SSBCI: Summary of States’ 2013 Annual Reports

SSBCI PROGRAM TYPE

Venture Capital 

Programs 

Financing innovative new 

businesses to create new jobs 

Venture Capital Programs (VCPs) support small 

business investing by injecting equity in startups and other emerging businesses that might 

not otherwise obtain financing. States make 

direct equity investments or, alternatively, 

States invest in privately managed equity 

funds, which must attract other investors 

before investing in small businesses.

Most VCPs describe their programs as “earlystage financing” for businesses that are not yet 

established enough for traditional investors. 

VCPs – as is true of all SSBCI programs – must 

attract at least $1 in private capital for each $1 

of SSBCI funds. VCPs facilitate private sector 

investments by supplementing capital from 

private investors. State VCPs expect to jumpstart the capital markets in States with little 

private equity investing activity. 

Key Facts

•	 VCPs operate in 33 States and supported 

investments in 570 businesses, totaling 

almost $1.3 billion through 2013. 

•	 The average total financing per small 

business for VCPs is $2.2 million. Through 

2013, VCPs have leveraged $8.46 for every $1 

in SSBCI funds.

Minnesota:

SSBCI Funds Allow Living Green 

Farms Inc. to Grow

Living Green Farms Inc. revolutionizes the 

concept of indoor, urban farming. Their 

patented technology and controlled 

indoor growing environment optimizes 

plant growth and quality, while reducing 

water and fertilizer use by 90 percent and 

land use by 95 percent. 

The Minnesota Department of 

Employment and Economic Development 

used SSBCI funds to create the Minnesota 

Angel Loan Fund Program to help catalyze 

investment in early stage companies. 

Living Green Farms Inc. received a $90,000 

SSBCI investment through the Minnesota 

Angel Loan Fund Program, which 

completed a $900,000 round of angel 

investment. This new capital enabled the 

company to purchase additional lighting 

for indoor farming, allowing the company 

to take the next step in commercializing 

their innovative farming technology.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAMS 3

SSBCI PROGRAM TYPE

Loan Guarantee 

Programs 

Sharing risk to increase small 

business lending

Loan Guarantee Programs (LGPs) support 

small business lending by sharing the lender’s 

risk of loss. The guarantees support loans 

to businesses that do not fit traditional 

lending criteria. States can use SSBCI funds to 

guarantee up to 80 percent of a loan, though 

most guarantees are at a lower level. The 

State shares the lender’s loss in the event the 

borrower cannot repay the loan. 

Before the recession, state-funded LGPs 

operated successfully in California, Maryland, 

Oregon, and elsewhere. SSBCI not only 

re-started and ramped up these existing 

programs, but also funded new LGPs like 

the one in Florida. Florida’s program has 

guaranteed or has pending applications for 14 

loans totaling over $18 million.

Key Facts

•	 SSBCI-funded LGPs operate in 18 States and 

supported 943 loans totaling $477 million 

through 2013.

•	 The average total financing per small 

business for LGPs is $505,000 through 2013, 

LGPs have leveraged $5.32 for every $1 in 

SSBCI funds.

•	 Some States offer SSBCI loan guarantees to 

support bridge financing that is necessary 

before a project’s permanent loan is in place.

Florida:

Expanding manufacturing capacity 

and creating new skilled jobs

For 20 years, Earnest Products of Sanford, 

Florida has fabricated high-quality sheet 

metal used in the manufacturing of 

custom metal parts. While the company’s 

products were in high demand, their 

lack of capital constrained production 

capacity. 

Enterprise Florida (EFI), a non-profit 

organization that serves as the state’s 

primary economic development entity 

guaranteed a $1,750,000 line of credit 

from Fifth Third Bank as part of a $10 

million loan package.

The new facility will allow Earnest 

Products to expand to become the largest 

sheet metal fabricator in the Southeast. 

The company has created 25 new jobs 

and anticipates creating 100 more highwage, skilled manufacturing jobs over the 

next few years.
4 PROGRAMS SSBCI: Summary of States’ 2013 Annual Reports

SSBCI PROGRAM TYPE

Collateral Support 

Programs 

Helping businesses in the hardest 

hit communities 

Collateral Support Programs (CSPs) support 

small business lending by using SSBCI funds 

to fill a collateral gap for otherwise strong 

businesses. In evaluating a loan, lenders may 

find that the value of a business’s collateral 

is less than the loan amount. This type of 

collateral shortfall is a common occurrence in 

areas that suffered depressed real estate values 

or a decline in manufacturing. Using funds 

from a CSP, a State makes a cash deposit at the 

financial institution lender to cover a portion of 

the collateral gap for the loan. 

Key Facts

•	 Michigan created the first CSP in 2009 with 

State appropriations.

•	CSPs now operate in 17 States and supported 

480 loans totaling $584 million through 2013.

•	 The average total financing per small 

business for CSPs is $1.22 million. CSPs have 

leveraged $5.46 for every $1 in SSBCI funds.

•	 States have deployed 50 percent of the 

funding they received for CSPs, the highest 

percentage of funds deployed by any SSBCI 

program type.

Kentucky:

Helping Local Manufacturers Grow

When Shane Wallingford wanted to 

build on his 20 years of experience in 

mining and papermaking to start a 

sheet metal manufacturer, he found that 

conventional financing was out of reach. 

A local CDFI, the Mountain Association 

for Community Economic Development 

(MACED), stepped in with support from 

the Kentucky Cabinet for Economic 

Development’s CSP to provide a loan for 

equipment and start-up costs. 

Kentucky was one of 17 states that 

created a CSP with SSBCI funds. The hard 

work of ramping up a new credit support 

program has paid off and CED is ontrack to more than double 2013 volume 

in 2014. As of year-end 2013, Kentucky 

generated $9 in private financing for 

every $1 in collateral support.

With a $250,000 loan from MACED 

and $50,000 collateral support 

from Kentucky’s SSBCI program, Mr. 

Wallingford’s company, JSB Industrial 

Solutions, created five new jobs in an 

economically distressed county. 
SSBCI: Summary of States’ 2013 Annual Reports PROGRAMS 5

SSBCI PROGRAM TYPE

Capital Access 

Programs 

Supporting nearly 5,600 small 

businesses 

Capital Access Programs (CAPs) support 

small business lending by creating a funded 

reserve account to cover a portion of losses 

on a portfolio of new small business loans. 

The lender and the borrower contribute two 

to seven percent of the loan amount to the 

lender’s reserve account which, in turn, is 

matched by a State’s SSBCI funds. Losses 

from the lender’s CAP portfolio are recovered 

from its reserve account until the account is 

depleted.

Key Facts

•	CAPs operate in 24 States and supported 

the origination of nearly 5,600 new small 

business loans – the most of any SSBCI 

program type – totaling almost $300 million.

•	 Filling a significant gap in the small business 

lending landscape, the average CAP loan size 

stands at approximately $51,000. 

•	CAPs have supported the creation of almost 

6,500 jobs and the retention of more than 

28,000 jobs at risk of loss.

New York:

Helping Businesses Recover from 

Superstorm Sandy

Photo by Lucas Jackson, Courtesy of REUTERS 

In the wake of Superstorm Sandy, sand 

and water damage rendered inoperable 

all of the equipment of American Suds 

I, a laundromat and dry cleaner located 

one block from Coney Island. Business 

owner Jin Huang Liu faced over $200,000 

in cleanup costs and lost sales, and 

had insufficient cash flow to obtain a 

traditional loan.

A local CDFI, Renaissance Economic 

Development Corp., with support 

from the Empire State Development 

Corporation’s CAP, approved an 

emergency loan for $30,000. Through 

2013, Empire State Development 

Corporation’s CAP has generated over $16 

of private lending for every $1 of SSBCI 

funds.

With the help of the SSBCI-supported 

loan, Mr. Liu was able to clean up his 

storefront and re-open his business.
6 ALLOCATIONS SSBCI: Summary of States’ 2013 Annual Reports

SSBCI Allocations and Disbursements

Amount of Allocations 

Under the Small Business Jobs Act of 2010 (Act), the governor of each State designated an agency to 

apply for an SSBCI allocation. Municipalities could apply for an allocation if their state did not submit a 

notice of intent to apply for funds or complete an application prior to June 27, 2011. Treasury awarded 

allocations to municipalities in Alaska, North Dakota and Wyoming. For simplicity, each participating 

entity will be referred to as a “State.”

Figure 1: SSBCI Allocations

(Cumulative through 2013)

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Marina Islands

Less than $15M allocated

$15M to $30M allocated

$30M to $60M allocated

More than $60M allocated

Note: AK, WY and ND did not apply for allocations. Treasury allocated funds to municipalities in those states.

A formula in the Act determined the SSBCI allocation based on loss of jobs and unemployment levels 

per state. Each State received a minimum allocation of 0.9 percent of the total funding, equal to $13.2 

million (see Appendix A for specific allocation amounts).
SSBCI: Summary of States’ 2013 Annual Reports ALLOCATIONS 7

Disbursements to States 

States draw down their allocations in three disbursements. Once a State signs its Allocation 

Agreement, the State receives its first disbursement. States draw their second and third disbursements 

after they expend, obligate or transfer 80 percent of the prior disbursement. Through 2013, 41 States 

have drawn their second disbursement and 14 States have drawn their third disbursement.

Figure 2: SSBCI Disbursements to States

(Through 2013)

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Marina Islands

33% Drawn

66% Drawn

100% Drawn

*The Mandan, ND Consortium is 66% Drawn and the Carrington, ND Consortium is 33% Drawn.

Percent of Drawdowns as of

December 31, 2013
8 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

SSBCI Program Performance

2013 marked the second full calendar year of operation for every State’s SSBCI program. This section 

highlights various measures of performance assembled from the States’ Annual Reports.1

Total Loans and Investments Made

Over 8,500 loans or investments were supported by SSBCI funds through 2013, resulting in nearly 

$4.1 billion of newly available capital for small businesses nationwide. This is the total value of 

financing provided to the borrower as a result of the SSBCI funds, or in the case of state venture capital 

programs, the total amount invested in the transaction as a result of the SSBCI funds.

Figure 3: Number of SSBCI-supported Loans or Investments,

SSBCI Funds Expended, and Amount Loaned or Invested 

(2011, 2012, 2013, and Cumulative)

Number of Loans/Investments SSBCI Funds Expended Amount Loaned/Invested 

2011 2012 2013 Cumulative 

2011 2012 2013 Cumulative 

2011 2012 2013 Cumulative 

Millions of Dollars 

Number of Loans/Investments 

$367 M 

$1,793 M $1,940 M 

$4,100 M 

$0 

$500 

$1,000 

$1,500 

$2,000 

$2,500 

$3,000 

$3,500 

$4,000 

$4,500 

1,155 

3,523 3,832 

8,510 

0 

1,000 

2,000 

3,000 

4,000 

5,000 

6,000 

7,000 

8,000 

9,000 

10,000 

$45 M $225 M $320 M 

$590 M 

The cumulative amount of SSBCI funds expended reached $590 million through 2013.

1 The data throughout this report are based on 2013 Annual Reports and have not been independently verified or audited 

by Treasury.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 9

Allocations by Program Type

Each State has the authority to design a program suited to local conditions. LPPs and VCPs have the 

largest proportion of SSBCI funds allocated. 

Figure 4: Total SSBCI Funds Allocated by Program Type 

(Cumulative through 2013)

Percent of Total Allocation ($1.46 billion) 

34% 

29% 

15% 

14% 

8% 

0% 10% 20% 30% 40% 

Loan Participation 

Venture Capital 

Loan Guarantee 

Capital Access 

Collateral Support 
10 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Private Financing Leveraged 

Through 2013, States leveraged $6.95 in private capital for each $1 of SSBCI funds.2 As loans are repaid 

and SSBCI funds return to the State, leverage will increase by recycling SSBCI funds into new loans or 

investments. SSBCI funds are not loans to a State; the SSBCI funds should continue to recycle until they 

are dissipated by loan losses.

Figure 5: Amount of Private Financing Leveraged

Per Dollar of SSBCI Funds Expended, by Program Type

(Cumulative through 2013)

Private Financing Leveraged 

$0.00 

$5.00 

$10.00 

$15.00 

$20.00 

$25.00 

$30.00 

$25.29 

Capital Access 

$5.32 

Loan Guarantee 

$5.46 

Collateral Support 

$8.46 

Venture Capital 

$6.41 

Loan Participation 

$6.95 

Cumulative 

Capital Access Programs (CAPs) had the highest leverage ratio with an average of $25.29 in private 

capital for every $1 of SSBCI funds. In CAPs, financial institution lenders and small business borrowers 

contribute a small percentage of the loan amount to a reserve account held by the lender, which is 

matched by States using SSBCI funds. Because the State contribution per loan is small, the leverage 

ratio for CAPs is significantly higher than for other credit support programs.

Collateral Support Programs and Loan Guarantee Programs had the lowest private capital leverage 

ratios, generating $5.46 and $5.32, respectively, for every $1 of SSBCI funds.

2 Private leverage calculations include SSBCI funds used for administrative expenses and exclude non-private sources and 

any direct financing to the business from SSBCI funds.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 11

Jobs Created and Retained

Business owners report that the expenditure of SSBCI funds will lead to the creation and retention of 

more than 95,000 jobs, with more than 32,000 jobs being created and more than 63,000 jobs retained. 

Business owners are asked to estimate the number of full-time jobs that will be created within 24 

months or will be retained that were at risk of loss.3

Figure 6: Jobs Created and Retained 

(2011, 2012, 2013 and Cumulative)

 3,473 7,635 11,108 13,557 

 28,440 

 41,997 

 15,559 

 26,937 

 42,496 

 32,589 

 63,012 

 95,601 

0 

20,000 

40,000 

60,000 

80,000 

100,000 

120,000 

Number of Jobs 

Jobs Created Jobs Retained Jobs Created or Retained 

2011 2012 2013 Cumulative 

2011 2012 2013 Cumulative 

2011 2012 2013 Cumulative 

3 Jobs Created include the number of new Full-Time Equivalent (FTE) jobs expected to be created as a direct result of the 

loan; according to the business owner, these jobs will materialize within two years from the date of the loan closing. Jobs 

Retained is the number of FTE jobs retained as a direct result of the loan that were at risk of loss. These numbers may 

duplicate job estimates for any loans reported under federal programs such as the SBA CDC/504 Loan Program. Treasury 

does not validate or audit these estimates.
12 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Figure 7: Jobs Created and Retained by Program Type

(Cumulative through 2013)

Program Type Jobs Created Jobs Retained

Capital Access 6,430 28,327

Collateral Support 5,277 4,005

Loan Guarantee 5,320 13,533

Loan Participation 10,075 12,584

Venture Capital 5,487 4,563

Totals 32,589 63,012

Capital Access Programs had the highest total among SSBCI program types for jobs created and 

retained, including being credited for having retained more than 28,000 jobs at risk of loss through 

2013. Loan Participation Programs were credited with creating more than 10,000 new jobs through 

2013, the most among SSBCI program types. 
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 13

Loans or Investments Supported by Program Type

The number and dollar amounts of total loans or investments supported by SSBCI funds varied by 

program type.

Figure 8: Total Amount Private Financing and

Number of Loans or Investments by Program Type

(Cumulative through 2013)

$0 

$200 

$400 

$600 

$800 

$1,000 

$1,200 

$1,400 

$1,600 

 0 

 1,000 

 2,000 

 3,000 

 4,000 

 5,000 

$1,498 M 6,000 

$1,256 M 

$584 M $477 M 

$285 M 930 570 480 

 943 

 5,587 

Capital Access 

Loan Participation 

Loan Guarantee 

Collateral Support 

Venture Capital 

Millions of Dollars 

Number of Loans/Investments 

Capital Access Programs made the largest cumulative number of loans or investments through 2013, 

with nearly 5,600. 

Loan Participation Programs accounted for the highest total dollar amount loaned or invested through 

2013, nearly $1.5 billion.
14 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Average Total Amount of Private Financing by Program Type

States report the loan or investment amount supported by SSBCI funds. The average loan or 

investment amount directly supported by SSBCI was $356,000, leading to total private financing per 

small business of almost $482,000. This figure varied by program type.

Figure 9: Average Total Private Financing

Caused by SSBCI Funds, by Program Type

(Cumulative through 2013)

$50,983 

$505,380 

$1,217,716 

$2,203,534 

$1,610,719 

$481,775 

$0.0 

$0.5 

$1.0 

$1.5 

$2.0 

$2.5 

Millions of Dollars 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Overall 

The average private financing amount caused by SSBCI funds for Venture Capital Programs was $2.2 

million per business. The average total financing amount caused by SSBCI funds for Loan Participation 

Programs was $1.6 million per business. On the other end of the spectrum, Capital Access Programs 

supported average private financing of just under $51,000 per small business. 
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 15

Distribution of Loans or Investments by Amount 

Two-thirds of the private financing caused by SSBCI funds are for amounts less than $100,000. 

Figure 10: Distribution of SSBCI-Supported Loans or Investments by Amount 

(Cumulative through 2013)

< $100 K 

$100 -$499 K 

$500 -$999 K 

$1.0 - $4.9 M 

$5.0 - $9.9 M 

> $10.0 M 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

While loans and investments amounts under $100,000 account for four percent of the total dollar 

amount of SSBCI-supported loans or investments through 2013, they account for over 60 percent of all 

transactions. 

Total financings greater than half a million dollars represent 83 percent of the total dollar amount 

loaned or invested but represent just 15 percent of the total number of loans or investments made.
16 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Loans or Investments Made in Low- and Moderate-Income Communities

More than four out of every ten SSBCI supported loans or investments were made to businesses in 

low- and moderate-income communities.4 

Figure 11: Percent of SSBCI-supported Loans or Investments (by Number) in

Low- and Moderate-Income Communities, by Program Type

(Cumulative through 2013)

47% 

35% 

30% 

41% 

30% 

42% 

0% 20% 40% 60% 80% 100% 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Overall 

Percent of Total Number of Loans or Investments 

All five program types made a substantial portion of their SSBCI-supported loans or investments in 

low- and moderate-income communities, with a high of 47 percent for Capital Access Programs.

4 Calculated from total number of loans or investments made in low- and moderate-income census tracts.

The “Low and Moderate Income” categorizations are derived from income data from the Census Bureau. The SSBCI Annual 

Report transaction statistics are linked to 2010 data from the Census Bureau’s 5-year American Community Survey which 

is the successor to the decennial census for census tract level data for income and poverty data. “Low income” households 

earn less than 50 percent of area median income. “Moderate income” households earn between 50 percent and 80 percent 

of area median income.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 17

Distribution for Loans or Investments, by Industry

Across industry sectors, manufacturing accounted for the largest share of total loans or investments 

caused by SSBCI funds by total dollar amount.5

Figure 12: SSBCI-supported Loans or Investments, by Industry

(Cumulative though 2013)

Number of Loans/Investments Amount Loaned/Invested 

Other 

Health Care & Social Assistance 

Wholesale Trade 

Transportation & Warehousing 

Retail Trade 

Professional, Scientific,

& Technical Services 

Manufacturing 

Information 

Construction 

Accommodation & Food Services 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Retail Trade, Manufacturing, and Accommodation & Food Services account for the largest number 

of SSBCI-supported loans or investments (excluding a diverse collection of industries grouped in the 

category of “Other”).

Manufacturing, Professional, Scientific & Technical Services, Information, and Retail Trade (excluding 

a diverse collection of Other industries) accounted for large shares of SSBCI-supported loans or 

investments by total dollar amount.

5 “Other” category includes: Administrative and Support; Agriculture, Forestry, Fishing, and Hunting; Arts, Entertainment and 

Recreation; Educational Services; Finance and Insurance; Management of Companies and Enterprises; Mining, Quarrying 

and Oil and Gas Extraction; Public Administration; Real Estate and Rental and Leasing; Utilities; and Waste Management 

and Remediation Services.
18 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Distribution for Loans or Investments, by Business Size

Nearly 80 percent of SSBCI-supported loans or investments were made to businesses with 10 or fewer 

employees.

Figure 13: SSBCI-supported Loans or Investments, by Business Size 

(Cumulative through 2013)

0-10 FTEs 

11-50 FTEs 

51-100 FTEs 

101-250 FTEs 

251-500 FTEs 

>500 FTEs 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

FTE = Full Time Equivalent

The large number of loans or investments made to very small businesses (0 – 10 FTEs) accounts for 37 

percent of the total dollar amount of loans or investments. 

The proportion of SSBCI-supported loans or investments to small businesses with 50 or fewer 

employees represents 96 percent of the total number and 72 percent of the total dollar amounts.

SSBCI-supported loans or investments to companies with more than 50 employees accounted for 28 

percent (or more than one of every four dollars) of the total dollar amount loaned or invested.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 19

Distribution for Loans or Investments, by Age of Business

Half of all SSBCI-supported loans or investments were to businesses less than five years old.

Figure 14: SSBCI-supported Loans or Investments, by Age of Business 

(Cumulative through 2013)

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments

 0-1 year 

 2-5 years 

 6-10 years 

 >10 years 

Amount Loaned/Invested 

Likewise, nearly 42 percent of the total dollar amount loaned or invested with SSBCI support was 

directed to companies less than five years old. 
20 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Lender and Investor Participation, by Size of Lender 

Most SSBCI-supported loans were made by lending institutions with less than $10 billion in assets.

Figure 15: SSBCI-supported Loans or Investments, by Assets of Lender 

(Cumulative through 2013)

94% 92% 

6% 8% 

0% 

20% 

40% 

60% 

80% 

100% Banks with 

 > $10 B Assets 

Banks with 

 < $10 B Assets 

> $10 B Assets < $10 B Assets Overall

Average Amount Per Loan $469,087 $348,535 $356,227

Percent of Total Number of Loans or Investments

Number of Loans/Investments Amount Loaned/Invested

Note: The average amount per loan excludes other private financing caused by SSBCI funds.

The great majority of lending institutions (94 percent) that made SSBCI-supported loans to small 

businesses are smaller banks, credit unions, or CDFIs with less than $10 billion in assests. 

These smaller institutions also account for more than 9 out of every 10 dollars (92 percent) of SSBCIsupported loans or investments originated through 2013.

Based on assets, lending institutions with greater than $10 billion in assets made larger loans to small 

businesses, $469,087 on average, compared to $348,535 for banks with less than $10 billion in assests. 

The overall average SSBCI-supported loan was $356,227.
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 21

CDFI Participation in SSBCI Programs

More than 40 percent of all direct SSBCI-supported loans or investments were made by Community 

Development Financial Institutions (CDFIs).

Figure 16: CDFI Participation in SSBCI Programs 

(Cumulative through 2013)

3,660 

0 

500 

1,000 

1,500 

2,000 

2,500 

3,000 

3,500 

4,000 

Number of Loans/Investments 

Number of Loans/Investments Amount Loaned/Invested

$231.3 M 

$0 

$50 

$100 

$150 

$200 

$250 

Dollars in Millions 

CDFIs made more than 3,660 loans or investments supported by SSBCI funds, totaling $231.3 million, 

through 2013. The total loan or investment amount excludes other financing caused by SSBCI funds.
22 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

Figure 17: Amount Loaned or Invested by CDFIs 

(Top 9 States, Cumulative through 2013)

81%

17%

73%

43%

30%

88%

17%

10% 7%

0% 

20% 

40% 

60% 

80% 

100% 

$72.0 M 

$51.9 M 

$19.4 M $18.2 M 

$11.5 M $9.5 M $8.3 M $7.8 M $7.5 M 

$0 

$5 

$10 

$15 

$20 

$25 

$30 

$35 

$40 

$45 

$50 

$55 

$60 

$65 

$70 

$75 

$80 

Amount Loaned or Invested by CDFIs (Millions) 

CDFI Loans or Investments as Percentage

of Total Number of State Loans or Investments 

Georgia California Washington Pennsylvania Mississippi Minnesota West Virginia Oregon New York 

Georgia and California made the largest dollar amounts of loans or investments through CDFIs, 

followed by Washington, Pennsylvania, and Mississippi as the top five States. 

As a percentage of all loans or investments caused by SSBCI funds in a State, CDFIs accounted for 88 

percent of the total in Minnesota, followed by Georgia, Washington, Pennsylvania and Mississippi in 

the top five. 
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 23

SSBCI Performance by State

This section breaks down performance by State. The charts show the total private financing caused by 

SSBCI funds by State, the amount of SSBCI funds expended by State, and the SSBCI funds expended as 

a percent of that State’s allocation.

Figure 18: Amount of Financing Caused by SSBCI Program by State,

Ranked by Amount

(Cumulative through 2013)

$4.2 M

$4.5 M

$5.1 M

$5.4 M

$9.0 M

$9.8 M

$13.6 M

$14.5 M

$16.2 M

$17.3 M

$18.5 M

$23.7 M

$24.8 M

$24.9 M

$25.2 M

$26.0 M

$27.5 M

$27.5 M

$32.0 M

$32.5 M

$39.1 M

$43.2 M

$44.4 M

$45.6 M

$47.3 M

$56.0 M

$59.4 M

$60.2 M

$63.8 M

$69.2 M

$70.2 M

$76.4 M

$79.0 M

$79.5 M

$82.5 M

$84.6 M

$88.7 M

$90.7 M

$94.4 M

$106.1 M

$110.6 M

$112.9 M

$124.7 M

$136.3 M

$153.1 M

$160.0 M

$164.6 M

$215.8 M

$231.1 M

$273.3 M

$309.5 M

$0 $50 $100 $150 $200 $250 $300 $350

VI

GU

DC

HI

NV

LA

IA

VA

UT

WY, L

ME

DE

NJ

NM

NE

KY

IN

AZ

PR

ND, M

MS

OK

RI

WI

AL

OH

CO

WA

SD

WV

MA

MN

SC

PA

OR

MT

GA

TN

ID

NY

MO

MD

VT

KS

FL

AR

NH

NC

TX

IL

CA

MI

Dollars in Millions

0

0

$2.1 M

$2.8 M

$3.6 M

$4.2 M

AS

MP

ND, C

AK, A

CT

VI

$356.9 M

$400
24 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports

SSBCI Funds Expended by State

There is considerable variation in the dollar amount of SSBCI funds expended to support loans or 

investments. Michigan expended $67 million, the most of any State. 

Figure 19: SSBCI Funds Expended by State, Ranked by Amount

(Cumulative through 2013)

$0

$0.1 M

$0.1 M

$0.6 M

$0.7 M

$0.7 M

$0.9 M

$1.8 M

$2.2 M

$2.4 M

$2.5 M

$2.5 M

$3.0 M

$3.7 M

$3.7 M

$3.8 M

$4.2 M

$4.3 M

$4.4 M

$4.4 M

$4.5 M

$4.5 M

$5.1 M

$5.1 M

$5.6 M

$5.9 M

$6.3 M

$6.7 M

$6.8 M

$7.0 M

$7.3 M

$7.3 M

$7.5 M

$7.6 M

$7.8 M

$7.8 M

$7.9 M

$8.2 M

$8.8 M

$9.4 M

$9.7 M

$10.2 M

$10.6 M

$12.7 M

$13.0 M

$13.2 M

$14.0 M

$16.3 M

$17.5 M

$20.0 M

$22.6 M

$25.3 M

$28.4 M

$36.2 M

$42.8 M

$47.4 M

$67.2 M

$0 $10 $20 $30 $40 $50 $60 $70 $80

AS

MP

CT

HI

AK, A

ND, C

VI

LA

WY, L

DC

ME

UT

KY

GU

NM

VA

RI

ND, M

NV

MN

DE

MD

OK

MS

NE

IN

IA

PA

NJ

SD

CO

KS

MA

AZ

PR

AR

WI

VT

WV

NH

OR

WA

MT

OH

ID

MO

NY

SC

GA

TN

AL

TX

NC

IL

FL

CA

MI

Dollars in Millions
SSBCI: Summary of States’ 2013 Annual Reports PROGRAM PERFORMANCE 25

Accordingly, there is considerable variation across the States in the percentage of SSBCI funds 

expended to support loans or investments. 

Figure 20: SSBCI Funds Expended by State, Ranked by Percent

(Cumulative through 2013)

0% 

0% 

1% 

5% 

5% 

7% 

13% 

17% 

17% 

18% 

19% 

19% 

19% 

20% 

20% 

20% 

21% 

23% 

23% 

25% 

28% 

28% 

28% 

29% 

32% 

32% 

34% 

35% 

37% 

37% 

38% 

38% 

42% 

42% 

42% 

44% 

44% 

46% 

48% 

49% 

52% 

54% 

54% 

54% 

56% 

59% 

59% 

62% 

62% 

67% 

67% 

71% 

72% 

83% 

85% 

90% 

99% 

0% 20% 40% 60% 80% 100% 

Percent of Total Allocation 

AS 

MP

CT

HI 

AK, A

VI 

LA

WY, L

IN 

DC 

KY

ME 

UT

MD 

NJ 

ND, C 

VA

PA

OH 

NY

GU 

NM 

CA

MN 

RI 

NV

DE 

WI 

MA

GA

OK 

MS 

AZ 

CO 

NE 

FL

ND, M 

IL

IA

MO 

WA

SD 

PR 

TX 

KS 

OR 

AR 

NC 

VT

WV

TN 

NH 

AL

MT

MI 

SC 

ID 
26 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2013 Annual Reports
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 27

Appendix A-1: State-by-State Results

Alabama

Allocation Amount: $31,301,498

Designated Agency: Alabama Department of Economic and Community Affairs

Contractors: n/a

Approved Programs: Alabama Capital Access Program

Alabama Loan Guarantee Program

Alabama Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $8,442,936 $14,157,790

SSBCI dollars expended (cumulative) $0 $8,442,936 $22,600,726

Total private financing (annual) $0 $18,136,510 $29,187,204

Total private financing (cumulative) $0 $18,136,510 $47,323,714

Jobs created or retained (cumulative) 0 563 1,282 

Arizona

Allocation Amount: $18,204,217

Designated Agency: Arizona Commerce Authority

Contractors: n/a

Approved Programs: Arizona Expansion Fund

2011 2012 2013

SSBCI dollars expended (annual) $0 $1,394,659 $6,214,627

SSBCI dollars expended (cumulative) $0 $1,394,659 $7,609,286

Total private financing (annual) $0 $3,180,000 $24,314,206

Total private financing (cumulative) $0 $3,180,000 $27,494,206

Jobs created or retained (cumulative) 0 121 1,648 
28 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Arkansas

Allocation Amount: $13,168,350

Designated Agency: Arkansas Development Finance Authority 

Contractors: n/a

Approved Programs: Arkansas Capital Access Program

Arkansas Development Finance Authority Co-investment Fund

Bond Guaranty/ Loan Participation Program

Disadvantaged Business Enterprise/ Small Business Loan Guaranty Program

Risk Capital Matching Fund

Seed and Angel Capital Network

2011 2012 2013

SSBCI dollars expended (annual) $395,075 $3,776,112 $3,646,935

SSBCI dollars expended (cumulative) $395,075 $4,171,187 $7,818,122

Total private financing (annual) $5,063,972 $128,549,288 $26,338,223

Total private financing (cumulative) $5,063,972 $133,613,260 $159,951,483

Jobs created or retained (cumulative) 10 248 833 

California

Allocation Amount: $167,755,642

Designated Agency: California Pollution Control Financing Authority

Governor's Office of Business and Economic Development

Contractors: n/a

Approved Programs: California Capital Access Program 

California Small Business Loan Guarantee Program

California Collateral Support Program

California Property Assessed Clean Energy Program

2011 2012 2013

SSBCI dollars expended (annual) $7,010,298 $10,579,715 $29,849,418

SSBCI dollars expended (cumulative) $7,010,298 $17,590,013 $47,439,430

Total private financing (annual) $70,811,102 $86,685,354 $152,030,940

Total private financing (cumulative) $70,811,102 $157,496,456 $309,527,396

Jobs created or retained (cumulative) 6,560 18,647 31,043 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 29

Colorado

Allocation Amount: $17,233,489

Designated Agency: Colorado Economic Development Commission

Contractors: Colorado Housing and Finance Authority

Approved Programs: Colorado Capital Access Program

Colorado Cash Collateral Support Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $541,025 $6,716,127

SSBCI dollars expended (cumulative) $0 $541,025 $7,257,152

Total private financing (annual) $0 $2,889,413 $56,467,450

Total private financing (cumulative) $0 $2,889,413 $59,356,863

Jobs created or retained (cumulative) 0 8 235 

Connecticut

Allocation Amount: $13,301,126

Designated Agency: Connecticut Department of Economic and Community Development

Contractors: Connecticut Innovations, Inc.

Approved Programs: Connecticut Capital Access Program 

Seed and Early State Investment Fund (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $0 $78,613 $35,452

SSBCI dollars expended (cumulative) $0 $78,613 $114,064

Total private financing (annual) $0 $2,484,496 $1,121,750

Total private financing (cumulative) $0 $2,484,496 $3,606,246

Jobs created or retained (cumulative) 0 333 393 
30 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Delaware

Allocation Amount: $13,168,350

Designated Agency: Delaware Economic Development Office 

Contractors: Delaware Economic Development Authority 

Approved Programs: Delaware Access Program

Delaware Strategic Fund

2011 2012 2013

SSBCI dollars expended (annual) $63,400 $3,747,225 $644,348

SSBCI dollars expended (cumulative) $63,400 $3,810,625 $4,454,973

Total private financing (annual) $573,937 $20,177,426 $2,906,962

Total private financing (cumulative) $573,937 $20,751,363 $23,658,324

Jobs created or retained (cumulative) 24 425 785 

District of Columbia

Allocation Amount: $13,168,350

Designated Agency: Department of Insurance, Securities and Banking

Contractors: n/a

Approved Programs: District of Columbia Collateral Support Program

District of Columbia Loan Participation Program (Approved 2014)

Innovation Finance Program (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $0 $5,853 $2,416,656

SSBCI dollars expended (cumulative) $0 $5,853 $2,422,509

Total private financing (annual) $0 $0 $5,135,000

Total private financing (cumulative) $0 $0 $5,135,000

Jobs created or retained (cumulative) 0 0 165 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 31

Florida

Allocation Amount: $97,662,349

Designated Agency: Department of Economic Opportunity

Contractors: Enterprise Florida, Inc. 

Florida Export Finance Corporation

Approved Programs: Direct Loan Program

Florida Export Support Program

Florida Capital Access Program

Loan Guarantee Program

Loan Participation Program

Venture Capital Program

2011 2012 2013

SSBCI dollars expended (annual) $20,148 $16,110,288 $26,621,871

SSBCI dollars expended (cumulative) $20,148 $16,130,436 $42,752,308

Total private financing (annual) $0 $58,767,897 $94,380,525

Total private financing (cumulative) $0 $58,767,897 $153,148,422

Jobs created or retained (cumulative) 0 856 1,706 

Georgia

Allocation Amount: $47,808,507

Designated Agency: Georgia Department of Community Affairs

Contractors: Georgia Housing and Finance Authority

Approved Programs: Georgia Capital Access Program

Georgia Funding for CDFIs

Georgia Small Business Credit Guarantee Program

Georgia Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $3,882,397 $13,654,321

SSBCI dollars expended (cumulative) $0 $3,882,397 $17,536,718

Total private financing (annual) $0 $26,209,312 $62,463,579

Total private financing (cumulative) $0 $26,209,312 $88,672,891

Jobs created or retained (cumulative) 0 285 1,257 
32 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Hawaii

Allocation Amount: $13,168,350

Designated Agency: Hawaii Strategic Development Corporation (HSDC)

Contractors: n/a

Approved Programs: HSDC Venture Capital Investment Program

2011 2012 2013

SSBCI dollars expended (annual) $112,206 $150,000 $381,500

SSBCI dollars expended (cumulative) $112,206 $262,206 $643,706

Total private financing (annual) $250,000 $700,000 $4,490,500

Total private financing (cumulative) $250,000 $950,000 $5,440,500

Jobs created or retained (cumulative) 2 3 56

Idaho

Allocation Amount: $13,136,544

Designated Agency: Idaho Department of Commerce

Contractors: Idaho Housing and Finance Administration 

Approved Programs: Collateral Support Program

2011 2012 2013

SSBCI dollars expended (annual) $90,190 $5,106,361 $7,794,957

SSBCI dollars expended (cumulative) $90,190 $5,196,552 $12,991,508

Total private financing (annual) $372,000 $31,810,780 $62,234,497

Total private financing (cumulative) $372,000 $32,182,780 $94,417,277

Jobs created or retained (cumulative) 70 650 1,300
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 33

Illinois

Allocation Amount: $78,365,264

Designated Agency: Illinois Department of Commerce and Economic Opportunity 

Contractors: n/a

Approved Programs: Capital Access Program

Collateral Support Program

Conditional Direct Loan Program

Participation Loan Program

Venture Capital Program

2011 2012 2013

SSBCI dollars expended (annual) $746,964 $15,665,625 $19,763,658

SSBCI dollars expended (cumulative) $746,964 $16,412,589 $36,176,247

Total private financing (annual) $6,260,832 $122,324,890 $144,671,203

Total private financing (cumulative) $6,260,832 $128,585,722 $273,256,925

Jobs created or retained (cumulative) 61 1,265 2,247 

Indiana

Allocation Amount: $34,339,074

Designated Agency: Indiana Economic Development Corporation 

Contractors: Elevate Ventures, Inc.

Approved Programs: Indiana Capital Access Program

21 Fund

2011 2012 2013

SSBCI dollars expended (annual) $8,750 $2,383,461 $3,526,556

SSBCI dollars expended (cumulative) $8,750 $2,392,211 $5,918,768

Total private financing (annual) $125,000 $9,479,999 $17,938,278

Total private financing (cumulative) $125,000 $9,604,999 $27,543,277

Jobs created or retained (cumulative) 6 378 776 
34 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Iowa

Allocation Amount: $13,168,350

Designated Agency: Iowa Economic Development Authority 

Contractors: Iowa Business Growth Corporation 

Iowa Foundation for Microenterprise and Community Vitality 

VentureNet Iowa

Approved Programs: Iowa Capital Access Program

Iowa Demonstration Fund Program

Iowa Small Business Loan Program

2011 2012 2013

SSBCI dollars expended (annual) $1,397 $2,324,686 $3,975,837

SSBCI dollars expended (cumulative) $1,397 $2,326,083 $6,301,920

Total private financing (annual) $0 $5,286,563 $8,278,550

Total private financing (cumulative) $0 $5,286,563 $13,565,113

Jobs created or retained (cumulative) 0 203 364 

Kansas

Allocation Amount: $13,168,350

Designated Agency: Kansas Department of Commerce

Contractors: NetWork Kansas

Approved Programs: Kansas Capital Multiplier Loan Fund

Kansas Capital Multiplier Venture Fund

2011 2012 2013

SSBCI dollars expended (annual) $794,920 $3,841,378 $2,707,960

SSBCI dollars expended (cumulative) $794,920 $4,636,297 $7,344,257

Total private financing (annual) $17,870,805 $77,289,023 $41,187,200

Total private financing (cumulative) $17,870,805 $95,159,828 $136,347,028

Jobs created or retained (cumulative) 59 735 1,063 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 35

Kentucky

Allocation Amount: $15,487,998

Designated Agency: Kentucky Cabinet for Economic Development

Contractors: University of Louisville Foundation

Approved Programs: Kentucky Capital Access Program

Kentucky Collateral Support Program

Kentucky Loan Participation Program

Kentucky Venture Capital Program (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $0 $1,781,681 $1,192,942

SSBCI dollars expended (cumulative) $0 $1,781,681 $2,974,624

Total private financing (annual) $0 $16,687,606 $9,297,807

Total private financing (cumulative) $0 $16,687,606 $25,985,413

Jobs created or retained (cumulative) 0 70 332 

Louisiana

Allocation Amount: $13,168,350

Designated Agency: Louisiana Department of Economic Development

Contractors: Louisiana Economic Development Corporation 

Approved Programs: Louisiana Seed Capital Program

Small Business Loan Guarantee Program

2011 2012 2013

SSBCI dollars expended (annual) $290,975 $1,034,130 $439,077

SSBCI dollars expended (cumulative) $290,975 $1,325,105 $1,764,183

Total private financing (annual) $1,500,000 $5,515,362 $2,805,000

Total private financing (cumulative) $1,500,000 $7,015,362 $9,820,362

Jobs created or retained (cumulative) 51 219 282 
36 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Maine

Allocation Amount: $13,168,350

Designated Agency: Department of Economic and Community Development

Contractors: Finance Authority of Maine

Small Enterprise Growth Fund

Approved Programs: Economic Recovery Loan Fund

Regional Economic Development Revolving Loan Program

Small Enterprise Growth Fund

2011 2012 2013

SSBCI dollars expended (annual) $42,513 $1,678,730 $824,693

SSBCI dollars expended (cumulative) $42,513 $1,721,243 $2,545,936

Total private financing (annual) $50,000 $7,126,412 $11,350,365

Total private financing (cumulative) $50,000 $7,176,412 $18,526,777

Jobs created or retained (cumulative) 7 159 294 

Maryland

Allocation Amount: $23,025,709

Designated Agency: Maryland Department of Business and Economic Development 

Contractors: Department of Housing and Community Development (DHCD)

Meridian Management Group, Inc.

Maryland Venture Fund Management, LLC

Approved Programs: DHCD - Neighborhood Business Works Subordinate Debt Program

Maryland Venture Fund IV

Maryland Industrial Development Financing Loan Guaranty

Maryland Small Business Development Financing Authority Loan Guaranty

2011 2012 2013

SSBCI dollars expended (annual) $500,000 $3,055,890 $968,422

SSBCI dollars expended (cumulative) $500,000 $3,555,890 $4,524,312

Total private financing (annual) $16,137,883 $80,692,280 $16,071,895

Total private financing (cumulative) $16,137,883 $96,830,163 $112,902,058

Jobs created or retained (cumulative) 153 793 923 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 37

Massachusetts

Allocation Amount: $20,445,072

Designated Agency: Executive Office of Housing and Economic Development 

Contractors: Massachusetts Business Development Corporation (MBDC)

Massachusetts Growth Capital Corporation (MGCC)

Approved Programs: Capital Access Program

MBDC Loan Participation Program

MGCC Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $80 $6,516,286 $960,474

SSBCI dollars expended (cumulative) $80 $6,516,366 $7,476,840

Total private financing (annual) $0 $60,286,852 $8,904,136

Total private financing (cumulative) $0 $60,286,852 $69,190,988

Jobs created or retained (cumulative) 0 2,983 3,982 

Michigan

Allocation Amount: $79,157,742

Designated Agency: Michigan Strategic Fund

Contractors: n/a

Approved Programs: Michigan Capital Access Program

Michigan Business Growth Fund -Collateral Support Program

Michigan Business Growth Fund - Loan Participation Program

Small Business Mezzanine Fund

Michigan Loan Guarantee Program (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $24,728,744 $17,298,297 $25,128,016

SSBCI dollars expended (cumulative) $24,728,744 $42,027,041 $67,155,057

Total private financing (annual) $126,365,109 $95,476,361 $135,069,426

Total private financing (cumulative) $126,365,109 $221,841,470 $356,910,896

Jobs created or retained (cumulative) 2,247 4,814 7,104 
38 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Minnesota

Allocation Amount: $15,463,182

Designated Agency: Minnesota Department of Employment and Economic Development

Contractors: n/a

Approved Programs: Capital Access Program

Emerging Entrepreneurs Fund

General Loan Guarantee Program

Angel Loan Fund

2011 2012 2013

SSBCI dollars expended (annual) $3,549 $1,828,422 $2,600,012

SSBCI dollars expended (cumulative) $3,549 $1,831,971 $4,431,983

Total private financing (annual) $0 $34,054,622 $42,336,915

Total private financing (cumulative) $0 $34,054,622 $76,391,537

Jobs created or retained (cumulative) 0 891 1,791 

Mississippi

Allocation Amount: $13,168,350

Designated Agency: Mississippi Development Authority

Contractors: n/a

Approved Programs: Small Business Loan Guaranty Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $458,844 $4,608,054

SSBCI dollars expended (cumulative) $0 $458,844 $5,066,899

Total private financing (annual) $0 $4,641,022 $34,434,142

Total private financing (cumulative) $0 $4,641,022 $39,075,163

Jobs created or retained (cumulative) 0 20 296 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 39

Missouri

Allocation Amount: $26,930,294

Designated Agency: Missouri Department of Economic Development 

Contractors: Missouri Technology Corporation

Approved Programs: Grow Missouri Loan Fund

Missouri IDEA Fund

2011 2012 2013

SSBCI dollars expended (annual) $5,435,272 $4,433,160 $3,368,970

SSBCI dollars expended (cumulative) $5,435,272 $9,868,432 $13,237,402

Total private financing (annual) $37,938,389 $59,765,060 $12,873,756

Total private financing (cumulative) $37,938,389 $97,703,448 $110,577,205

Jobs created or retained (cumulative) 212 627 726 

Montana

Allocation Amount: $12,765,037

Designated Agency: Governor's Office of Economic Development

Contractors: Montana Department of Commerce

Approved Programs: Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $1,188,382 $6,582,795 $2,848,352

SSBCI dollars expended (cumulative) $1,188,382 $7,771,177 $10,619,529

Total private financing (annual) $2,488,963 $44,858,085 $37,285,860

Total private financing (cumulative) $2,488,963 $47,347,048 $84,632,909

Jobs created or retained (cumulative) 31 455 821 
40 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Nebraska

Allocation Amount: $13,168,350

Designated Agency: Nebraska Department of Economic Development

Contractors: Invest Nebraska Corporation

Approved Programs: Nebraska Progress Loan Fund

Nebraska Progress Seed Fund

2011 2012 2013

SSBCI dollars expended (annual) $0 $3,141,994 $2,454,307

SSBCI dollars expended (cumulative) $0 $3,141,994 $5,596,301

Total private financing (annual) $0 $11,132,725 $14,042,000

Total private financing (cumulative) $0 $11,132,725 $25,174,725

Jobs created or retained (cumulative) 0 140 201 

New Hampshire

Allocation Amount: $13,168,350

Designated Agency: New Hampshire Department of Resources and Economic Development

Contractors: New Hampshire Business Finance Authority 

Approved Programs: Aid to Local Development Organizations Loan Participation Program

Capital Access Program

Collateral Shortfall Program

Loan Guarantee Reserves Program

Venture Capital Fund

2011 2012 2013

SSBCI dollars expended (annual) $485,814 $5,022,692 $3,891,302

SSBCI dollars expended (cumulative) $485,814 $5,508,506 $9,399,808

Total private financing (annual) $4,279,652 $89,144,620 $71,136,440

Total private financing (cumulative) $4,279,652 $93,424,273 $164,560,712

Jobs created or retained (cumulative) 196 1,615 3,910 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 41

New Jersey

Allocation Amount: $33,760,698

Designated Agency: New Jersey Department of the Treasury

Contractors: New Jersey Economic Development Authority 

Approved Programs: New Jersey Credit Guarantee Program

New Jersey Direct Loan Program

New Jersey Loan Participation Program

New Jersey Venture Capital Fund Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $3,441,000 $3,350,202

SSBCI dollars expended (cumulative) $0 $3,441,000 $6,791,202

Total private financing (annual) $0 $13,983,000 $10,962,311

Total private financing (cumulative) $0 $13,983,000 $24,945,311

Jobs created or retained (cumulative) 0 144 542 

New Mexico

Allocation Amount: $13,168,350

Designated Agency: New Mexico Economic Develoment Department

Contractors: New Mexico Finance Authority 

Approved Programs: New Mexico Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $2,456,000 $1,263,054

SSBCI dollars expended (cumulative) $0 $2,456,000 $3,719,054

Total private financing (annual) $0 $14,028,658 $10,735,372

Total private financing (cumulative) $0 $14,028,658 $24,764,030

Jobs created or retained (cumulative) 0 59 132 
42 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Nevada

Allocation Amount: $13,803,176

Designated Agency: Governor's Office of Economic Development 

Contractors: Nevada Microenterprise Development Corporation

dba Nevada Microenterprise Initiative

University of Nevada Small Business Development Center

Approved Programs: Nevada Collateral Support Program

Nevada Microenterprise Initiative

Battle Born Growth Escalator 

2011 2012 2013

SSBCI dollars expended (annual) $0 $1,976,000 $2,410,030

SSBCI dollars expended (cumulative) $0 $1,976,000 $4,386,030

Total private financing (annual) $0 $2,980,000 $6,063,495

Total private financing (cumulative) $0 $2,980,000 $9,043,495

Jobs created or retained (cumulative) 0 163 336 

New York

Allocation Amount: $55,351,534

Designated Agency: Department of Economic Development 

Contractors: New York State Urban Development Corporation

dba Empire State Development

Approved Programs: New York Capital Access Program

Bonding Guarantee Assistance Program

Innovate New York Fund

2011 2012 2013

SSBCI dollars expended (annual) $47,791 $2,245,611 $11,755,574

SSBCI dollars expended (cumulative) $47,791 $2,293,402 $14,048,976

Total private financing (annual) $0 $13,429,858 $92,675,733

Total private financing (cumulative) $0 $13,429,858 $106,105,591

Jobs created or retained (cumulative) 0 1,102 2,219 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 43

North Carolina

Allocation Amount: $46,061,319

Designated Agency: North Carolina Department of Commerce

Contractors: Rural Economic Development Center

Approved Programs: North Carolina Capital Access Program

North Carolina Loan Participation Program

North Carolina Venture Capital Fund-of-Funds Program

2011 2012 2013

SSBCI dollars expended (annual) $555,183 $15,435,467 $12,400,715

SSBCI dollars expended (cumulative) $555,183 $15,990,649 $28,391,365

Total private financing (annual) $8,002,615 $98,152,940 $109,670,631

Total private financing (cumulative) $8,002,615 $106,155,555 $215,826,186

Jobs created or retained (cumulative) 907 4,583 6,778 

Ohio

Allocation Amount: $55,138,373

Designated Agency: Ohio Development Services Agency 

Contractors: n/a

Approved Programs: Ohio Capital Access Program

Small Business Collateral Enhancement Program

Targeted Investment Program

2011 2012 2013

SSBCI dollars expended (annual) $45,284 $3,795,182 $8,843,265

SSBCI dollars expended (cumulative) $45,284 $3,840,466 $12,683,731

Total private financing (annual) $0 $20,324,691 $35,686,643

Total private financing (cumulative) $0 $20,324,691 $56,011,334

Jobs created or retained (cumulative) 0 1,888 4,370 
44 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Oklahoma

Allocation Amount: $13,168,350

Designated Agency: Oklahoma Department of Commerce

Contractors: i2e, Inc.

Approved Programs: Grow OK Fund

Oklahoma Angel Sidecar Fund

Start OK Accelerator Fund

2011 2012 2013

SSBCI dollars expended (annual) $250,000 $1,945,000 $2,857,638

SSBCI dollars expended (cumulative) $250,000 $2,195,000 $5,052,638

Total private financing (annual) $26,750,000 $7,998,000 $8,504,436

Total private financing (cumulative) $26,750,000 $34,748,000 $43,252,436

Jobs created or retained (cumulative) 5 102 257 

Oregon

Allocation Amount: $16,516,197

Designated Agency: Oregon Business Development Department

Contractors: n/a

Approved Programs: Capital Access Program

Credit Enhancement Fund

Oregon Business Development Fund

2011 2012 2013

SSBCI dollars expended (annual) $0 $3,425,449 $6,265,123

SSBCI dollars expended (cumulative) $0 $3,425,449 $9,690,572

Total private financing (annual) $0 $19,763,363 $62,764,854

Total private financing (cumulative) $0 $19,763,363 $82,528,217

Jobs created or retained (cumulative) 0 519 992 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 45

Pennsylvania

Allocation Amount: $29,241,232

Designated Agency: Department of Community and Economic Development

Contractors: Altoona Blair Development Corporation

Ben Franklin Technology Center of Central and Northern PA 

Ben Franklin Technology Partners of Northeastern PA 

Ben Franklin Technology Partners of Southeastern PA

Biotechnology Greenhouse Corporation of Southeastern Pennsylvania; 

Bridgeway Capital

Central Bradford Progress Authority

Community First Fund

Economic Opportunity Fund

Innovation Works, Inc.

Life Sciences Greenhouse of Central Pennsylvania

Northside Community Development Fund

Philadelphia Industrial Development Corporation

Pittsburgh Life Sciences Greenhouse 

SEDA – Council of Governments

South Eastern Economic Development Company of PA

The Progress Fund

Approved Programs: Ben Franklin Technology Partners and Life Sciences Greenhouses Program

Machinery and Equipment Loan Fund

Pennsylvania Community Development Bank Program

Pennsylvania Economic Development Finance Authority Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $4,016,853 $2,638,377

SSBCI dollars expended (cumulative) $0 $4,016,853 $6,655,230

Total private financing (annual) $0 $59,919,284 $19,053,492

Total private financing (cumulative) $0 $59,919,284 $78,972,776

Jobs created or retained (cumulative) 0 591 1,459 
46 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Rhode Island

Allocation Amount: $13,168,350

Designated Agency: Rhode Island Department of Administration

Contractors: Betaspring Fund 100, LLC

Slater Fund, Inc. 

Small Business Loan Fund Corporation

Approved Programs: Betaspring Fund 100

Slater Technology Fund

Small Business Loan Fund

2011 2012 2013

SSBCI dollars expended (annual) $91,603 $3,055,035 $1,023,160

SSBCI dollars expended (cumulative) $91,603 $3,146,638 $4,169,798

Total private financing (annual) $1,280,000 $37,230,114 $5,920,830

Total private financing (cumulative) $1,280,000 $38,510,114 $44,430,944

Jobs created or retained (cumulative) 9 175 228 

South Carolina

Allocation Amount: $17,990,415

Designated Agency: South Carolina Jobs and Economic Development Authority

Contractors: Business Development Corporation of South Carolina

Approved Programs: South Carolina Capital Access Program

South Carolina Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $35,839 $5,807,603 $10,435,057

SSBCI dollars expended (cumulative) $35,839 $5,843,442 $16,278,500

Total private financing (annual) $622,929 $31,778,484 $47,077,253

Total private financing (cumulative) $622,929 $32,401,413 $79,478,666

Jobs created or retained (cumulative) 54 910 1,816 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 47

South Dakota

Allocation Amount: $13,168,350

Designated Agency: Governor's Office of Economic Development 

Contractors: n/a

Approved Programs: South Dakota Works Loan Program

2011 2012 2013

SSBCI dollars expended (annual) $652,907 $2,933,149 $3,460,569

SSBCI dollars expended (cumulative) $652,907 $3,586,056 $7,046,625

Total private financing (annual) $7,250,000 $21,350,000 $35,171,110

Total private financing (cumulative) $7,250,000 $28,600,000 $63,771,110

Jobs created or retained (cumulative) 59 319 622 

Tennessee

Allocation Amount: $29,672,070

Designated Agency: Tennessee Department of Economic and Community Development

Contractors: Tennessee Technology Development Corporation

Approved Programs: Tennessee INCITE Fund

2011 2012 2013

SSBCI dollars expended (annual) $0 $7,538,365 $12,479,650

SSBCI dollars expended (cumulative) $0 $7,538,365 $20,018,015

Total private financing (annual) $0 $28,531,594 $62,206,832

Total private financing (cumulative) $0 $28,531,594 $90,738,426

Jobs created or retained (cumulative) 0 382 859 
48 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Texas

Allocation Amount: $46,553,879

Designated Agency: Texas Department of Agriculture

Contractors: n/a

Approved Programs: Jobs for Texas-Venture Capital Program

2011 2012 2013

SSBCI dollars expended (annual) $2,500 $11,543,182 $13,734,583

SSBCI dollars expended (cumulative) $2,500 $11,545,682 $25,280,265

Total private financing (annual) $0 $121,542,552 $109,564,962

Total private financing (cumulative) $0 $121,542,552 $231,107,514

Jobs created or retained (cumulative) 0 251 891 

Utah

Allocation Amount: $13,168,350

Designated Agency: Utah Division of Housing and Community Development 

Contractors: Utah Small Business Growth Initiative 

Approved Programs: Utah Small Business Loan Guarantee Program

Utah Small Business Loan Participation Program

Equity Investment Program

2011 2012 2013

SSBCI dollars expended (annual) $22,974 $321,473 $2,204,475

SSBCI dollars expended (cumulative) $22,974 $344,447 $2,548,923

Total private financing (annual) $0 $435,000 $15,754,970

Total private financing (cumulative) $0 $435,000 $16,189,970

Jobs created or retained (cumulative) 0 62 323 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 49

Vermont

Allocation Amount: $13,168,350

Designated Agency: Vermont Economic Development Authority

Contractors: n/a

Approved Programs: Commercial Participation Program

Small Business Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $701,071 $2,564,151 $4,904,633

SSBCI dollars expended (cumulative) $701,071 $3,265,222 $8,169,855

Total private financing (annual) $31,678,569 $61,644,128 $31,359,930

Total private financing (cumulative) $31,678,569 $93,322,697 $124,682,627

Jobs created or retained (cumulative) 373 1,005 1,362 

Virginia

Allocation Amount: $17,953,191

Designated Agency: Virginia Small Business Financing Authority 

Contractors: Center for Innovative Technology (CIT)

Approved Programs: Economic Development Loan Fund

Virginia Capital Access Program

Cash Collateral Program

CIT Gap Fund (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $0 $69,895 $3,763,897

SSBCI dollars expended (cumulative) $0 $69,895 $3,833,793

Total private financing (annual) $0 $1,751,388 $12,724,859

Total private financing (cumulative) $0 $1,751,388 $14,476,247

Jobs created or retained (cumulative) 0 775 1,593 
50 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

Washington

Allocation Amount: $19,722,515

Designated Agency: Washington Department of Commerce 

Contractors: Craft3

W Fund Management, LLC 

Approved Programs: Capital Access Program

Craft3 Fund

W Fund

Collateral Support Program (Approved 2014)

2011 2012 2013

SSBCI dollars expended (annual) $22,898 $8,173,572 $2,047,220

SSBCI dollars expended (cumulative) $22,898 $8,196,470 $10,243,690

Total private financing (annual) $0 $33,139,388 $27,056,630

Total private financing (cumulative) $0 $33,139,388 $60,196,018

Jobs created or retained (cumulative) 0 565 757 

West Virginia

Allocation Amount: $13,168,350

Designated Agency: West Virginia Office of the Governor 

Contractors: West Virginia Jobs Investment Trust Board 

West Virginia Department of Commerce

Approved Programs: Seed Capital Co-investment Fund

Subordinated Debt Program

Collateral Support Program

Loan Guarantee Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $4,291,397 $4,491,456

SSBCI dollars expended (cumulative) $0 $4,291,397 $8,782,853

Total private financing (annual) $0 $46,046,596 $24,135,770

Total private financing (cumulative) $0 $46,046,596 $70,182,366

Jobs created or retained (cumulative) 0 459 1,049 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 51

Wisconsin

Allocation Amount: $22,363,554

Designated Agency: Wisconsin Department of Administration

Contractors: Wisconsin Housing and Economic Development Authority (WHEDA)

Approved Programs: WHEDA Guarantee Program

Wisconsin Equity Fund

2011 2012 2013

SSBCI dollars expended (annual) $262,326 $4,151,825 $3,517,716

SSBCI dollars expended (cumulative) $262,326 $4,414,151 $7,931,867

Total private financing (annual) $1,180,000 $29,353,802 $15,041,500

Total private financing (cumulative) $1,180,000 $30,533,802 $45,575,302

Jobs created or retained (cumulative) 12 566 941 
52 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 53

Appendix A-2: Participating Municipalities

Alaska, Anchorage

Allocation Amount: $13,168,350

Designated Agency: Anchorage Finance Department

Contractors: n/a

Approved Programs: 49th State Venture Fund

2011 2012 2013

SSBCI dollars expended (annual) $0 $100,815 $566,462

SSBCI dollars expended (cumulative) $0 $100,815 $667,277

Total private financing (annual) $0 $0 $2,845,000

Total private financing (cumulative) $0 $0 $2,845,000

Jobs created or retained (cumulative) 0 0 15 

North Dakota, Carrington

Allocation Amount: $3,433,709

Designated Agency: City of Carrington, North Dakota

Contractors: Red River Corridor Fund

Praxis Strategy Group, LLC

Approved Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $0 $694,156

SSBCI dollars expended (cumulative) $0 $0 $694,156

Total private financing (annual) $0 $0 $2,075,000

Total private financing (cumulative) $0 $0 $2,075,000

Jobs created or retained (cumulative) 0 0 27 
54 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

North Dakota, Mandan

Allocation Amount: $9,710,768

Designated Agency: City of Mandan Business Development & Communications Department

Contractors: Lewis and Clark Regional Development Council 

Approved Programs: Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $366,289 $3,919,746

SSBCI dollars expended (cumulative) $0 $366,289 $4,286,035

Total private financing (annual) $0 $840,650 $31,690,661

Total private financing (cumulative) $0 $840,650 $32,531,311

Jobs created or retained (cumulative) 0 8 266 

Wyoming, Laramie

Allocation Amount: $13,168,350

Designated Agency: City of Laramie, Wyoming

Contractors: Wyoming Smart Capital Network 

Developmental Capital Networks, LLC

Approved Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $0 $2,221,728

SSBCI dollars expended (cumulative) $0 $0 $2,221,728

Total private financing (annual) $0 $0 $17,283,980

Total private financing (cumulative) $0 $0 $17,283,980

Jobs created or retained (cumulative) 0 0 77 
SSBCI: Summary of States’ 2013 Annual Reports APPENDIX A 55

Appendix A-3: Participating Territories

Guam

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor of Guam

Contractors: Guam Economic Development Authority 

Approved Programs: Guam Capital Access Program

Guam Credit Guarantee Program

Guam Loan Participation Program

2011 2012 2013

SSBCI dollars expended (annual) $43,101 $901,520 $2,755,826

SSBCI dollars expended (cumulative) $43,101 $944,621 $3,700,447

Total private financing (annual) $0 $1,085,896 $3,429,100

Total private financing (cumulative) $0 $1,085,896 $4,514,996

Jobs created or retained (cumulative) 0 82 236 

Puerto Rico

Allocation Amount: $14,540,057

Designated Agency: Puerto Rico Treasury Department

Contractors: Economic Development Bank for Puerto Rico 

Approved Programs: Loan Participation Program

Venture Capital Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $3,612,500 $4,200,000

SSBCI dollars expended (cumulative) $0 $3,612,500 $7,812,500

Total private financing (annual) $0 $23,225,000 $8,800,000

Total private financing (cumulative) $0 $23,225,000 $32,025,000

Jobs created or retained (cumulative) 0 844 1,412 
56 APPENDIX A SSBCI: Summary of States’ 2013 Annual Reports

U.S. Virgin Islands

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor

Contractors: Government Development Bank 

Approved Programs: Collateral Support Program

Loan Guarantee Program

Performance, Surety, and Payment Bonding Program

2011 2012 2013

SSBCI dollars expended (annual) $0 $377,850 $499,168

SSBCI dollars expended (cumulative) $0 $377,850 $877,018

Total private financing (annual) $0 $1,428,000 $2,729,390

Total private financing (cumulative) $0 $1,428,000 $4,157,390

Jobs created or retained (cumulative) 0 48 232 

Note: American Samoa has not expended any SSBCI funds through 2013. Northern Mariana 

Islands has expended $60,988 in SSBCI funds through 2013.
SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS APPENDIX B 57

Appendix B: SSBCI Funds Expended by State

SSBCI Funds Expended to Support Loans and Investments

(Cumulative through 2013)

No. State/Territory

Date of Allocation 

Agreement

Allocation 

Amount 

SSBCI Funds 

Expended

SSBCI Funds 

Recycled

% of 

Allocation 

Expended

Total Amount 

Loaned/Invested

1 Alabama August 24, 2011 $31,301,498 $22,600,726 $0 72% $47,323,714

2 Alaska, Anchorage February 14, 2012 $13,168,350 $667,277 $0 5% $2,845,000

3 American Samoa January 26, 2012 $10,500,000 $0 $0 0% $0

4 Arizona November 7, 2011 $18,204,217 $7,609,286 $0 42% $27,494,206

5 Arkansas October 31, 2011 $13,168,350 $7,818,122 $0 59% $159,951,483

6 California May 19, 2011 $167,755,642 $47,439,430 $0 28% $309,527,396

7 Colorado October 11, 2011 $17,233,489 $7,257,152 $0 42% $59,356,863

8 Connecticut July 14, 2011 $13,301,126 $114,064 $0 1% $3,606,246

9 Delaware July 18, 2011 $13,168,350 $4,454,973 $0 34% $23,658,324

10 District of Columbia August 15, 2011 $13,168,350 $2,422,509 $0 18% $5,135,000

11 Florida August 24, 2011 $97,662,349 $42,752,308 $0 44% $153,148,422

12 Georgia December 13, 2011 $47,808,507 $17,536,718 $377,000 37% $88,672,891

13 Guam September 30, 2011 $13,168,350 $3,700,447 $0 28% $4,514,996

14 Hawaii May 27, 2011 $13,168,350 $643,706 $0 5% $5,440,500

15 Idaho August 29, 2011 $13,136,544 $12,991,508 $1,301,631 99% $94,417,277

16 Illinois July 26, 2011 $78,365,264 $36,176,247 $0 46% $273,256,925

17 Indiana May 27, 2011 $34,339,074 $5,918,768 $0 17% $27,543,277

18 Iowa August 30, 2011 $13,168,350 $6,301,920 $0 48% $13,565,113

19 Kansas June 28, 2011 $13,168,350 $7,344,257 $0 56% $136,347,028

20 Kentucky July 28, 2011 $15,487,998 $2,974,624 $0 19% $25,985,413

21 Louisiana August 24, 2011 $13,168,350 $1,764,183 $0 13% $9,820,362

22 Maine September 6, 2011 $13,168,350 $2,545,936 $0 19% $18,526,777

23 Maryland June 2, 2011 $23,025,709 $4,524,312 $0 20% $112,902,058

24 Massachusetts September 13, 2011 $20,445,072 $7,476,840 $1,616,770 37% $69,190,988

25 Michigan July 6, 2011 $79,157,742 $67,155,057 $0 85% $356,910,896

26 Minnesota September 30, 2011 $15,463,182 $4,431,983 $0 29% $76,391,537

27 Mississippi August 24, 2011 $13,168,350 $5,066,899 $0 38% $39,075,163

28 Missouri May 23, 2011 $26,930,294 $13,237,402 $0 49% $110,577,205

29 Montana July 18, 2011 $12,765,037 $10,619,529 $0 83% $84,632,909

30 Nebraska October 4, 2011 $13,168,350 $5,596,301 $0 42% $25,174,725

31 Nevada September 30, 2011 $13,803,176 $4,386,030 $0 32% $9,043,495

32 New Hampshire July 18, 2011 $13,168,350 $9,399,808 $0 71% $164,560,712

33 New Jersey September 22, 2011 $33,760,698 $6,791,202 $0 20% $24,945,311

34 New Mexico October 11, 2011 $13,168,350 $3,719,054 $0 28% $24,764,030

35 New York September 26, 2011 $55,351,534 $14,048,976 $0 25% $106,105,591

36 North Carolina May 23, 2011 $46,061,319 $28,391,365 $0 62% $215,826,186

37 North Dakota, Carrington September 28, 2012 $3,433,709 $694,156 $0 20% $2,075,000

38 North Dakota, Mandan August 31, 2012 $9,710,768 $4,286,035 $0 44% $32,531,311

39 Northern Mariana Islands March 14, 2012 $13,168,350 $60,989 $0 <1% $0

40 Ohio September 2, 2011 $55,138,373 $12,683,731 $0 23% $56,011,334

41 Oklahoma July 18, 2011 $13,168,350 $5,052,638 $0 38% $43,252,436

42 Oregon August 29, 2011 $16,516,197 $9,690,572 $0 59% $82,528,217

43 Pennsylvania October 6, 2011 $29,241,232 $6,655,230 $587 23% $78,972,776

44 Puerto Rico October 6, 2011 $14,540,057 $7,812,500 $0 54% $32,025,000

45 Rhode Island September 6, 2011 $13,168,350 $4,169,798 $0 32% $44,430,944

46 South Carolina July 6, 2011 $17,990,415 $16,278,500 $0 90% $79,478,666

47 South Dakota September 22, 2011 $13,168,350 $7,046,625 $0 54% $63,771,110

48 Tennessee October 4, 2011 $29,672,070 $20,018,015 $0 67% $90,738,426

49 Texas August 15, 2011 $46,553,879 $25,280,265 $0 54% $231,107,514

50 U.S. Virgin Islands October 4, 2011 $13,168,350 $877,018 $0 7% $4,157,390

51 Utah September 30, 2011 $13,168,350 $2,548,923 $0 19% $16,189,970

52 Vermont May 23, 2011 $13,168,350 $8,169,855 $0 62% $124,682,627

53 Virginia August 15, 2011 $17,953,191 $3,833,793 $0 21% $14,476,247

54 Washington October 31, 2011 $19,722,515 $10,243,690 $0 52% $60,196,018

55 West Virginia November 18, 2011 $13,168,350 $8,782,853 $0 67% $69,902,366

56 Wisconsin September 22, 2011 $22,363,554 $7,931,867 $0 35% $45,855,302

57 Wyoming, Laramie December 4, 2012 $13,168,350 $2,221,728 $0 17% $17,283,980

TOTAL $1,457,567,481 $590,217,698 $3,295,988 40% $4,099,904,652 
58 APPENDIX C SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS

Appendix C: SSBCI Funds Expended by Program Type, by State

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2013)

No. State/Territory Allocation Expended Recycled Percent Amount L/I Allocation Expended Recycled Percent Amount L/I

Loan Participation Capital Access

1 Alabama $5,000,000 $115,000 $0 2% $1,560,000 $5,000,000 $9,873 $0 <1% $197,451

2 Alaska, Anchorage

3 American Samoa

4 Arizona $18,204,217 $7,178,778 $0 39% $27,494,206

5 Arkansas $4,690,312 $3,654,000 $0 78% $45,044,000 $41,522 $19,637 $0 47% $497,496

6 California $10,000,000 $0 $0 0% $0 $39,274,379 $5,021,653 $0 13% $114,088,379

7 Colorado $2,000,000 $2,750 $0 <1% $146,463

8 Connecticut $13,301,126 $111,325 $0 1% $3,606,246

9 Delaware $12,168,350 $4,336,425 $0 36% $19,901,326 $1,000,000 $118,548 $0 12% $3,756,999

10 District of Columbia

11 Florida $29,000,000 $17,582,619 $0 61% $48,729,532 $10,662,349 $6,366 $0 <1% $212,000

12 Georgia $28,000,000 $12,695,851 $377,000 45% $71,582,091 $2,000,000 $0 $0 0% $0

13 Guam $4,608,923 $0 $0 0% $0 $1,316,835 $0 $0 0% $0

14 Hawaii

15 Idaho

16 Illinois $66,500,000 $27,355,171 $0 41% $221,653,718 $365,264 $17,070 $0 5% $557,398

17 Indiana $1,500,000 $159,751 $0 11% $4,728,268

18 Iowa $3,168,350 $31,455 $0 1% $358,750 $1,000,000 $9,624 $0 1% $215,563

19 Kansas $10,534,680 $4,744,439 $0 45% $90,892,443

20 Kentucky $5,162,666 $254,029 $0 5% $6,110,147 $5,162,666 $3,102 $0 $105,306

21 Louisiana 

22 Maine $8,851,515 $885,000 $0 10% $11,351,924

23 Maryland $1,500,000 $495,000 $0 33% $2,110,000

24 Massachusetts $18,945,072 $6,862,730 $1,616,770 36% $54,663,000 $1,500,000 $456,306 $0 30% $14,527,988

25 Michigan $34,478,871 $24,796,758 $0 72% $89,647,117 $4,200,000 $801,219 $0 19% $37,191,164

26 Minnesota $6,263,182 $3,003,923 $0 48% $33,695,824 $500,000 $262,648 $0 53% $19,971,194

27 Mississippi 

28 Missouri $3,306,971 $0 $0 0% $0

29 Montana $12,765,037 $10,470,576 $0 82% $84,632,909

30 Nebraska $9,240,980 $5,050,000 $0 55% $24,324,725

31 Nevada $500,000 $100,000 $0 20% $200,000

32 New Hampshire $3,930,680 $2,434,828 $0 62% $22,325,965 $453,117 $331,462 $0 73% $10,472,339

33 New Jersey $22,010,698 $5,919,650 $0 27% $22,745,294

34 New Mexico $13,168,350 $3,704,996 $0 28% $24,764,030

35 New York $8,643,139 $525,708 $0 6% $9,154,340

36 North Carolina $34,000,000 $22,275,666 $0 66% $128,801,184 $1,761,319 $671,044 $0 38% $31,610,403

37 North Dakota, Carrington

38 North Dakota, Mandan $9,710,768 $4,143,336 $0 43% $32,531,311

39 Northern Mariana Islands $4,615,193 $0 $0 0% $0

40 Ohio $5,000,000 $472,393 $0 9% $12,759,818

41 Oklahoma 

42 Oregon $3,500,000 $1,450,000 $0 41% $9,429,034 $1,016,197 $127,016 $0 12% $11,197,160

43 Pennsylvania $24,241,232 $4,184,688 $587 17% $29,647,253

44 Puerto Rico $12,540,057 $7,812,500 $0 62% $32,025,000

45 Rhode Island $2,168,350 $300,000 $0 14% $4,730,000

46 South Carolina $16,789,457 $15,996,138 $0 95% $74,188,679 $1,200,959 $102,173 $0 9% $5,289,987

47 South Dakota $13,168,350 $6,950,100 $0 53% $63,771,110

48 Tennessee 

49 Texas 

50 U.S. Virgin Islands 

51 Utah $1,316,835 $612,000 $0 46% $4,910,000

52 Vermont $13,168,350 $8,142,999 $0 62% $124,235,020 $0 $26,856 $0 0% $447,607

53 Virginia $10,000,000 $500,000 $0 5% $3,000,000 $453,191 $101,947 $0 22% $3,165,894

54 Washington $9,222,515 $8,546,400 $0 93% $49,643,484 $5,500,000 $47,750 $0 1% $945,034

55 West Virginia $5,388,998 $4,127,000 $0 77% $37,269,470

56 Wisconsin 

57 Wyoming, Laramie

Total $491,828,959 $226,712,056 $1,994,357 46% $1,497,968,544 $112,852,062 $9,406,221 $0 8% $284,844,497

Average $243,776 $1,610,719 $1,684 $50,983
SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS APPENDIX C 59

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2013) Continued

No. State/Territory Allocation Expended Recycled Percent Amount L/I Allocation Expended Recycled Percent Amount L/I

Collateral Support Loan Guarantee

1 Alabama $21,301,498 $22,276,504 $0 105% $45,566,262

2 Alaska, Anchorage

3 American Samoa $10,500,000 $0 $0 0% $0

4 Arizona

5 Arkansas $477,509 $352,000 $0 74% $540,000

6 California $35,000,000 $14,737,653 $0 42% $33,215,706 $83,481,263 $25,662,526 $0 31% $162,223,311

7 Colorado $15,233,489 $6,990,402 $0 46% $59,210,401

8 Connecticut

9 Delaware

10 District of Columbia $13,168,350 $2,317,500 $0 18% $5,135,000

11 Florida $14,500,000 $8,334,914 $0 57% $19,439,242

12 Georgia $17,808,507 $4,018,400 $0 23% $17,090,800

13 Guam $7,242,592 $3,325,885 $0 46% $4,514,996

14 Hawaii

15 Idaho $13,136,544 $12,689,037 $1,301,631 97% $94,417,277

16 Illinois $2,000,000 $1,502,500 $0 75% $15,991,300

17 Indiana

18 Iowa

19 Kansas 

20 Kentucky $5,162,666 $2,666,223 $0 52% $19,769,960

21 Louisiana $8,000,000 $1,560,068 $0 20% $8,320,362

22 Maine 

23 Maryland $6,000,000 $710,304 $0 12% $10,862,000

24 Massachusetts 

25 Michigan $34,478,871 $40,227,768 $0 117% $229,197,615

26 Minnesota $2,000,000 $991,815 $0 50% $22,724,519

27 Mississippi $13,168,350 $5,066,899 $0 38% $39,075,163

28 Missouri 

29 Montana 

30 Nebraska

31 Nevada $8,303,176 $3,181,030 $0 38% $8,843,495

32 New Hampshire $2,594,851 $2,594,851 $0 100% $44,859,934 $2,813,821 $2,813,820 $0 100% $63,830,434

33 New Jersey $3,450,000 $850,000 $0 25% $1,700,000

34 New Mexico 

35 New York $10,405,173 $2,205,000 $0 21% $13,550,000

36 North Carolina 

37 North Dakota, Carrington $2,651,445 $512,500 $0 19% $1,225,000

38 North Dakota, Mandan

39 Northern Mariana Islands $8,553,157 $0 $0 0% $0

40 Ohio $35,138,373 $10,101,769 $0 29% $40,151,516

41 Oklahoma 

42 Oregon $12,000,000 $7,812,231 $0 65% $61,902,023

43 Pennsylvania

44 Puerto Rico 

45 Rhode Island 

46 South Carolina 

47 South Dakota 

48 Tennessee 

49 Texas 

50 U.S. Virgin Islands $3,738,476 $529,825 $0 14% $1,886,390 $9,429,874 $224,500 $0 2% $2,271,000

51 Utah $7,851,515 $710,485 $0 9% $2,823,400

52 Vermont 

53 Virginia $7,500,000 $3,079,141 $0 41% $8,310,353

54 Washington 

55 West Virginia $827,601 $779,600 $0 94% $5,005,800 $151,734 $28,000 $0 18% $140,000

56 Wisconsin $1,363,554 $0 $0 0% $0

57 Wyoming, Laramie $10,168,350 $2,004,450 $0 20% $17,283,980

Total $208,155,349 $103,914,249 $1,301,631 50% $584,503,726 $221,445,390 $86,943,350 $0 39% $476,573,513

Average $216,488 $1,217,716 $92,199 $505,380
60 APPENDIX C SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2013) Continued

No. State/Territory Allocation Expended Recycled Percent Amount L/I Administrative Expenses

Venture Capital 

1 Alabama $199,350

2 Alaska, Anchorage $13,168,350 $450,000 $0 3% $2,845,000 $217,277

3 American Samoa $0

4 Arizona $430,508

5 Arkansas $7,959,007 $3,563,688 $0 45% $113,869,988 $228,798

6 California $2,017,599

7 Colorado $264,000

8 Connecticut $2,739

9 Delaware $0

10 District of Columbia $105,009

11 Florida $43,500,000 $15,936,179 $0 37% $84,767,648 $892,230

12 Georgia $822,467

13 Guam $374,562

14 Hawaii $13,168,350 $551,276 $0 4% $5,440,500 $92,430

15 Idaho $302,471

16 Illinois $9,500,000 $5,570,000 $0 59% $35,054,509 $1,731,506

17 Indiana $32,839,074 $5,395,301 $0 16% $22,815,009 $363,716

18 Iowa $9,000,000 $6,100,000 $0 68% $12,990,800 $160,840

19 Kansas $2,633,670 $2,413,835 $0 92% $45,454,585 $185,983

20 Kentucky $51,270

21 Louisiana $5,168,350 $125,000 $0 2% $1,500,000 $79,115

22 Maine $4,316,835 $1,580,687 $0 37% $7,174,853 $80,250

23 Maryland $15,525,709 $2,939,086 $0 19% $99,930,058 $379,922

24 Massachusetts $157,805

25 Michigan $6,000,000 $425,000 $0 7% $875,000 $904,312

26 Minnesota $6,700,000 $0 $0 0% $0 $173,597

27 Mississippi $0

28 Missouri $23,623,323 $12,400,910 $0 52% $110,577,205 $836,492

29 Montana $148,954

30 Nebraska $3,927,370 $300,000 $0 8% $850,000 $246,301

31 Nevada $5,000,000 $0 $0 0% $0 $1,105,000

32 New Hampshire $3,375,881 $1,034,057 $0 31% $23,072,040 $190,790

33 New Jersey $8,300,000 $21,552 $0 <1% $500,017 $0

34 New Mexico $14,058

35 New York $36,303,222 $10,863,241 $0 30% $83,401,251 $455,027

36 North Carolina $10,300,000 $3,883,487 $0 38% $55,414,599 $1,561,168

37 North Dakota, Carrington $782,264 $125,000 $0 16% $850,000 $56,656

38 North Dakota, Mandan $142,699

39 Northern Mariana Islands $60,989

40 Ohio $15,000,000 $1,500,000 $0 10% $3,100,000 $609,569

41 Oklahoma $13,168,350 $5,010,990 $0 38% $43,252,436 $41,648

42 Oregon $301,326

43 Pennsylvania $5,000,000 $2,233,464 $0 45% $49,325,523 $237,078

44 Puerto Rico $2,000,000 $0 $0 0% $0 $0

45 Rhode Island $11,000,000 $3,739,284 $0 34% $39,700,944 $130,514

46 South Carolina $180,188

47 South Dakota $96,525

48 Tennessee $29,672,070 $19,290,083 $0 65% $90,738,426 $727,932

49 Texas $46,553,879 $24,989,165 $0 54% $231,107,514 $291,100

50 U.S. Virgin Islands $122,693

51 Utah $4,000,000 $950,001 $0 24% $8,456,570 $276,437

52 Vermont $0

53 Virginia $152,704

54 Washington $5,000,000 $1,451,875 $0 29% $9,607,500 $197,666

55 West Virginia $6,800,017 $3,636,000 $0 53% $27,487,096 $212,253

56 Wisconsin $21,000,000 $7,577,500 $0 36% $45,855,302 $354,367

57 Wyoming, Laramie $3,000,000 $0 $0 0% $0 $217,278

Total $423,285,721 $144,056,659 $0 34% $1,256,014,372 $19,185,163

Average $252,730.98 $2,203,534
SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS APPENDIX D 61

Appendix D: Top 15 Lenders by Amount Loaned and by Number 

of Loans

Top 15 Largest SSBCI Lenders, by Dollar Amount Loaned

(Cumulative through 2013)

Rank Lender Number of Loans Amount Loaned Average Amount Loaned

1 Huntington National Bank (IN, KY, MI, OH) 323 $72,181,350 $223,472 

2 Pacific Enterprise Bank (CA) 143 $54,304,101 $379,749 

3 Fifth Third Bank (FL, KY, MI, OH) 48 $48,078,954 $1,001,645 

4 NewBridge Bank (NC) 58 $36,500,320 $629,316 

5 Amarillo National Bank (KS) 3 $30,685,569 $10,228,523 

6 Access to Capital for Entrepreneurs (GA) 15 $28,132,635 $1,875,509 

7 Home Federal Bank (ID, SD) 8 $25,802,000 $3,225,250 

8 Opportunity Fund (CA) 2470 $23,591,861 $9,551 

9 Wells Fargo Bank, NA (NM, SD, VA) 7 $23,180,160 $3,311,451 

10 Columbia State Bank (OR) 30 $21,699,740 $723,325 

11 mBank (MI) 5 $21,476,237 $4,295,247 

12 Yadkin Valley Bank & Trust Company (NC) 41 $21,306,428 $519,669 

13 Citizens Bank (MI) 4 $21,293,000 $5,323,250 

14 NBT Bank, NA (VT) 3 $21,083,720 $7,027,907 

15 The Private Bank (MI) 1 $20,000,000 $20,000,000 

TOTAL 3,159 $469,316,076 $148,565 

Note: This chart includes all private lenders that are not contractors for the State.
62 APPENDIX D SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS

Top 15 SSBCI Lenders by Number of Loans

(Cumulative through 2013)

Rank Lender Number of Loans Amount Loaned Average Amount Loaned

1 Opportunity Fund (CA) 2,470 $23,591,861 $9,551

2 Huntington National Bank (IN, KY, MI, OH) 323 $72,181,350 $223,472

3 Murphy Bank (CA) 279 $7,009,692 $25,124

4 Renaissance Economic Development Corporation (NY) 220 $5,527,000 $25,123

5 Acción San Diego (CA) 200 $3,183,151 $15,916

6 Pacific Enterprise Bank (CA) 143 $54,304,101 $379,749

7 Trade Credit Guaranty Corporation (GA) 102 $16,472,000 $161,490

8 TMC Development Working Solutions (CA) 88 $1,352,632 $15,371

9 Branch Banking & Trust Company (FL, NC, VA) 82 $8,053,556 $98,214

10 First Citizens Bank & Trust Company (NC, VA) 68 $3,714,308 $54,622

11 Fresno Community Development Financial Institution (CA) 66 $1,585,555 $24,024

12 Independent Bank (MI) 59 $1,789,949 $30,338

13 NewBridge Bank (NC) 58 $36,500,320 $629,316

13 Oakland BDC (CA) 58 $1,187,000 $20,466

14 Mutual Federal Savings (MA) 57 $2,003,700 $35,153

15 Business Outreach Center Capital Corporation (NY) 55 $1,371,124 $24,930

TOTAL 4,328 $239,827,299 $55,413

Note: This chart includes all private lenders that are not contractors for the State.
SSBCI: SUMMARY OF STATES’ 2013 ANNUAL REPORTS ACKNOWLEDGEMENTS 63

Acknowledgements

In the last three years, the U.S. Treasury has supported the State Small Business Credit Initiative in 

partnership with state agencies and their contractors. The program benefitted from the work of many 

talented and dedicated individuals. 

I would like to thank my colleagues at the State Small Business Credit Initiative: Deputy Director 

Jeff Stout and the Relationship Managers James Clark, Phyllis Love, David Rixter, and Zakaria Shaikh; 

Compliance Manager Danielle Christensen and her team of Opal Moore, Rick Oettinger, Karin Peabody, 

and Sarah Reed; Senior Policy Advisor Tim Colón; and Program Analyst Linda Clark. I would also like 

to thank colleagues at the U.S. Treasury who work directly with SSBCI including Peter Bieger, Katherine 

Brandes, Anthony Coley, Daniel Cruz, Drew Colbert, Paula Jones, and Robin Meigel (from Department 

of Agriculture). Ann Bowen from Printing and Graphics produced well-designed graphics.

SSBCI received valuable technical support from Terry Valladares of Federal Management Systems, as 

well as his colleagues John Alex, Dennis Downer, Kay Naar, and Somaree Taru. Sarah Gutschow from 

the Center for Regional Economic Competitiveness provided help with data analysis.

I would also like to thank our colleagues at the bank regulatory agencies who disseminated 

information about SSBCI. The Office of the Comptroller of the Currency hosted the 4th SSBCI national 

conference in Washington D.C. in 2014. 

Finally, thank you to Acting Assistant Secretary Amias Gerety and Deputy Assistant Secretary Jessica 

Milano for their leadership and support of SSBCI.

Clifton G. Kellogg

Director, State Small Business Credit Initiative