SSBCI Quarterly Report 

through September 30, 2023

U.S. Department of the Treasury

December 18, 2023
1

SSBCI Quarterly Report through September 30, 2023

OVERVIEW:

Reauthorized and expanded by the American Rescue Plan Act, the State Small Business Credit Initiative 

(SSBCI) is a nearly $10 billion program which funds state governments, the District of Columbia, territories, 

and Tribal governments (collectively, participating jurisdictions) programs that spur lending and investing in 

small businesses and provide technical assistance to small businesses. The SSBCI incentivizes jurisdictions to 

enable financing for businesses in historically underserved communities and for entrepreneurs who may have 

otherwise lacked access to capital. This report presents cumulative data from capital program quarterly reports 

submitted by participating jurisdictions from the beginning of the reauthorized SSBCI program through the 

quarter ending September 30, 2023.

CAPITAL PROGRAM ACTIVITY:

Approvals: As of September 30, 2023, Treasury approved 54 states and territories’ Capital program applications 

and 25 Tribal government or joint Tribal applications. Of these, 62 jurisdictions were required to submit 

quarterly reports for one or more quarters covered by this report, representing over $7.7 billion in allocations. 

All jurisdictions required to submit reports did so. 

Disbursements: Jurisdictions receive SSBCI funding in three disbursements which are paid out based 

on previous funds deployed.1 Additional funding may be available for jurisdictions that successfully reach 

underserved businesses.2 As of September 30, 2023, Treasury disbursed $2.5 billion to jurisdictions, representing 

the first disbursement for 70 jurisdictions, and the second disbursement for three jurisdictions. 

Funds deployed: As of September 30, 2023, 54 jurisdictions have deployed (expended, obligated, or transferred 

or “EOT”) $854 million in SSBCI funds through their SSBCI Capital Programs. This represents a 20% increase in 

deployment from the previous quarter.

CAPITAL PROGRAM ALLOCATIONS

The 62 jurisdictions reporting for this period operate 214 different credit support and investment programs. They 

opted to allocate 61% ($4.7 billion) of their funding to programs that support loans, such as loan guarantees and 

loan participation programs. They opted to allocate approximately 39% ($3.0 billion) to equity/venture capital 

programs including direct investment programs, fund investment programs and debt/equity hybrid programs 

that spur investment in small businesses. Businesses, lenders, and investors may find details on each jurisdiction’s 

programs at https://www.treasury.gov/ssbci/programs.

TECHNICAL ASSISTANCE PROGRAMS

The SSBCI funds technical assistance to small businesses through grants to jurisdictions and by funding the 

Minority Business Development Agency’s Capital Readiness Program (CRP). As of November 30, 2023 Treasury 

had approved 34 of 51 applications by states and territories for technical assistance programs, and as of 

September 2023, the MBDA had announced all 43 recommended awardees. For more information on the CRP, 

see https://www.mbda.gov/crp. 

1 SSBCI funds deployed are those legally “expended, obligated, or transferred” or “EOT.” For clarification, SSBCI funds “expended” are funds 

used to support loans or investments or for administrative expenses. SSBCI funds “obligated” are funds legally committed to support 

loans or investments, including obligations to intermediaries, and for administrative expenses. SSBCI funds “transferred” are funds 

transferred to a contracting entity as reimbursement of expenses incurred or to fund a loan or investment. Funds “expended, obligated, or 

transferred” includes obligations to venture capital funds not yet linked to specific small business investments.

2 See SSBCI Capital Program Guidelines pp 11-12 https://home.treasury.gov/system/files/136/SSBCI-Capital-Program-Policy-Guidelines.pdf
2

FEATURED PROGRAMS AND TRANSACTIONS

Maryland Technology Development Corp. Invests in Telehealth Technology

Technology Development Corp. (TEDCO)

Program: TEDCO Social Impact Fund

Program Type: Equity Capital Program - 

Direct

Business: JuneBrain

Business Owner: Samantha Scott, Founder 

and CEO

Business Location: Baltimore, MD

Transaction amount: $150,000 SSBCI + 

$150,000 private capital

JuneBrain is a Baltimore-based and Black woman-owned telehealth tech company that aims to provide 

remote monitoring devices to help physicians and patients access care for eye and brain health. JuneBrain’s 

AI-based eye-scanning solution is intended to allow providers to identify and monitor disease activity in their 

patients without requiring in-person appointments. The technology is complemented by a mobile application 

for patients to communicate securely with healthcare providers. Maryland Technology Development Corp., 

or TEDCO, provided an SSBCI investment of $150,000 into JuneBrain through its Social Impact Fund, which is 

designed to help support economically underserved founders and communities. These funds were matched 

with a further $150,000 in angel investments.

TEDCO CEO Troy LeMaile-Stovall comments, “SSBCI funding allows businesses to continue to advance and 

innovate. JuneBrain is just one example of this. Thanks to the recent SSBCI funding the business received from 

TEDCO, JuneBrain is continuing their mission to support medical professionals and patients by allowing medical 

professionals to remotely monitor patients, allowing patients to continue to receive care from the comfort of 

their own home.”

Iowa Economic Development Authority Invests in Advanced Manufacturing

State Program Administrator: Iowa 

Economic Development Authority (IDEA)

Program: Innovation Continuum 

Demonstration Fund

Program Type: Debt/equity hybrid

Business: Kinetic Technologies

Business Owner: Mark Barglof, President

Business Location: Algona, IA

Transaction Amount: $175,000 SSBCI + 

$175,000 private capital 

Kinetic Technologies’ core goals are “design, build, and automate.” The Algona, Iowa based advanced 

manufacturing firm supports manufacturers in scaling their production capacity – often filling a market gap 

by helping customers produce smaller batches of highly- engineered parts. The company filed a patent for 

their robotic welding table in 2022, but they needed working capital to grow their marketing, distribution, and 

sales capacity, as well as to refine the product to respond to customer feedback. Kinetic received a $175,000 
3

SSBCI loan through the Iowa Economic Development Authority’s Innovation Continuum Demonstration Fund, a 

program that catalyzes new private equity investment in the information technology, advanced manufacturing, 

and bioscience sectors by providing SSBCI debt capital. These funds will be used by the company to invest in 

both the product and Kinetic’s growth goals.

“Iowa is filled with innovative thinkers who are pushing the boundaries in their industries, and it’s important 

that we create an ecosystem where they can thrive,” said Debi Durham, director of the Iowa Economic 

Development and Iowa Finance Authority. “The SSBCI investment is a great addition to our Innovation 

Continuum to assist more entrepreneurs at all stages.”

Finance Authority of Maine Supports Employee-Ownership in Construction 

State Program Administrator: Finance 

Authority of Maine (FAME)

Program: Grow Maine

Program Type: Loan Participation Program

Business: Bell Street Builders

Business Owner: Worker owned

Business Location: Portland, ME

Transaction amount: ~$40,000 + ~$40,000 

private capital 

Bell Street Builders is a newly formed, cooperative residential construction firm created by the merger of two 

independent construction companies and the conversion to a worker-owned structure. The Finance Authority 

of Maine (FAME) and their “Grow Maine” loan participation program, in partnership with the Cooperative Fund 

of the Northeast, supported the merger and conversion by financing the purchase of assets from the initial two 

companies. With a completed merger/conversion, Bell Street Builders projects an increase of 40% in sales over 

the combined sales of the two prior companies in the first year alone – and anticipates creating two additional 

jobs in the first two years.

Director of Business at FAME, Jennifer Cummings, notes about the transaction, “Small businesses are the 

backbone of Maine’s economy and FAME is pleased to partner with the Cooperative Fund of the Northeast 

(CFNE) to support Bell Street Builders through the federal State Small Business Credit Initiative (SSBCI)-funded 

Grow Maine Program. As a newly formed, employee-owned cooperative whose owners-employees possess 

strong experience in the building and construction trades, we are pleased Bell Street Builders will benefit from 

this funding.”
4

QUARTERLY DATA

Figure 1: Funds Allocated by Program Type

As of September 30, 2023, the 62 reporting jurisdictions allocated a total of $7.7 billion to 214 programs. 

Jurisdictions opted to allocate 61% ($4.7 billion) of their funding to programs that support loans, with the 

highest percent of total allocation to loan participation programs at 30%. Jurisdictions allocated approximately 

39% ($3.0 billion) to investment programs, with the highest percent of total allocation to direct equity capital 

programs at 18%.

Funds Allocated by Program Type (millions) 

Loan Participation Program

Collateral Support Program

Loan Guarantee Program

Capital Access Program

Equity Capital Program (Direct)

Equity Capital Program (Funds)

OCSP - Debt/Equity Hybrid

$2,336 M

30%

$1,113 M

14%

$1,410 M

18%

$1,143 M

15%

$1,016 M

13%

$451 M

6%

(Cumulative as of 

September 30, 2023)

$221 M

3%

am (Direct)

am (Funds)
5

Figure 2: Funds Deployed (EOT) by Quarter

As of September 30, 2023, jurisdictions reported funds deployed (EOT) totaling $854 million, an increase of 20% 

over the prior quarter ending June 30, 2023.3

$42

$195

$385

$713

$854

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

9/30/2022 12/31/2022 3/31/2023 6/30/2023 9/30/2023

Millions

Funds Deployed (EOT) by Quarter

(Cumulative as of September 30, 2023)

3 The values for each quarter reflect the cumulative amount reported as of that quarter. Jurisdictions submit an initial report after their first 

full calendar quarter following execution of their allocation agreement. Therefore, initial quarterly reports may contain activity from the 

prior quarter.
6

Figure 3: Top 40 Jurisdictions by Funds Deployed (EOT) 

Of the 62 jurisdictions that were required to submit quarterly reporting data, 54 reported total funds deployed 

(EOT) of $854 million, with the highest deployment of funds by California at $161 million.

$161.1

$102.8

$48.3

$36.8

$36.3

$36.1

$32.1

$27.4

$24.7

$23.9

$22.5

$21.3

$19.8

$19.6

$18.9

$17.4

$16.7

$14.9

$14.4

$13.4

$12.4

$11.7

$11.1

$9.7

$9.7

$9.4

$8.8

$8.5

$7.2

$6.6

$5.8

$5.7

$5.5

$5.0

$4.4

$4.3

$4.2

$3.6

$3.0

$2.2

$0 $20 $40 $60 $80 $100 $120 $140 $160 $180

California

Florida

Pennsylvania

Maryland

Montana

North Carolina

New York

New Hampshire

Arizona

South Carolina

Massachusetts

Colorado

Maine

Michigan

Vermont

Connecticut

Kansas

West Virginia

Oklahoma

Indiana

Hawaii

Minnesota

Iowa

North Dakota

Kentucky

Nevada

Georgia

Virginia

Missouri

Wyoming

Commonwealth of Puerto Rico

Louisiana

Idaho

Oregon

New Jersey

Nebraska

Alaska

Ohio

New Mexico

South Dakota

Millions

Top 40 Jurisdictions by Funds Deployed (EOT)

(Cumulative as of September 30, 2023)
7

Figure 4: Top 20 Jurisdictions by Funds Deployed (EOT) as a Percentage of Total Allocation4

Of the 62 jurisdictions that were required to submit quarterly reporting data, Montana had the highest amount 

of funds deployed (EOT) as a percentage of total allocation at 59.2% followed by New Hampshire at 44.6%. Both 

jurisdictions received their second funding tranche in the second quarter of 2023.

59.2

44.6

32.7 31.9

24.0 23.6

22.3

21.0 20.6 20.4 20.0

18.5 18.0 17.9 17.7 16.5

14.6 13.6 13.5 13.3

%

10 %

20 %

30 %

40 %

50 %

60 %

70 %

Percent

Top 20 Jurisdictions by Funds Deployed (EOT) as a Percentage of Total Allocation

(Cumulative as of September 30, 2023)

4 Figure 4 excludes data for Tribal governments.
8

Figure 5: Summary Table of Reporting Jurisdictions by Allocated Funds Deployed (EOT)5 as a 

Percentage of Total Allocation6

Jurisdiction7 Allocation 

Agreement Date

Total 

Allocation

Funds 

Disbursed

Allocated Funds 

Deployed

Disbursed Funds 

Deployed %8 Total Allocation Deployed %9

1 Montana 8/5/2022 $61,327,969 $40,192,977 $36,277,784 90.3% 59.2%

2 New Hampshire 6/1/2022 $61,468,436 $40,277,868 $27,427,010 68.1% 44.6%

3 Vermont 7/19/2022 $57,947,977 $18,926,117 $18,926,117 100.0% 32.7%

4 Maine 6/30/2022 $62,232,918 $19,848,311 $19,848,311 100.0% 31.9%

5 Kansas 5/31/2022 $69,596,847 $21,433,157 $16,705,560 77.9% 24.0%

6 South Carolina 6/9/2022 $101,342,659 $28,777,476 $23,870,565 82.9% 23.6%

7 Arizona 6/16/2022 $111,031,354 $30,654,690 $24,720,616 80.6% 22.3%

8 Florida 10/26/2022 $488,486,572 $142,342,307 $102,765,104 72.2% 21.0%

9 West Virginia 5/24/2022 $72,104,798 $21,972,911 $14,883,681 67.7% 20.6%

10 Colorado 8/3/2022 $104,773,554 $31,257,276 $21,333,000 68.2% 20.4%

11 Hawaii 5/18/2022 $62,021,957 $19,802,909 $12,413,513 62.7% 20.0%

12 Maryland 5/24/2022 $198,404,958 $61,835,553 $36,774,918 59.5% 18.5%

13 Pennsylvania 7/19/2022 $267,838,132 $81,370,144 $48,268,593 59.3% 18.0%

14 North Carolina 7/26/2022 $201,897,680 $57,278,825 $36,117,331 63.1% 17.9%

15 Oklahoma 9/30/2022 $81,646,606 $24,026,474 $14,415,884 60.0% 17.7%

16 North Dakota 10/11/2022 $58,641,843 $19,075,449 $9,682,152 50.8% 16.5%

17 Connecticut 6/16/2022 $119,414,934 $37,336,096 $17,410,000 46.6% 14.6%

18 California 9/16/2022 $1,181,997,613 $357,113,878 $161,143,836 45.1% 13.6%

19 Indiana 7/11/2022 $99,087,725 $28,445,459 $13,351,137 46.9% 13.5%

20 Massachusetts 10/12/2022 $168,591,178 $51,893,558 $22,462,436 43.3% 13.3%

21 Minnesota 9/23/2022 $97,012,596 $29,524,884 $11,653,374 39.5% 12.0%

22 Iowa 8/26/2022 $96,102,644 $30,352,434 $11,059,998 36.4% 11.5%

23 Wyoming 12/30/2022 $58,426,481 $19,029,100 $6,589,288 34.6% 11.3%

24 Idaho 9/21/2022 $65,677,548 $20,589,655 $5,541,794 26.9% 8.4%

25 Nevada 10/4/2022 $112,956,523 $34,876,941 $9,422,787 27.0% 8.3%

26 Michigan 5/18/2022 $236,990,950 $71,190,595 $19,644,658 27.6% 8.3%

27 Kentucky 2/16/2023 $117,122,549 $34,622,095 $9,674,507 27.9% 8.3%

28 Missouri 9/30/2022 $94,855,803 $26,869,323 $7,224,647 26.9% 7.6%

29 Alaska 9/26/2022 $59,905,891 $19,347,495 $4,189,396 21.7% 7.0%

30 Nebraska 9/6/2022 $64,005,718 $20,229,849 $4,345,893 21.5% 6.8%

31 New York 8/24/2022 $501,587,385 $151,237,824 $32,051,164 21.2% 6.4%

32 Oregon 9/26/2022 $83,501,226 $24,425,621 $4,982,028 20.4% 6.0%

33 Commonwealth of Puerto Rico 2/8/2023 $109,373,069 $29,993,692 $5,824,066 19.4% 5.3%

34 Louisiana 12/19/2022 $113,071,405 $32,859,055 $5,738,507 17.5% 5.1%

35 Georgia 11/4/2022 $199,616,860 $56,484,582 $8,849,855 15.7% 4.4%

36 New Mexico 9/8/2022 $74,488,805 $22,485,991 $3,028,736 13.5% 4.1%

37 South Dakota 7/26/2022 $60,010,454 $19,369,998 $2,219,859 11.5% 3.7%

38 Virginia 11/4/2022 $230,435,003 $71,220,519 $8,496,217 11.9% 3.7%

39 United States Virgin Islands 1/27/2023 $57,860,549 $18,907,301 $1,501,488 7.9% 2.6%

40 Ohio 9/27/2022 $182,347,892 $52,440,610 $3,568,927 6.8% 2.0%

41 New Jersey 3/15/2023 $255,197,631 $79,371,395 $4,374,645 5.5% 1.7%

42 Rhode Island 1/8/2023 $61,726,320 $19,739,282 $741,050 3.8% 1.2%

43 Guam 12/2/2022 $58,669,922 $19,081,492 $563,803 3.0% 1.0%

44 Arkansas 12/13/2022 $81,621,691 $24,021,112 $507,525 2.1% 0.6%

45 Tennessee 2/9/2023 $116,929,549 $32,670,956 $526,945 1.6% 0.5%

46 Wisconsin 2/8/2023 $79,125,677 $23,483,927 $287,934 1.2% 0.4%

47 Utah 10/24/2022 $69,006,000 $21,305,996 $213,428 1.0% 0.3%

48 Illinois 12/2/2022 $354,626,570 $108,678,160 $1,075,938 1.0% 0.3%

49 Delaware 1/23/2023 $60,973,103 $19,577,177 $46,000 0.2% 0.1%

50 Washington 2/1/2023 $163,460,354 $49,462,556 $99,812 0.2% 0.1%

51 Mississippi 5/9/2023 $86,078,447 $24,980,284 $0 0.0% 0.0%

Total $7,632,620,325 $2,342,291,336 $852,841,816

5 For purposes of this report, SSBCI funds deployed are those expended, obligated, or transferred or “EOT” (as those terms are defined in section III.b of the 

Capital Program Policy Guidelines), and generally includes, among others, those disbursed to a specific borrower or spent for administrative expenses, 

transferred to a contracted entity as reimbursement for expenses, or committed, pledged, or otherwise promised, in writing, to a specific borrower or as part of 

an equity/venture capital investment transaction, as well as obligations to venture capital funds not yet linked to specific small business investments. 

6 Total allocated funds include initial eligible amounts of incentive allocations for participating jurisdictions that demonstrate “robust support” for 

underserved businesses, as described in SSBCI guidance. Initial incentive allocation funding is generally disbursed based on the participating jurisdictions’ 

deployment of funds to support certain underserved businesses.

7 This table excludes data for Tribal governments.

8 Disbursed Funds Deployed % is calculated by dividing the Allocated Funds Deployed by Funds Disbursed.

9 Total Allocation Deployed % is calculated by dividing the Allocated Funds Deployed by Total Allocation.