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AS OF MARCH 31, 2014
2

Summary

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

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

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

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

small businesses and small manufacturers. 

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

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

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

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

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

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

$10 in new small business lending or investing.

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

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

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

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

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

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

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

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

disbursements which are paid out based on cumulative funds expended, obligated, or 

transferred.

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• Disbursements exceeded 72 percent of total allocations: As of March 31, 

2014, $1,055,225,280 out of $1,457,591,353 or more than 72 percent of total 

allocations were disbursed. All 57 States received their first disbursement; 46

States received their second disbursement; 17 States received their third 

disbursement.

• SSBCI funds expended, obligated, or transferred exceeded $835 million:

Through March 31, 2014, States expended, obligated, or transferred a total of 

 1 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 committed to 

specific small businesses. As of December, 31, 2013, VCPs reported that the amount of SSBCI funds expended, 

obligated, or transferred by their program was 37% greater ($89.5 million) than the amount of SSBCI funds 

expended to small businesses. The variance was due to SSBCI funds obligated for investment in a small business or 

to a venture capital fund but not yet expended to a specific small business.
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$835,014,430. Of this total, $820,218,698 was from original SSBCI allocations and 

$14,795,732 was from recycled SSBCI funds.2 These funds support loans or 

investments to small businesses, including to intermediaries, and for 

administrative expenses related to the program.

• Recycled SSBCI funds exceeded $14 million: Through March 31, 2014, ten

States reported recycling $14,795,732 of their program dollars back into new 

SSBCI loans or investments. States do not repay the allocations to Treasury. 

SSBCI dollars remain with States in evergreen funds to be recycled into small 

business transactions over time.

• Funds expended, obligated, or transferred increased 5 percent in the first

quarter of 2014: This figure increased from 27 percent of allocated funds in the 

first quarter of 2013, to 38 percent in the second quarter of 2013, to 46 percent in 

the third quarter of 2013, to 51 percent in the fourth quarter of 2013, and to 56

percent for first quarter of 2014.

• 74 percent of States expended, obligated, or transferred over $5 million: 

Almost three-quarters of States – 42 of 57 – have expended, obligated or 

transferred over $5 million of their allocation. 

• Funds expended, obligated, or transferred continue to vary by type of 

program: Loan Participation Programs expended, obligated, or transferred the 

largest portion of their allocations (62 percent). Venture Capital Programs 

expended, obligated or transferred the second largest portion of their allocations

(59 percent).

SSBCI at Work: Featured Success Stories

CALIFORNIA: Helping a Public-Private Partnership Create a Cleaner World 

Engineering professor Ruihong

Zhang has devoted much of her

career to developing the innovations 

discovered in the labs of the 

University of California, Davis into 

commercially viable products that 

address environmental challenges. 

Using Professor Zhang’s technology, 

CleanWorld, in partnership with the 

university, recently launched a 

 

2 "Recycled SSBCI funds" refers to the expended, obligated, or transferred funds that came to the State in the form 

of program income, interest earned or principal repayments.
4

Renewable Energy Anaerobic Digester (READ). This facility will convert 20,000 tons of 

food and yard waste per year into clean energy for the campus.

The California Pollution Control Financing Authority used SSBCI funds to provide $2 

million of collateral support in support of a short-term $5 million bridge loan to 

CleanWorld during the construction and testing phase of the project. This short-term 

support will enable the borrower to demonstrate the viability of the project and receive 

permanent long-term financing. 

WASHINGTON: Boosting Local Employment with Small Businesses 

J.P. “Pat” Francis owns and operates J.P. 

Francis & Associates (JPF&A), a mechanical 

contractor with expertise in plumbing, 

heating, and air conditioning systems for 

commercial and industrial buildings. Over 

the years, JPF&A has won many awards for 

reliability, innovation, and performance 

excellence in mechanical engineering.

Before receiving SSBCI funding through the 

Washington State Department of Commerce 

and its partner Craft3, a non-profit Community Development Financial Institution, the 

company struggled to get financing to expand due to losses incurred during the 

economic crisis. Craft3 provided a $1 million loan to JPF&A, fifty percent of which was 

funded by SSBCI. The transaction financed accounts receivable and retired maturing 

lines of credit, allowing JPF&A to create four new jobs and retain 17 jobs.

“The process of getting the loan was easy and straightforward,” said J.P Francis. “The 

loan was geared towards making the business a success, which has allowed us to create 

new jobs and help to strengthen our local community.”

KANSAS: Funding Small Business Manufacturing and Growth 

JCB Laboratories, LLC, which began operations in early 2003, manufactures custom highrisk sterile injectable pharmaceuticals, typically for pain and ophthalmic procedures. JCB 

focuses on servicing ambulatory surgery centers, dialysis centers, and hospitals.

JCB’s high growth prospects created a significant need for expansion of its production 

facility in 2011, but timing was of the essence. New business development 

opportunities were on a fast track and a deadline for occupying the new facility loomed, 

so an expedient process and access to working capital were needed to accelerate JCB 

through this growth process. 
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A $63,000 investment from Network Kansas 

leveraging $788,000 in private investment 

allowed JCB to construct a new facility in 

Wichita, which tripled JCB’s production 

capacity and expanded its warehouse and 

administrative offices. At the time of the 

expansion project, JCB employed nine 

people. Today, 32 people work for JCB, 

and the company is currently recruiting for 

seven more positions. A competitor 

recently acquired JCB, creating further 

potential for growth in production and 

employment in the Wichita area and allowing Kansas to recycle its investment into other 

companies. 

“The funds helped us complete the build-out of our new facility. By completing the 

build-out early, we hit all of our milestones sooner than expected,” said Brian 

Williamson, President and CEO of JCB.

SSBCI by the Numbers

Figure 1.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

$1,100,000,000

$1,200,000,000

Disbursements of SSBCI Allocations 

(Cumulative through March 31, 2014)

3rd Disbursement

2nd Disbursement

1st Disbursement
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Figure 2.

** The Mandan, ND Consortium has received its third disbursement, the Carrington, ND Consortium has received its 

first disbursement.

Figure 3.
7

Figure 4.

Figure 5.

* For purposes of calculating the percentage of allocations expended, obligated or transferred, Treasury does not 

count any recycled SSBCI funds.

99%

97%

95%

94% 94%

92% 92% 91%

90% 89%

80%

90%

100%

Top 10 States by Percentage of 

SSBCI Allocations Expended, Obligated or Transferred*

(Cumulative through March 31, 2014)
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Figure 6.

Figure 7.

$101m

$220m

$232m

$443m

$461m

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

CAP

Collateral Support

Loan Guarantee

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type 

(As of March 31, 2014)
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Figure 8.

* For purposes of calculating the percentage of the allocation expended, obligated or transferred, Treasury does not 

count any recycled SSBCI funds.

Figure 9.
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Appendix A: States Sorted by Percentage of SSBCI Allocation Expended, Obligated, or Transferred (EOT)

(As of 3/31/2014)

# State Agreement Date Allocated Amount

Original SSBCI 

Allocation EOT Percent

Recycled 

Funds EOT

Total Funds 

EOT

1 Idaho 8/29/2011 $13,136,544 $12,989,767 99% $2,031,419 $15,021,186 

2 West Virginia 11/18/2011 $13,168,350 $12,786,134 97% $0 $12,786,134 

3 South Carolina 7/6/2011 $17,990,415 $17,104,766 95% $532,106 $17,636,872 

4 Arkansas 10/31/2011 $13,168,350 $12,361,965 94% $25,336 $12,387,301 

5 North Dakota, M 8/31/2012 $9,734,641 $9,137,974 94% $0 $9,137,974 

6 New Hampshire 7/18/2011 $13,168,350 $12,142,670 92% $0 $12,142,670 

7 Alabama 8/24/2011 $31,301,498 $28,842,621 92% $0 $28,842,621 

8 Michigan 7/6/2011 $79,157,742 $72,061,336 91% $7,336,612 $79,397,948 

9 Montana 7/18/2011 $12,765,037 $11,443,234 90% $0 $11,443,234 

10 Missouri 5/23/2011 $26,930,294 $23,935,350 89% $0 $23,935,350 

11 North Carolina 5/23/2011 $46,061,319 $35,796,562 78% $0 $35,796,562 

12 Illinois 7/26/2011 $78,365,264 $59,750,256 76% $0 $59,750,256 

13 Oregon 8/29/2011 $16,516,197 $12,273,104 74% $0 $12,273,104 

14 Kansas 6/28/2011 $13,168,350 $9,628,933 73% $0 $9,628,933 

15 Washington 10/31/2011 $19,722,515 $14,272,862 72% $0 $14,272,862 

16 Colorado 10/11/2011 $17,233,489 $12,303,010 71% $0 $12,303,010 

17 Tennessee 10/4/2011 $29,672,070 $20,988,698 71% $0 $20,988,698 

18 Oklahoma 7/18/2011 $13,168,350 $8,809,915 67% $0 $8,809,915 

19 Iowa 8/30/2011 $13,168,350 $8,770,474 67% $0 $8,770,474 

20 Texas 8/15/2011 $46,553,879 $30,764,383 66% $0 $30,764,383 

21 South Dakota 9/22/2011 $13,168,350 $8,690,175 66% $0 $8,690,175 

22 Indiana 5/27/2011 $34,339,074 $21,527,192 63% $0 $21,527,192 

23 New York 9/26/2011 $55,351,534 $34,487,952 62% $0 $34,487,952 

24 Vermont 5/23/2011 $13,168,350 $8,065,738 61% $0 $8,065,738 

25 Nebraska 10/4/2011 $13,168,350 $8,005,925 61% $0 $8,005,925 

26 Florida 8/24/2011 $97,662,349 $58,013,255 59% $400,000 $58,413,255 

27 Puerto Rico 10/6/2011 $14,540,057 $7,962,500 55% $0 $7,962,500 

28 New Mexico 10/11/2011 $13,168,350 $7,151,974 54% $0 $7,151,974 

29 Georgia 12/13/2011 $47,808,507 $25,701,755 54% $377,000 $26,078,755 

30 Minnesota 9/30/2011 $15,463,182 $7,851,195 51% $0 $7,851,195 

31 Utah 9/30/2011 $13,168,350 $6,660,947 51% $0 $6,660,947 

32 Hawaii 5/27/2011 $13,168,350 $6,535,561 50% $0 $6,535,561 

33 Louisiana 8/24/2011 $13,168,350 $6,466,171 49% $259,375 $6,725,546 

34 Mississippi 8/24/2011 $13,168,350 $6,442,402 49% $67,951 $6,510,354 

35 Arizona 11/7/2011 $18,204,217 $8,676,509 48% $0 $8,676,509 

36 New Jersey 9/22/2011 $33,760,698 $15,057,554 45% $0 $15,057,554 

37 Wisconsin 9/22/2011 $22,363,554 $8,934,879 40% $0 $8,934,879 

38 Pennsylvania 10/6/2011 $29,241,232 $11,298,058 39% $2,800 $11,300,858 

39 Delaware 7/18/2011 $13,168,350 $4,961,163 38% $0 $4,961,163 

40 Ohio 9/2/2011 $55,138,373 $20,601,522 37% $0 $20,601,522 

41 Massachusetts 9/13/2011 $20,445,072 $7,618,806 37% $3,763,133 $11,381,939 

42 California 5/19/2011 $167,755,641 $60,194,258 36% $0 $60,194,258 

43 Anchorage 1/26/2012 $13,168,350 $4,421,317 34% $0 $4,421,317 

44 Rhode Island 9/6/2011 $13,168,350 $4,216,503 32% $0 $4,216,503 

45 Virginia 8/15/2011 $17,953,191 $5,728,191 32% $0 $5,728,191 

46 Guam 9/30/2011 $13,168,350 $4,024,103 31% $0 $4,024,103 

47 Wyoming, L 12/4/2012 $13,168,350 $3,821,912 29% $0 $3,821,912 

48 Kentucky 7/28/2011 $15,487,998 $4,405,990 28% $0 $4,405,990 

49 Nevada 9/30/2011 $13,803,176 $3,688,361 27% $0 $3,688,361 

50 North Dakota, C 9/28/2012 $3,433,709 $694,156 20% $0 $694,156 

51 Maryland 6/2/2011 $23,025,709 $4,554,472 20% $0 $4,554,472 

52 Maine 9/6/2011 $13,168,350 $2,560,368 19% $0 $2,560,368 

53 District of Columbia 8/15/2011 $13,168,350 $2,483,405 19% $0 $2,483,405 

54 Virgin Islands 10/4/2011 $13,168,350 $2,201,284 17% $0 $2,201,284 

55 Northern Mariana 3/14/2012 $13,168,350 $172,502 1% $0 $172,502 

56 Connecticut 7/14/2011 $13,301,126 $126,604 1% $0 $126,604 

57 American Samoa 2/14/2012 $10,500,000 $50,024 0% $0 $50,024 

TOTAL $1,457,591,353* $820,218,698** 56% $14,795,732 $835,014,430**

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

**Note: Includes funds Expended, Obligated, or Transferred and funds used for Administrative Expenses.
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Appendix B: States Sorted by Dollars of SSBCI Allocation Expended, Obligated, or Transferred (EOT)

(As of 3/31/2014)

# State Agreement Date Allocated Amount

Original SSBCI 

Allocation EOT Percent

Recycled 

Funds EOT

Total Funds 

EOT

1 Michigan 7/6/2011 $79,157,742 $72,061,336 91% $7,336,612 $79,397,948 

2 California 5/19/2011 $167,755,641 $60,194,258 36% $0 $60,194,258 

3 Illinois 7/26/2011 $78,365,264 $59,750,256 76% $0 $59,750,256 

4 Florida 8/24/2011 $97,662,349 $58,013,255 59% $400,000 $58,413,255 

5 North Carolina 5/23/2011 $46,061,319 $35,796,562 78% $0 $35,796,562 

6 New York 9/26/2011 $55,351,534 $34,487,952 62% $0 $34,487,952 

7 Texas 8/15/2011 $46,553,879 $30,764,383 66% $0 $30,764,383 

8 Alabama 8/24/2011 $31,301,498 $28,842,621 92% $0 $28,842,621 

9 Georgia 12/13/2011 $47,808,507 $25,701,755 54% $377,000 $26,078,755 

10 Missouri 5/23/2011 $26,930,294 $23,935,350 89% $0 $23,935,350 

11 Indiana 5/27/2011 $34,339,074 $21,527,192 63% $0 $21,527,192 

12 Tennessee 10/4/2011 $29,672,070 $20,988,698 71% $0 $20,988,698 

13 Ohio 9/2/2011 $55,138,373 $20,601,522 37% $0 $20,601,522 

14 South Carolina 7/6/2011 $17,990,415 $17,104,766 95% $532,106 $17,636,872 

15 New Jersey 9/22/2011 $33,760,698 $15,057,554 45% $0 $15,057,554 

16 Idaho 8/29/2011 $13,136,544 $12,989,767 99% $2,031,419 $15,021,186 

17 Washington 10/31/2011 $19,722,515 $14,272,862 72% $0 $14,272,862 

18 West Virginia 11/18/2011 $13,168,350 $12,786,134 97% $0 $12,786,134 

19 Arkansas 10/31/2011 $13,168,350 $12,361,965 94% $25,336 $12,387,301 

20 Colorado 10/11/2011 $17,233,489 $12,303,010 71% $0 $12,303,010 

21 Oregon 8/29/2011 $16,516,197 $12,273,104 74% $0 $12,273,104 

22 New Hampshire 7/18/2011 $13,168,350 $12,142,670 92% $0 $12,142,670 

23 Montana 7/18/2011 $12,765,037 $11,443,234 90% $0 $11,443,234 

24 Massachusetts 9/13/2011 $20,445,072 $7,618,806 37% $3,763,133 $11,381,939 

25 Pennsylvania 10/6/2011 $29,241,232 $11,298,058 39% $2,800 $11,300,858 

26 Kansas 6/28/2011 $13,168,350 $9,628,933 73% $0 $9,628,933 

27 North Dakota, M 8/31/2012 $9,734,641 $9,137,974 94% $0 $9,137,974 

28 Wisconsin 9/22/2011 $22,363,554 $8,934,879 40% $0 $8,934,879 

29 Oklahoma 7/18/2011 $13,168,350 $8,809,915 67% $0 $8,809,915 

30 Iowa 8/30/2011 $13,168,350 $8,770,474 67% $0 $8,770,474 

31 South Dakota 9/22/2011 $13,168,350 $8,690,175 66% $0 $8,690,175 

32 Arizona 11/7/2011 $18,204,217 $8,676,509 48% $0 $8,676,509 

33 Vermont 5/23/2011 $13,168,350 $8,065,738 61% $0 $8,065,738 

34 Nebraska 10/4/2011 $13,168,350 $8,005,925 61% $0 $8,005,925 

35 Puerto Rico 10/6/2011 $14,540,057 $7,962,500 55% $0 $7,962,500 

36 Minnesota 9/30/2011 $15,463,182 $7,851,195 51% $0 $7,851,195 

37 New Mexico 10/11/2011 $13,168,350 $7,151,974 54% $0 $7,151,974 

38 Louisiana 8/24/2011 $13,168,350 $6,466,171 49% $259,375 $6,725,546 

39 Utah 9/30/2011 $13,168,350 $6,660,947 51% $0 $6,660,947 

40 Hawaii 5/27/2011 $13,168,350 $6,535,561 50% $0 $6,535,561 

41 Mississippi 8/24/2011 $13,168,350 $6,442,402 49% $67,951 $6,510,354 

42 Virginia 8/15/2011 $17,953,191 $5,728,191 32% $0 $5,728,191 

43 Delaware 7/18/2011 $13,168,350 $4,961,163 38% $0 $4,961,163 

44 Maryland 6/2/2011 $23,025,709 $4,554,472 20% $0 $4,554,472 

45 Anchorage 1/26/2012 $13,168,350 $4,421,317 34% $0 $4,421,317 

46 Kentucky 7/28/2011 $15,487,998 $4,405,990 28% $0 $4,405,990 

47 Rhode Island 9/6/2011 $13,168,350 $4,216,503 32% $0 $4,216,503 

48 Guam 9/30/2011 $13,168,350 $4,024,103 31% $0 $4,024,103 

49 Wyoming, L 12/4/2012 $13,168,350 $3,821,912 29% $0 $3,821,912 

50 Nevada 9/30/2011 $13,803,176 $3,688,361 27% $0 $3,688,361 

51 Maine 9/6/2011 $13,168,350 $2,560,368 19% $0 $2,560,368 

52 District of Columbia 8/15/2011 $13,168,350 $2,483,405 19% $0 $2,483,405 

53 Virgin Islands 10/4/2011 $13,168,350 $2,201,284 17% $0 $2,201,284 

54 North Dakota, C 9/28/2012 $3,433,709 $694,156 20% $0 $694,156 

55 Northern Mariana 3/14/2012 $13,168,350 $172,502 1% $0 $172,502 

56 Connecticut 7/14/2011 $13,301,126 $126,604 1% $0 $126,604 

57 American Samoa 2/14/2012 $10,500,000 $50,024 0% $0 $50,024 

TOTAL $1,457,591,353* $820,218,698** 56% $14,795,732 $835,014,430**

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

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