1
2

 DEPARTMENT OF THE TREASURY 

 WASHINGTON, D.C. 20220

September 25, 2013

Dear Colleagues:

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

creating the State Small Business Credit Initiative or “SSBCI.” Through SSBCI, the U.S. Treasury 

provides up to $1.5 billion to state programs that support lending and investing in small businesses 

and small manufacturers. This report, “State Small Business Credit Initiative: A Summary of States’ 

2012 Annual Reports,” analyzes the Annual Reports of the 47 states, the District of Columbia, 

five territories and municipalities in three states that received allocations through December 31, 

2012, the first full year that every SSBCI program operated. 

Small businesses are the engines of job creation and essential to strengthening our national 

economy, creating two out of three new jobs and employing half of all private sector employees 

nationwide. Despite this crucial role in our economy, some small businesses and entrepreneurs 

continue to face challenges accessing capital. The SSBCI program provides critical funding for 

many small businesses, as this report documents. 

We hope that this report, as well as the other materials available at www.treasury.gov/ssbci, will 

contribute to making the nation’s credit and capital markets as efficient and accessible as possible.

Best regards,

Don Graves, Jr. Clifton G. Kellogg

Deputy Assistant Secretary Director

Small Business, Community Development State Small Business Credit Initiative

and Affordable Housing Policy
3

State Small Business Credit Initiative

A SUMMARY OF STATES’ 2012 ANNUAL REPORTS

Table of Contents

SSBCI BY THE FIGURES ........................................................................................................................... 4

ACKNOWLEDGEMENTS.......................................................................................................................... 5

PROGRAM OVERVIEW............................................................................................................................ 6

SSBCI PROGRAM TYPE ........................................................................................................................... 9

Loan Participation Programs............................................................................................................ 9

Venture Capital Programs...............................................................................................................10

Loan Guarantee Programs ..............................................................................................................11

Collateral Support Programs .........................................................................................................12

Capital Access Programs .................................................................................................................13

SSBCI ALLOCATIONS.............................................................................................................................14

SSBCI PROGRAM PERFORMANCE....................................................................................................16

SSBCI USE BY STATES............................................................................................................................33

CONCLUSION...........................................................................................................................................36

APPENDIX A..............................................................................................................................................37

APPENDIX B..............................................................................................................................................38

APPENDIX C..............................................................................................................................................41
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SSBCI BY THE FIGURES

Figure 1

Figure 2

Figure 3

SSBCI Allocations (Cumulative through 2012)

SSBCI Disbursements to States (Through 2012)

Number of SSBCI Loans or Investments, Total Funds Expended, and Amount Loaned or Invested 

(2011, 2012 and Cumulative)

Figure 4 Total SSBCI Funds Allocated by Program Type (Cumulative through 2012)

Figure 5 Amount of Private Financing Leveraged Per Dollar of SSBCI Funds Expended, by Program Type 

(Cumulative through 2012)

Figure 6 Jobs Created and Retained (2011, 2012, and Cumulative)

Figure 7 Jobs Created and Retained by Program Type (Cumulative through 2012)

Figure 8 Number of SSBCI Loans or Investments and Total Amount Loaned or Invested, by Program Type 

(Cumulative through 2012)

Figure 9 Average Total Financing Caused by SSBCI Funding, by Program Type (Cumulative through 2012)

Figure 10 Distribution of SSBCI Loans or Investments by Size (Cumulative through 2012)

Figure 11 Percent of SSBCI Loans or Investments (by Number) in Low- and Moderate- Income Communities, 

by Program Type (Cumulative through 2012)

Figure 12 Percent of SSBCI Loans or Investment (by Number) in Metropolitan and Non-Metropolitan 

Communities, by Program Type (Cumulative through 2012)

Figure 13 SSBCI Loans or Investments, by Industry (Cumulative though 2012)

Figure 14 SSBCI Loans or Investments, by Business Size (Cumulative through 2012)

Figure 15 SSBCI Loans or Investments, by Business Revenues (Cumulative through 2012)

Figure 16 SSBCI Loans or Investments, by Age of Business (Cumulative through 2012)

Figure 17 Number of Lenders and Average Number of Loans, by Size of Lender (Cumulative through 2012)

Figure 18 CDFI Participation in SSBCI Programs (Cumulative through 2012)

Figure 19 Amount Loaned or Invested by CDFIs (Top 8 States, Cumulative through 2012)

Figure 20

Figure 21

Amount of Financing Caused by SSBCI Program by State, Ranked by Amount (Cumulative through 2012)

SSBCI Funds Expended by State, Ranked by Amount (Cumulative through 2012)

Figure 22 SSBCI Funds Expended by State, Ranked by Percent (Cumulative through 2012)
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ACKNOWLEDGEMENTS

In the last three years, the U.S. Treasury has stood up the State Small Business Credit 

Initiative in partnership with state agencies and their contractors. SSBCI translated the 

new statute into program rules, educated state officials about the program, and 

organized webinars and conferences. 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 Phyllis Love, David Rixter and James 

Clark; Compliance Manager Danielle Christensen and her team of Rick Oettinger, Sarah 

Reed and Karin Peabody; Senior Advisor Jamie Lipsey; and Linda Clark and Glen 

Johnson. I would also like to thank colleagues at the U.S. Treasury who work directly 

with SSBCI including Matthew Bevens, Eric Dash, Ernie Tedeschi, Katherine Brandes, 

Peter Bieger, Drew Colbert, Megan Moore, Christopher Stever, Paula Jones, Ellen 

Neubauer, Robin Meigel (from Department of Agriculture), Jean Whaley and Nevelyn 

Jones. I would also like to thank our former SSBCI colleagues Mark L. Stevens, Maureen 

Klovers, Roberto Rodriguez and Ruthanne Murray. 

SSBCI received valuable technical support from Terry Valladares of Federal Management 

Systems, as well as his colleagues Bret Quackenbush, Kay Williams and John Alex. 

During the application phase, SSBCI received significant help from Paul Pryde and 

Vincent Dabney. Marty Romitti, Sarah Gutschow, and Ron Kelly of the Center for 

Regional Economic Competitiveness offered timely and accurate data analysis and 

prepared many of the graphics in this report. Ken Poole, George Surgeon, David 

McGrady, and Donna Nails proofread versions of the report. 

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

disseminated information about SSBCI. The Federal Reserve Banks in San Francisco, 

Chicago and Dallas hosted national conferences for state officials to exchange ideas and 

enable states to learn from each other’s success. The Office of the Comptroller of the 

Currency and the Federal Deposit Insurance Corporation clarified regulatory issues and 

posted useful information on their websites. 

Finally, thank you to Don Graves, Jr. for his leadership and support of SSBCI.

Clifton G. Kellogg

Director, State Small Business Credit Initiative
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State Small Business Credit Initiative

A SUMMARY OF STATES’ 2012 ANNUAL REPORTS

PROGRAM OVERVIEW

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

2010, creating the State Small Business Credit Initiative (SSBCI). Through SSBCI, the U.S. 

Department of the Treasury awarded almost $1.5 billion to 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”) to fund programs that support small 

businesses and small manufacturers. The program is expected to help spur up to $15 

billion in new private sector lending or investment in small companies by leveraging $10 

in private capital for every dollar of federal support by the program’s end.

SSBCI is an innovative program that awards funds to State agencies for lending and 

investing programs. SSBCI programs fall into five categories: Capital Access Programs, 

Loan Participation Programs, Collateral Support Programs, Loan Guarantee Programs, 

and Venture Capital Programs. Treasury awarded allocations based on a formula in the 

Act that considered population and unemployment levels in 2008 and 2009. The

program allows each State to design its own small business support program in 

response to local economic conditions. 

SSBCI has already supported more than 4,600 small businesses across 

the country with total loans or investments of $1.9 billion.

Location of SSBCI loans or investments as of December 31, 2012

 
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Number of SSBCI loans or investments as of 

December 2012 by sector

Retail Trade 877

Manufacturing 604

Accommodation and Food Services 509

Other Services 375

Professional, Scientific, and Technical Services 359

Construction 317

Transportation and Warehousing 311

Wholesale Trade 290

Health Care and Social Assistance 243

Administrative and Support 230

Real Estate and Rental and Leasing 122

Agriculture, Forestry, Fishing and Hunting 118

Information 101

Arts, Entertainment, and Recreation 72

Finance and Insurance 68

Educational Services 57

Other 25

4,100 

5,000 

10,200 

11,700 

22,400 

More Than

53,000 Jobs

Created or Saved

CAPITAL ACCESS PROGRAM

LOAN PARTICIPATION

LOAN GUARANTEE

VENTURE CAPITAL

COLLATERAL SUPPORT

Distribution of SSBCI Loans and 

Investments by Number of Employees

80%

16% 2% 1%

0 - 10

employees

11 - 50

employees

51 - 100

employees

100+

employees

This report analyzes the Annual Reports from

States through December 31, 2012, the first year 

every State operated its SSBCI program. Among 

the key findings: 

 SSBCI funds have already supported 

thousands of loans and investments that 

might not otherwise have been made to 

small businesses in a wide range of sectors. 

SSBCI financing reached small businesses in 

industries ranging from retail trade – which 

received the greatest share of SSBCI loans or 

investments – to manufacturing, hospitality, 

and many types of services. About two-thirds 

of all SSBCI loans or investments were for less 

than $100,000, and the average SSBCI loan or 

investment size was $327,000. The SSBCI 

funds resulted in total financing per small 

business of $404,000.

 So far, SSBCI funds have helped create or 

save more than 53,000 American jobs. The 

small business owners who received financing

expect that the loans and investments they 

received will create over 17,000 jobs within 

two years and help retain more than 36,000 

jobs that were at risk of loss. 

 SSBCI funds support businesses with the 

highest potential to create new jobs. More 

than half of all SSBCI loans or investments 

went to young businesses less than five years 

old, which economic research by the 

Kauffman Foundation suggests are more 

likely to create new jobs than similarly-sized 

businesses that are farther along in their 

development. Nearly 80 percent of SSBCI 
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loans and investments went to 

businesses with 10 or fewer employees. 

 Forty-two (42) percent of SSBCI loans 

and investments were made to 

businesses in low- and moderateincome communities with incomes at 

or below 80 percent of the area 

median income. SSBCI has been 

effective in supporting small businesses 

in areas that were hit hardest by the recession and where the need is greatest. 

 Through 2012, SSBCI operations have already generated $6.58 in new small 

business lending or investing for every $1 of federal support. States expect 

private sector leverage to increase to 10 to 1 before the program concludes. 

 SSBCI has helped create over 70 new small business support programs, 

approximately 50 percent of the programs currently disbursing SSBCI funds. 

Through the availability of SSBCI funds, a new infrastructure of credit support 

programs has been created across the country. 

Distribution of SSBCI Loans or Investments 

to Low- and Moderate-Income Communities

Capital access 45%

Collateral support 29%

Loan guarantee 41%

Loan participation 28%

Venture capital 45%

TOTAL 42%
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SSBCI PROGRAM TYPE

Loan Participation 

Programs 

Creating and saving nearly 12,000 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 to the 

financial institution’s interest, providing a 

crucial boost for small business lending.

KEY FACTS

 LPPs operate in 37 States and supported 

over $807 million in loans in 2011 and 

2012, creating over 5,000 jobs, the most of 

any SSBCI program type. 

 The average total financing per small 

business for LPPs is $1.6 million. LPPs

leverage $6.41 for every $1 in federal 

support.

 States have already deployed 26 percent of 

the funding they received for LPPs, the 

highest percentage of funds deployed by 

any SSBCI program type.

Helping Non-Profits Expand

Dr. Sharon Elliott-Bynum and her sister, 

Patricia, created Healing with CAARE

(HWC), a North Carolina non-profit 

organization that treats veterans and 

others living with HIV/AIDS and chronic 

illnesses. When HWC needed funding to 

expand temporary housing for veterans, a 

North Carolina loan participation program 

was there to help. 

With SSBCI funds, North Carolina launched 

its popular loan participation program in 

January 2012. As of July 2013, North 

Carolina’s SSBCI had purchased 

participations in 95 loans with a total loan 

value of $117 million, a significant 

achievement for a new program.

HWC also received a $600,000 loan from 

the North Carolina Community 

Development Initiative to add 16 single 

rooms in its Durham County housing 

facility. North Carolina’s SSBCI purchased 

20 percent of the loan, with the rest of the 

funds coming from the community 

development financial institution. Today, 

HWC’s expanded facility operates at full 

capacity and employs 23 North Carolinians 

full time. 
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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. Most VCPs 

describe their programs as “early-stage 

financing” for businesses that are not yet 

established enough for traditional investors. 

VCPs – as is true of all SSBCI programs – must 

maintain at least $1 in private capital for each 

$1 of federal funding. States can make direct 

equity investments or, alternatively, a State may 

invest in privately managed equity funds, which 

must attract other investors before they invest 

in small businesses.

VCPs facilitate private sector investments by 

supplementing capital from private investors. 

States expect to jumpstart capital markets in 

States with little private equity investing activity. 

KEY FACTS

 SSBCI-funded VCPs operate in 31 States and 

supported investments in 237 businesses in 

2011 and 2012 totaling $472 million. 

 The average total financing per small 

business for VCPs is $2 million. VCPs

leverage $5.36 for every $1 in federal 

support.

Helping Seed Start-Ups

Dr. Craig Shimasaki founded Moleculera 

Labs to come up with a test that could 

help differentiate autism from Pediatric 

Acute-Onset Neuropsychiatric Syndrome 

(PANS), a more treatable disorder. 

Moleculera struggled to obtain financing, 

a common experience for early-stage 

companies. Moleculera reached out to 

i2E, a private non-profit consulting firm 

that administers Oklahoma’s SSBCI 

program. 

Oklahoma’s i2E was founded in 1998 and 

has made over 112 investments totaling 

$10.7 million with state appropriations. 

With SSBCI funding, i2E has made 11 

investments that leveraged over $30 

million in private investment capital.

As a result of an initial $270,000 

investment of SSBCI funds in Molecura, 

angel investors provided a matching 

private investment. David Thomison, VP 

of Investments for i2E, called SSBCI “a 

great catalyst.” “Once SSBCI funds got 

behind the project, our network of angels 

felt more comfortable investing,” he said. 

Moleculera is now a fully functional testing 

company licensed in 47 states. The 

company received The Journal Record’s

annual Innovator of the Year award. 
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SSBCI PROGRAM TYPE

Loan Guarantee Programs 

Sharing in risk to increase small business 

lending

Loan Guarantee Programs (LGPs) support small 

business lending by sharing in the lender’s risk. 

The guarantees provide credit 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 

occur 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 restarted and ramped up these existing programs, 

but also funded new LGPs like the one in 

Alabama. Alabama’s program has guaranteed 

or has pending applications for 75 loans 

totaling over $20 million.

KEY FACTS

 SSBCI-funded LGPs operate in 19 States and 

supported 465 loans in 2011 and 2012 

totaling $189 million.

 The average total financing per small 

business for LGPs is $406,000. LGPs leverage 

$5.58 for every $1 in federal support

 Some States offer SSBCI loan guarantees to 

support the bridge financing necessary 

before a project’s permanent loan is in place.

Helping Small Businesses Grow 

M. Louis Construction was founded with 

a wheelbarrow and a pickup truck in 1979 

by Portuguese immigrants in Rockville, 

Maryland. Today, the company generates 

$60 million in revenue annually and 

employs more than 200 people. But this 

small business success story was not 

always guaranteed. 

M. Luis Construction needed a financial 

lifeline in 2011 when their existing bank 

declined their request for an additional 

credit after a fire at their newly-acquired 

asphalt manufacturing facility. Working 

with the Maryland Industrial Development 

Financing Authority and Eagle Bank of 

Bethesda, Maryland, owners Cidalia LuisAkbar and Natalia Luis secured financing 

with the help of a loan guarantee financed 

with SSBCI funds. 

That guarantee enabled the sisters to 

continue to expand into new industries 

and hire workers – something that 

Secretary Lew recognized when he visited 

the company’s plant during Small Business 

Week in June 2013. “The U.S. Department 

of the Treasury is allowing companies like 

ours to get the help they need to grow 

and benefit their communities,” said 

Natalia Luis. “It makes a real difference for 

the local, regional and national economy.”
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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 the value of collateral is less than the 

loan amount. This type of collateral shortfall 

is a common occurrence in regions of the 

country 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 the collateral gap for the loan. 

KEY FACTS

 Michigan created the first CSP in 2009 

with State appropriations. 

 With SSBCI funding, CSPs now operate in 

15 States and supported 175 loans in 2011 

and 2012 totaling $222 million.

 The average total financing per small 

business for CSPs is $1.27 million. CSPs 

leverage $6.35 for every $1 in federal 

support.

Helping To Create New Jobs

As the auto industry bounced back in 

2012, New Center Stamping, Inc., a 130-

person metal stamping business in innercity Detroit, needed $11.5 million to 

purchase new equipment to enable it to 

grow. With few private options available, 

Michigan’s collateral support program was 

there to help. 

Michigan Economic Development

Corporation (MEDC) created its collateral 

support program in response to the 

economic recession that hit Michigan’s

economy hard. State appropriations 

provided the initial funding, and SSBCI 

significantly expanded MEDC’s program 

with additional support. All told, MEDC 

provided collateral support for 41 loans in 

2011 and 2012 totaling $67.3 million. 

New Center Stamping benefited from the 

program in 2013 when MEDC supplied 

$3.7 million in cash collateral to backstop 

Comerica Bank’s $7.5 million loan to the 

metal stamping company. “The resulting 

capital investment will allow New Center 

Stamping to become much more 

competitive, grow our business and create 

a significant number of new jobs for 

Detroit inner-city residents,” said Ric 

Monkaba, New Stamping’s President.
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SSBCI PROGRAM TYPE

Capital Access Programs 

Supporting nearly 3,300 small 

businesses 

Capital Access Programs (CAPs) help support 

small business lending by creating a funded 

reserve account to cover some of the losses on 

a portfolio of new small business loans. The 

lender and the borrower contribute 2 to 7 

percent of the loan amount to the lender’s 

reserve account which is, in turn, 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 26 States and supported 

the origination of nearly 3,300 new small 

business loans – the highest number of any 

SSBCI program type – totaling almost $200 

million.

 Filling a significant gap in the small 

business lending landscape, the average 

CAP loan size currently stands at $60,000.

 CAPs have so far supported the creation of 

almost 4,000 jobs and retention of more 

than 18,000 jobs. 

Helping Entrepreneurs Succeed

Artur Ryabtsev, a Ukrainian refugee who 

immigrated to the United States in 2008, 

drew upon the skills he learned at a Kiev 

furniture factory to open a successful 

custom cabinetry business in his 

Sacramento garage. Today, he has five 

employees – and orders are increasing. 

Mr. Ryabtsev is just one entrepreneur who 

benefited from the California’s Capital 

Access Program (CalCAP), which was 

bolstered by more than $39 million of 

SSBCI funds after severe budget cuts in 

the wake of the 2008 recession. With that 

additional support, CalCAP dramatically 

increased its loan production. In 2011 and 

2012, CalCAP supported nearly 2,000 loans 

to small businesses. Community 

development financial institutions 

originated more than 84 percent of 

CalCAP loans. 

In Mr. Ryabtsev’s case, CalCAP provided 

matching funds to Opening Doors, a 

Sacramento community development 

financial institution that lends to refugees 

to start or expand their business. That 

support helped him secure a $4,600 loan 

to purchase materials needed to keep 

pace with rising customer demand. “I 

would never have been able to achieve my 

success without Opening Doors,” Mr. 

Ryabtsev said.
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SSBCI ALLOCATIONS

Size 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

only 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.

A formula in the Act determined the SSBCI allocation based on population and 

unemployment. 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).

Figure 1: SSBCI Allocations 

(Cumulative through 2012)

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

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

Allocation Agreement, the State receives its first disbursement. A State may draw its 

second and third disbursement after it expends, obligates or transfers 80 percent of the 

prior disbursement.

Figure 2: SSBCI Disbursements to States

(Through 2012)
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SSBCI PROGRAM PERFORMANCE

The past year, 2012, marked the first calendar year of operation for every State’s SSBCI

program. This section highlights various measures of performance assembled from the 

States’ Annual Reports. 

The data throughout this report are based on 2012 Annual Reports and have not been 

independently verified or audited by Treasury.

Total Loans and Investments Made

Over 4,600 loans or investments were made using SSBCI funds through 2012, resulting 

in newly available capital of nearly $1.9 billion for small businesses nationwide. This is 

the total value of financing provided to the borrower as a result of the SSBCI funding, or 

in the case of state venture capital programs, the total amount invested in the 

transaction as a result of the SSBCI funding. 

The cumulative amount of SSBCI funds expended reached $271 million through 2012. 

Figure 3: Number of SSBCI Loans or Investments, 

Total Funds Expended, and Amount Loaned or Invested 

(2011, 2012 and Cumulative)
17

Allocations1 by Program Type

LPPs and VCPs have the largest proportion of SSBCI funds allocated. 

 

1

Treasury tracks data on the use of SSBCI funds at four stages: Funds Allocated to Participating States; Funds 

Disbursed to Participating States; Funds Expended, Obligated or Transferred; and Funds Expended for Loans or 

Investments. As of December 31, 2012, the results were $1.46 billion, $586 million, $338 million, and $271 

million, respectively.

Figure 4: Total SSBCI Funds Allocated by Program Type

(Cumulative through 2012)
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Private Financing Leveraged 

Overall, SSBCI funds leveraged an average of $6.58 in private capital for each $1 of 

federal funds.

2

 Leverage will increase by recycling SSBCI funds into new loans or 

investments and through subsequent private financing. 

Capital Access Programs (CAPs) had the highest leveraging ratio with an average of 

$28.13 in private capital for every $1 of SSBCI funding. In CAPs, financial institution 

lenders and small business borrowers contribute a small percentage of the loan amount 

to reserve accounts, 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 loan programs.

Venture Capital Programs and Loan Guarantee Programs had the lowest private capital 

leveraging ratios, generating on average $5.36 and $5.58, respectively, for every $1 of 

SSBCI funding. 

 

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.

Figure 5: Amount of Private Financing Leveraged Per Dollar of SSBCI Funds Expended, 

by Program Type (Cumulative through 2012)
19

Jobs Created and Retained

The expenditure of SSBCI funds led to the creation and retention of more than 53,000 

jobs, more than 17,000 jobs created and more than 36,000 jobs retained: 3 

 

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. 

Figure 6: Jobs Created and Retained 

(2011, 2012, and Cumulative)
20

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

created and retained, including being credited for having retained more than 18,000 

jobs as of the end of 2012. Loan Participation Programs were credited with creating the 

most new jobs, nearly 5,200, among program types. 

Figure 7: Jobs Created and Retained by Program Type (Cumulative through 2012)

Program Type Jobs Created Jobs Retained

Capital Access 3,955 18,412

Collateral Support 2,633 1,440

Loan Guarantee 2,757 7,484

Loan Participation 5,195 6,553

Venture Capital 2,693 2,300

Totals 17,233 36,189
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Loans or Investments Supported by Program Type

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

funding varied by program type. 

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

as of the end of 2012, with nearly 3,300. 

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

invested through 2012, at $807 million.

Figure 8: Number of Loans or Investments and 

Total Amount Loaned or Invested, by Program Type 

(Cumulative through 2012)
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Average Total Amount of Loan or Investments by Program Type

States report the loan or investment amount directly supported by SSBCI funding and 

the total amount of financing caused by an SSBCI loan or investment. The average loan 

or investment amount directly supported by SSBCI was $327,000, leading to total 

financing per small business of $404,000. This figure varied by program type. 

The average total financing amount caused by SSBCI funding for Venture Capital 

Programs was nearly $2 million per business. The average total financing amount 

caused by SSBCI funding for Loan Participation Programs topped $1.6 million per 

business. On the other end of the spectrum, Capital Access Programs averaged just 

over $60,000 per small business. 

Figure 9: Average Total Financing Caused by SSBCI Funding,

by Program Type (Cumulative through 2012)
23

Distribution of Loans or Investments by Size 

Two-thirds of the total financing caused by SSBCI funding are for amounts less than 

$100,000. 

This large number of smaller loan or investment amounts account for 4 percent of the 

total dollar amount of SSBCI funds loaned or invested through 2012. 

Total financings greater than half a million dollars represent 86 percent of the total 

dollar amount loaned or invested but represent just 14 percent of the total number of 

loans or investments made.

Figure 10: Distribution of SSBCI Loans or Investments by Size (Cumulative through 2012)
24

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

Better than four out of every ten loans or investments were made in low- and moderateincome communities.4

 

All five SSBCI program types have made loans or investments in low- and moderateincome communities, with a high of 45 percent for both Venture Capital Programs and 

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% of area median income. “Moderate income” households earn 

between 50% and 80% of area median income.

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

Low- and Moderate-Income Communities, by Program Type (Cumulative through 2012)
25

Loans or Investments Made in Metropolitan and Non-Metropolitan Communities

A majority of SSBCI loans or investments, 88 percent, have been made to small 

businesses located in metropolitan areas.

For Capital Access Programs and Venture Capital Programs, more than 90 percent of 

loans or investments have been made to small businesses located in metropolitan areas. 

Collateral Support Programs and Loan Participation Programs had the highest 

proportions of loans or investments to small businesses in non-metro areas, at 39 

percent and 32 percent, respectively.

Figure 12: Percent of SSBCI Loans or Investment (by Number) in 

Metropolitan and Non-Metropolitan Communities, by Program Type (Cumulative through 2012)
26

Distribution for Loans or Investments, by Industry

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

investments caused by SSBCI funding by total dollar amount.

5

Retail trade, Manufacturing, and Accomodation & Food Services account for the largest 

number of SSBCI loans or investments made by specific industries (excluding a broad 

collection of Other and Other Services). 

Besides Manufacturing, Professional, Scientific & Technical Services, and Retail Trade 

(excluding a broad collection of Other industries) accounted for large shares of SSBCI 

loans or investments by total dollar amount.

 

5

“Other” category includes: Agriculture, Forestry, Fishing, and Hunting; Mining; Utilities; Finance, Insurance, Real 

Estate and Rental and Leasing; Management of Companies and Enterprises; Administrative, Support and Waste 

Management; Educational Services; Health Care and Social Assistance; Arts, Entertainment and Recreation; and 

Public Administration.

Figure 13: SSBCI Loans or Investments, by Industry (Cumulative though 2012)
27

Distribution for Loans or Investments, by Business Size

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

fewer employees.

This large number of loans or investments made to very small businesses (0 – 10 FTE) 

accounts for 32 percent of the total dollar amount of loans or investments. 

When adding in small businesses with 50 or fewer employees, the proportion of SSBCIbacked loans or investments represents 96 percent of the total number awarded and 71

percent of the total dollar amounts.

Despite representing just 4 percent of the total number awarded, SSBCI loans or

investments to companies with more than 50 employees accounted for 29 percent (or 

more than one of every four dollars disbursed) of the total dollar amount loaned or 

invested.

Figure 14: SSBCI Loans or Investments, by Business Size 

(Cumulative through 2012)

FTE = Full time employee
28

Distribution for Loans or Investments, by Business Revenues 

Over three-quarters (77 percent) of SSBCI loans or investments have been made to 

businesses with less than $1 million in annual business revenues.

This large percentage of loans or investments made to small businesses with less than 

$1 million in annual revenues accounts for 39 percent of the total dollar amount loaned 

or invested. 

Despite representing just 7 percent of the total number of loans or investments 

awarded, SSBCI loans or investments to companies with greater than $5 million in 

annual business revenues accounted for 41 percent of the total dollar amount loaned or 

invested through 2012.

Figure 15: SSBCI Loans or Investments, by Business Revenues 

(Cumulative through 2012)
29

Distribution for Loans or Investments, by Age of Business

Over half of all SSBCI loans or investments are to businesses less than five years old.

Likewise, a large portion of SSBCI funds, nearly 40 percent of the total dollar amount 

loaned or invested, were directed to companies less than five years old. 

Figure 16: SSBCI Loans or Investments, by Age of Business

(Cumulative through 2012)
30

Lender and Investor Participation, by Size of Lender 

Most direct SSBCI loans have been made by lending institutions with less than $10 

billion in assets.

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

The great majority of lending institutions (93 percent) that have made SSBCI loans to 

small businesses are smaller banks, credit unions, or CDFIs, defined as institutions with 

less than $10 billion in assests. 

These smaller institutions also account for almost 9 out of every 10 dollars (89 percent) 

of SSBCI-backed loans or investments disbursed through 2012.

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

average loans to small businesses, $498,061 on average, compared to $313,235 for 

banks with less than $10 billion in assests. The overall average SSBCI-backed loan was 

$326,866.

Figure 17: Number of Lenders and Average Number of Loans, by Size of Lender 

(Cumulative through 2012)
31

CDFI Participation in SSBCI Programs

More than 40 percent of all direct SSBCI loans or investments have been made by 

Community Development Financial Institutions (CDFIs).

CDFIs have made more than 2,000 SSBCI loans or investments, totaling $88 million, 

through 2012. The total loan or investment amount excludes other financing caused by 

SSBCI funding.

 

Figure 18: CDFI Participation in SSBCI Programs 

(Cumulative through 2012)
32

Washington and Minnesota made the largest dollar amounts of loans or investments

through CDFIs, followed by California, Pennsylvania and Georgia in the top five states. 

As a percentage of all loans or investments caused by SSBCI funding made in a state, 

CDFIs accounted for 97 percent of the total in Washington through 2012, followed by 

Minnesota, Pennsylvania, New York and Georgia in the top five. 

Figure 19: Amount Loaned or Invested by CDFIs 

(Top 8 States, Cumulative through 2012)
33

SSBCI USE BY STATES

This section highlights total amount financing caused by SSBCI funds; SSBCI funds 

expended by dollar amount; and SSBCI funds expended as a percentage of each state’s 

allocation. Twenty-six states’ SSBCI programs caused financing of more than $25 million 

as of the end of 2012.

Figure 20: Amount of Financing Caused by SSBCI Program by State, 

Ranked by Amount 

(Cumulative through 2012)
34

SSBCI Funds Expended by States

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

loans or investments. Michigan expended $42 million, the largest dollar amount of any 

State. Thirty states and Puerto Rico expended more than $3 million in SSBCI funds as of 

the end of 2012.

Figure 21: SSBCI Funds Expended by State, Ranked by Amount 

(Cumulative through 2012)
35

There is considerable variation across the States in the percentage of SSBCI funds 

expended to support loans or investments. Seventeen States expended more than 25

percent of their total SSBCI allocation as of the end of 2012. 

. 

Figure 22: SSBCI Funds Expended by State, Ranked by Percent 

(Cumulative through 2012)
36

CONCLUSION

SSBCI is a program designed to help business owners gain access to capital in order to 

expand their operations and to create jobs. It is a vital program in the effort to foster 

U.S. economic recovery. Through 2012, States expended $271 million in SSBCI funds to 

support $1.9 billion in private loans and investments, or a ratio of $6.58 in private capital 

for every $1 of federal contribution. Nearly 80 percent of these loans or investments 

were made to small businesses with less than 10 employees.

The 4,676 loans that might not have occurred without SSBCI support helped to create or 

retain 53,000 jobs as reported by the States. Additionally, 42 percent of the funds were 

used in low- and moderate-income communities. This sizeable percentage indicates 

that SSBCI is helping lenders and investors reach underserved communities. Two-thirds 

of these loans were for less than $100,000, a very difficult loan size for most lenders to 

serve.

While many measures of SSBCI program performance are encouraging, there is 

considerable variation in the expenditure of SSBCI funds to support loans or investments 

across the States. As the program continues to mature and even more States use a 

higher proportion of their allocations, performance of the SSBCI program should 

continue to progress.
37

APPENDIX A

U.S. States and Territories SSBCI Funds Expended to Support Loans and Investments 

through 12/31/2012

No.

State Date of 

Allocation 

Agreement

Allocation 

Amount

SSBCI Funds 

Expended

% of 

Allocation 

Expended

Total Amount 

Loaned/Invested

1 Alabama August 24, 2011 $31,301,498 $8,442,936 27% $18,136,510

2 Alaska, Anchorage February 14, 2012 $13,168,350 $100,815 1% $0 

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

4 Arizona November 7, 2011 $18,204,217 $1,396,159 8% $3,530,000

5 Arkansas October 31, 2011 $13,168,350 $4,171,187 32% $47,550,761

6 California May 19, 2011 $168,623,821 $18,115,165 11% $165,413,658

7 Colorado October 11, 2011 $17,233,489 $541,025 3% $3,059,613

8 Connecticut July 14, 2011 $13,301,126 $78,613 1% $2,549,175

9 Delaware July 18, 2011 $13,168,350 $3,810,625 29% $14,030,800

10 District of Columbia August 15, 2011 $13,168,350 $5,853 0% $0

11 Florida August 24, 2011 $97,662,349 $16,930,436 17% $89,467,897

12 Georgia December 13, 2011 $47,808,507 $3,882,397 8% $26,209,312

13 Guam September 30, 2011 $13,168,350 $944,621 7% $1,085,896

14 Hawaii May 27, 2011 $13,168,350 $262,206 2% $1,000,000

15 Idaho August 29, 2011 $13,168,350 $5,038,607 38% $33,457,703

16 Illinois July 26, 2011 $78,365,264 $17,324,607 22% $112,837,731

17 Indiana May 27, 2011 $34,339,074 $2,392,211 7% $9,604,999

18 Iowa August 30, 2011 $13,168,350 $2,326,083 18% $5,344,213

19 Kansas June 28, 2011 $13,168,350 $4,636,297 35% $98,373,869

20 Kentucky July 28, 2011 $15,487,998 $1,781,681 12% $18,037,606

21 Louisiana August 24, 2011 $13,168,350 $1,325,105 10% $7,015,362

22 Maine September 6, 2011 $13,168,350 $1,721,244 13% $8,557,075

23 Maryland June 2, 2011 $23,025,709 $3,555,890 15% $71,645,000

24 Massachusetts September 13, 2011 $22,032,072 $6,539,461 30% $62,199,357

25 Michigan July 6, 2011 $79,157,742 $42,027,041 53% $221,841,470

26 Minnesota September 30, 2011 $15,463,182 $1,719,006 11% $34,508,617

27 Mississippi August 24, 2011 $13,168,350 $458,844 3% $4,870,756

28 Missouri May 23, 2011 $26,930,294 $9,868,432 37% $38,874,939

29 Montana July 18, 2011 $13,168,350 $7,771,177 59% $47,347,048

30 Nebraska October 4, 2011 $13,168,350 $3,141,994 24% $9,105,275

31 Nevada September 30, 2011 $13,803,176 $1,976,000 14% $2,980,000

32 New Hampshire July 18, 2011 $13,168,350 $5,508,507 42% $93,765,731

33 New Jersey September 22, 2011 $33,760,698 $3,441,000 10% $13,983,000

34 New Mexico October 11, 2011 $13,168,350 $2,456,000 19% $14,378,658

35 New York September 26, 2011 $55,351,534 $2,344,305 4% $11,823,549

36 North Carolina May 23, 2011 $46,061,319 $15,990,649 35% $104,436,365

37 North Dakota, Carrington September 28, 2012 $3,433,709 $0 0% $0

38 North Dakota, Mandan August 31, 2012 $9,710,768 $366,289 4% $1,090,000

39 Northern Mariana March 14, 2012 $13,168,350 $27,875 0% $0

40 Ohio September 2, 2011 $55,138,373 $3,840,466 7% $22,333,559

41 Oklahoma July 18, 2011 $13,168,350 $2,195,000 17% $33,678,000

42 Oregon August 29, 2011 $16,516,197 $3,425,449 21% $19,967,142

43 Pennsylvania October 6, 2011 $29,241,232 $3,118,519 11% $27,472,228

44 Puerto Rico October 6, 2011 $14,540,057 $3,612,500 25% $23,225,000

45 Rhode Island September 6, 2011 $13,168,350 $3,146,638 24% $28,734,926

46 South Carolina July 6, 2011 $17,990,415 $5,843,442 32% $32,405,488

47 South Dakota September 22, 2011 $13,168,350 $3,586,056 27% $29,350,000

48 Tennessee October 4, 2011 $29,672,070 $7,538,365 25% $28,531,594

49 Texas August 15, 2011 $46,553,879 $11,548,182 25% $53,500,000

50 U.S. Virgin Islands October 4, 2011 $13,168,350 $377,956 3% $1,428,000

51 Utah September 30, 2011 $13,168,350 $344,447 3% $495,000

52 Vermont May 23, 2011 $13,168,350 $3,326,333 25% $92,940,090

53 Virginia August 15, 2011 $17,953,191 $69,895 0% $1,756,975

54 Washington October 31, 2011 $19,722,515 $8,196,471 42% $33,169,354

55 West Virginia November 18, 2011 $13,168,350 $4,291,397 33% $32,164,314

56 Wisconsin September 22, 2011 $22,363,554 $4,414,151 20% $29,786,551

57 Wyoming, Laramie December 4, 2012 $13,168,350 $0 0% $0

$1,460,457,779 $271,295,610 19% $1,889,050,166 
38

APPENDIX B

Expenditures by Program Type (Cumulative through 2012)

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

Loan Participation Program Capital Access Program

1 Alabama $10,000,000 $115,000 1% $1,560,000 $11,301,498 $4,250 <1% $84,999

2 Alaska, Anchorage

3 American Samoa

4 Arizona $18,204,217 $1,193,333 7% $3,530,000

5 Arkansas $5,190,312 $2,325,000 45% $31,475,000 $1,038,062 $6,076 1% $135,761

6 California $84,311,911 $3,111,445 4% $83,850,495

7 Colorado $2,000,000 $0 0%

8 Connecticut $13,301,126 $77,425 1% $2,549,175

9 Delaware $12,168,350 $3,738,925 31% $11,397,300 $1,000,000 $71,700 7% $2,633,500

10 District of Columbia

11 Florida $30,766,233 $6,127,857 20% $14,751,938 $10,896,116 $780 <1% $26,000

12 Georgia $20,000,000 $3,187,169 16% $23,195,512 $10,000,000 $0 0%

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

14 Hawaii

15 Idaho

16 Illinois $39,000,000 $11,735,203 30% $87,417,713 $6,365,264 $15,402 0% $501,000

17 Indiana $1,500,000 $90,400 6% $2,201,460

18 Iowa $3,168,350 $0 0% $5,000,000 $11,788 <1% $178,213

19 Kansas $10,534,680 $2,745,689 26% $60,167,803

20 Kentucky $5,162,666 $80,000 2% $5,400,000 $5,162,666 $1,200 <1% $40,000

21 Louisiana 

22 Maine $10,168,350 $685,000 7% $4,447,050

23 Maryland $1,500,000 $495,000 33% $2,100,000

24 Massachusetts $20,532,072 $6,037,000 29% $50,778,000 $1,500,000 $355,157 24% $11,421,357

25 Michigan $34,478,871 $19,932,506 58% $74,037,992 $4,200,000 $466,340 11% $20,015,805

26 Minnesota $5,250,766 $1,004,800 19% $13,496,973 $3,113,541 $199,359 6% $17,740,644

27 Mississippi 

28 Missouri $10,000,000 $0 0%

29 Montana $13,168,350 $7,698,370 58% $47,347,048

30 Nebraska $9,240,980 $3,050,000 33% $9,105,275

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

32 New Hampshire $3,930,680 $1,850,000 47% $21,282,765 $1,453,117 $181,139 12% $5,855,428

33 New Jersey $23,260,698 $2,766,000 12% $12,633,000

34 New Mexico $13,168,350 $2,456,000 19% $14,378,658

35 New York $18,994,204 $339,797 2% $5,239,739

36 North Carolina $27,800,000 $13,652,420 49% $68,780,112 $8,261,319 $579,168 7% $28,337,801

37 North Dakota, 

Carrington 

38 North Dakota, 

Mandan $9,710,768 $346,150 4% $1,090,000

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

40 Ohio $5,000,000 $304,576 6% $10,152,529

41 Oklahoma 

42 Oregon $2,500,000 $300,000 12% $2,022,485 $4,016,197 $64,639 2% $2,099,690

43 Pennsylvania $24,241,232 $1,831,473 8% $15,783,575

44 Puerto Rico $12,540,057 $3,612,500 29% $23,225,000

45 Rhode Island $2,168,350 $300,000 14% $5,810,000

46 South Carolina $14,990,415 $5,718,620 38% $29,100,851 $3,000,000 $51,666 2% $3,304,637

47 South Dakota $13,168,350 $3,530,000 27% $29,350,000

48 Tennessee 

49 Texas 

50 U.S. Virgin Islands 

51 Utah $1,316,835 $30,000 2% $120,000

52 Vermont $12,746,337 $3,299,476 26% $92,940,090 $422,013 $26,857 6%

53 Virginia $10,000,000 $0 0% $453,191 $55,009 12% $1,756,975

54 Washington $8,722,515 $8,016,400 92% $32,194,354 $6,000,000 $47,750 1% $975,000

55 West Virginia $5,388,998 $2,080,000 39% $18,507,500

56 Wisconsin $3,000,000 $0 0%

57 Wyoming, Laramie

Totals $453,911,898 $120,039,891 26% $807,625,994 $212,607,060 $6,061,923 3% $199,100,208

Average $238,648 $1,605,618 $1,839 $60,407
39

Expenditures by Program Type (Cumulative through 2012) Continued

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

Collateral Support Program Loan Guarantee Program

1 Alabama $10,000,000 $8,245,166 82% $16,491,511

2 Alaska, Anchorage

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

4 Arizona

5 Arkansas $761,951 $192,000 25% $240,000

6 California $84,311,911 $13,793,378 16% $81,563,163

7 Colorado $15,233,489 $402,025 3% $3,059,613

8 Connecticut

9 Delaware

10 District of Columbia $13,168,350 $0 0%

11 Florida $12,500,000 $545,000 4% $1,090,000

12 Georgia $17,808,507 $341,900 2% $3,013,800

13 Guam $7,242,592 $779,060 11% $1,085,896

14 Hawaii

15 Idaho $13,168,350 $5,016,517 38% $33,457,703

16 Illinois $13,000,000 $0 0%

17 Indiana

18 Iowa

19 Kansas 

20 Kentucky $5,162,666 $1,683,971 33% $12,597,606

21 Louisiana $8,000,000 $1,315,380 16% $7,015,362

22 Maine 

23 Maryland $6,000,000 $701,304 12% $10,545,000

24 Massachusetts 

25 Michigan $34,478,871 $20,656,257 60% $126,912,673

26 Minnesota $6,061,027 $434,000 7% $3,271,000

27 Mississippi $13,168,350 $458,844 3% $4,870,756

28 Missouri 

29 Montana 

30 Nebraska

31 Nevada $13,303,176 $938,000 7% $2,780,000

32 New Hampshire $2,594,851 $1,398,828 54% $30,142,911 $3,113,821 $1,887,750 61% $36,484,627

33 New Jersey $5,500,000 $675,000 12% $1,350,000

34 New Mexico 

35 New York $10,405,173 $1,255,000 12% $4,550,000

36 North Carolina 

37 North Dakota, 

Carrington $2,651,445 $0 0%

38 North Dakota, 

Mandan 

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

40 Ohio $35,138,373 $3,168,858 9% $12,181,030

41 Oklahoma 

42 Oregon $10,000,000 $2,937,006 29% $15,844,967

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 $204,825 5% $478,000 $9,429,874 $95,000 1% $950,000

51 Utah $11,851,515 $150,000 1% $375,000

52 Vermont 

53 Virginia $7,500,000 $0 0%

54 Washington 

55 West Virginia $827,601 $0 0% $151,734 $0 0%

56 Wisconsin $3,363,554 $0 0%

57 Wyoming, Laramie $10,168,350 $0 0%

Totals $179,018,805 $33,469,281 19% $221,609,536 $229,838,359 $33,805,788 15% $188,741,082

Average $191,253 $1,266,340 $72,701 $405,895
40

Expenditures by Program Type (Cumulative through 2012) Continued

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

Venture Capital Program

1 Alabama $78,520

2 Alaska, Anchorage $13,168,350 $0 0% $100,815

3 American Samoa $0

4 Arizona $202,826

5 Arkansas $6,178,025 $1,536,667 25% $15,700,000 $111,444

6 California $1,210,342

7 Colorado $139,000

8 Connecticut $1,188

9 Delaware $0

10 District of Columbia $5,853

11 Florida $43,500,000 $9,879,997 23% $73,599,959 $376,802

12 Georgia $353,328

13 Guam $165,561

14 Hawaii $13,168,350 $200,000 2% $1,000,000 $62,206

15 Idaho $22,090

16 Illinois $20,000,000 $4,712,500 24% $24,919,018 $861,502

17 Indiana $32,839,074 $2,301,811 7% $7,403,539 $0

18 Iowa $5,000,000 $2,250,000 45% $5,166,000 $64,295

19 Kansas $2,633,670 $1,754,525 67% $38,206,066 $136,083

20 Kentucky $16,510

21 Louisiana $5,168,350 $0 0% $0 $9,725

22 Maine $3,000,000 $980,025 33% $4,110,025 $56,219

23 Maryland $15,525,709 $2,039,086 13% $59,000,000 $320,500

24 Massachusetts $147,304

25 Michigan $6,000,000 $425,000 7% $875,000 $546,938

26 Minnesota $1,037,847 $0 0% $80,847

27 Mississippi $0

28 Missouri $16,930,294 $9,300,911 55% $38,874,939 $567,521

29 Montana $72,807

30 Nebraska $3,927,370 $0 0% $91,994

31 Nevada $938,000

32 New Hampshire $2,075,881 $0 0% $190,790

33 New Jersey $5,000,000 $0 0% $0

34 New Mexico $0

35 New York $25,952,157 $479,616 2% $2,033,810 $269,892

36 North Carolina $10,000,000 $880,700 9% $7,318,452 $878,361

37 North Dakota, Carrington $782,264 $0 0% $0

38 North Dakota, Mandan $20,139

39 Northern Mariana $27,875

40 Ohio $15,000,000 $0 0% $367,032

41 Oklahoma $13,168,350 $2,195,000 17% $33,678,000 $0

42 Oregon $123,804

43 Pennsylvania $5,000,000 $1,161,095 23% $11,688,653 $125,951

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

45 Rhode Island $11,000,000 $2,764,303 25% $22,924,926 $82,335

46 South Carolina $73,156

47 South Dakota $56,056

48 Tennessee $29,672,070 $7,127,952 24% $28,531,594 $410,413

49 Texas $46,553,879 $11,374,998 24% $53,500,000 $173,184

50 U.S. Virgin Islands $78,131

51 Utah $164,447

52 Vermont $0

53 Virginia $14,886

54 Washington $5,000,000 $0 0% $132,321

55 West Virginia $6,800,017 $2,103,500 31% $13,656,814 $107,897

56 Wisconsin $16,000,000 $4,205,000 26% $29,786,551 $209,151

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

Totals $385,081,657 $67,672,686 18% $471,973,346 $10,246,041

Average $285,539 $1,991,449
41

APPENDIX C

Top 15 Largest SSBCI Lenders, by Dollar Amount Loaned

(Cumulative through 2012)

Rank Lender

Number 

of

Loans

Amount 

Loaned

Average 

Amount 

Loaned

1 Huntington National Bank 

(OH, IN, & MI)

196 $46,445,920 $236,969

2 Pacific Enterprise Bank (CA) 102 $33,359,061 $327,050

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

4 NewBridge Bank (NC) 44 $29,008,154 $659,276

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

6 NBT Bank, N.A. (VT) 3 $21,083,720 $7,027,907

7 M B Financial Bank N A (IL) 3 $20,500,000 $6,833,333

8 Fifth Third Bank (MI) 19 $18,594,250 $978,645

9 mBank (MI) 4 $16,476,237 $4,119,059

10 Wells Fargo Bank, NA (NM, 

SD)

3 $16,328,658 $5,442,886

11 Village Bank and Trust (IL) 4 $12,855,713 $3,213,928

12 The Palmetto Bank (SC) 19 $12,100,117 $636,848

13 People’s United Bank (VT, 

NH)

20 $11,594,133 $579,707

14 Plaza Bank (CA) 26 $11,165,590 $429,446

15 Opportunity Fund (CA) 1316 $10,960,236 $8,328

TOTAL 1,766 $312,450,358 $176,925

Note: This chart includes all private lenders that are not contractors for the state.
42

Top 15 Largest SSBCI Lenders, by Number of Loans

(Cumulative through 2012)

Rank Lender

Number 

of 

Loans

Amount 

Loaned

Average 

Amount 

Loaned

1 Opportunity Fund (CA) 1,316 $10,960,236 $8,328

2 Huntington National Bank 

(OH, IN, & MI)

196 $46,445,920 $236,969

3 Renaissance Economic 

Development Corporation 

(NY)

186 $4,379,500 $23,546

4 Murphy Bank(CA) 172 $4,732,372 $27,514

5 Accion San Diego (CA) 133 $2,101,425 $15,800

6 Pacific Enterprise Bank (CA) 102 $33,359,061 $327,050

7 Branch Banking and Trust 

Company (FL, VA, & NC)

60 $6,499,343 $108,322

8 First Citizens Bank & Trust 

Company (NC)

55 $3,143,800 $57,160

9 Chemical Bank (MI) 53 $2,467,254 $46,552

10 TMC Development Working 

Solutions (CA)

50 $627,621 $12,552

11 Mutual Federal Savings 

(MA)

49 $1,870,200 $38,167

12 Oakland BDC (CA) 47 $905,000 $19,255

13 NewBridge Bank (NC) 44 $29,008,154 $659,276

14 Select Bank and Trust 

Company (NC)

39 $3,572,509 $91,603

15 Independent Bank (MI) 36 $1,209,134 $33,587

TOTAL 2,538 $151,281,528 $59,607

Note: This chart includes all private lenders that are not contractors for the state.