STATE SMALL BUSINESS

CREDIT INITIATIVE:

A SUMMARY OF STATES’

2015

ANNUAL REPORTS
DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 20220

October 13, 2016

We are pleased to present the Summary of States’ 2015 Annual Reports for the U.S. Treasury’s 

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

Act of 2010 to support new lending and investing in small businesses. From 2011 through 2015, 

States reported that they had expended $1.04 billion in SSBCI funds which, in turn, supported 

over 16,900 new loans or investments to small businesses totaling $8.4 billion.

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

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

following notable accomplishments:

• State SSBCI programs supported 4,475 loans or investments in 2015.

• State SSBCI programs supported $1.6 billion in new loans or investments in 2015.

• Cumulatively, State SSBCI programs have supported $8.02 in new loans or investments 

for every $1 in SSBCI funds. Thirteen States have already surpassed the goal of 10:1 

leverage by the end of the program.

• Business owners report that SSBCI funds will help create or save more than 190,000 

jobs.

Treasury publishes States’ SSBCI performance data in Quarterly and Annual Reports. In addition, Treasury publishes Best Practices from SSBCI state managers, as well as independent 

reports on SSBCI loan programs and venture capital programs.

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

Jessica Milano Jeffrey Stout

Deputy Assistant Secretary Director

Small Business, Community Development State Small Business Credit Initiative
SSBCI: Summary of States’ 2015 Annual Reports iii

Puerto

Rico U.S. Virgin

Islands

American

Samoa Guam Northern

Mariana Islands

$0 M - $10 M

$10 M - $50 M

$50 M - $100 M

Over $100 M

New Loans or Investments Caused by SSBCI Funding

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

State Small Business Credit Initiative (SSBCI).

SSBCI is an innovative program that awards funds to State agencies for lending and investing programs. The 

program allows each State to design its own small business support programs in response to local economic 

conditions. SSBCI programs fall into five categories: Capital Access Programs, Loan Participation Programs, 

Collateral Support Programs, Loan Guarantee Programs, and Venture Capital Programs.

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 to fund programs that support small businesses 

and small manufacturers. Each year Treasury releases a Summary of States’ Annual Report based on data 

submitted by the states in their Annual Reports as required by the statute.

Through the end of 2015, the program has supported over $8 billion in new small business loans 

or investments. 

SSBCI has supported more than 16,900 small businesses across 

the country with loans or investments of $8.4 billion.
iv SSBCI: Summary of States’ 2015 Annual Reports

Table of 

Contents

SSBCI Program Types 

1

SSBCI Program Success Stories

4

SSBCI Allocations and Disbursements 

9

SSBCI Program Performance 

11

Appendix A-1: State-by-State Results 29

Appendix A-2: Participating Municipalities .

Appendix A-3: Participating Territories .

Appendix B: SSBCI Funds Expended by 

State .

Appendix C: SSBCI Funds Expended by 

Program Type, by State 62

Appendix D: Top 15 Lenders by Amount 

Loaned and by Number of Loans .

Appendix E: Top 15 Largest SSBCI CDFIs, 

by Number of Loans.  

Acknowledgements 68

• SSBCI funds have supported 

thousands of loans to small 

businesses in a wide range of 

sectors. SSBCI financing reached 

small businesses in industries 

ranging from retail trade to 

manufacturing, hospitality, and 

many other types of services. 

Nearly two-thirds of all SSBCI loans 

or investments were for less than 

$100,000.

• Through December 31, 2015; 

small businesses have reported 

that SSBCI funds will help create 

or retain over 190,000 American 

jobs. The small business owners 

who received financing reported 

that they expect that the loans and 

investments they received will create almost 64,000 jobs within two years and help retain over 126,500 

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 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. In addition, 80 percent of all SSBCI 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 moderate-income communities. 

SSBCI has been effective in supporting small 

businesses in areas that were hit hardest by the 

recession and where the need is greatest.

• Through 2015, SSBCI operations have 

generated $8.02 in new small business 

lending or investing for every $1 of federal 

support. Private sector leverage is expected to 

increase before the program ends.

• SSBCI has helped create more than 80 

new small business support programs. 

Through the availability of SSBCI funds, a new 

infrastructure of credit support programs has 

been created across the country.

Private Financing Leveraged 

$0.00 

$5.00 

$10.00 

$15.00 

$20.00 

$25.00 

$30.00 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Cumulative 

Amount of Financing Leveraged

by Program Per Dollar of SSBCI Funds

$23.12

$11.08

$6.95 $6.95

$5.13

$8.02

Distribution of SSBCI Loans and Investments by Size and Age of Business

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total Number of Loans or Investments 

0-1 year 

2-5 years 

6-10 years 

>10 years 

Age of Business

0-10 FTE 

11-50 FTEs 

51-100 FTEs 100-250 FTEs 251-500 FTEs 

Number of Employees
SSBCI: Summary of States’ 2015 Annual Reports v

Table of Contents

SSBCI Program Types 1

SSBCI Program Success Stories 4

SSBCI Allocations and Disbursements 

SSBCI Program Performance 9

Appendix A-1: State-by-State Results 27

Appendix A-2: Participating Municipalities .

Appendix A-3: Participating Territories .

Appendix B: SSBCI Funds Expended by State 59

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

Appendix D: Top 15 Lenders, by Amount Loaned and by Number of Loans 63

Appendix E: Top 15 Largest SSBCI CDFIs, by Number of Loans 65

Acknowledgements 66
vi SSBCI: Summary of States’ 2015 Annual Reports
SSBCI: Summary of States’ 2015 Annual Reports PROGRAMS 1

Capital Access 

Programs

Supporting nearly 10,600 small 

businesses

Capital Access Programs (CAPs) support 

small business lending by creating a funded 

reserve account to cover a portion of losses 

on a portfolio of new small business loans. 

The lender and the borrower contribute two 

to seven percent of the loan amount to the 

lender’s reserve account which, in turn, is 

matched by a State’s SSBCI funds. Losses 

from the lender’s CAP portfolio are recovered 

from its reserve account until the account is 

depleted.

Key Facts

• CAPs operate in 24 States and supported 

the origination of 10,561 new small business 

loans – the most of any SSBCI program type – 

totaling over $500 million.

• Filling a significant gap in the small business 

lending landscape, the average CAP loan 

(total financing) size stands at approximately 

$48,000.

• According to small business owners who 

received financing, SSBCI CAPs have 

supported the creation of over 11,000 jobs 

and the retention of more than 49,800 jobs at 

risk of loss.

SSBCI PROGRAM TYPES

SSBCI was designed to give States the ability to create small business support programs suited to 

their own local market conditions. SSBCI funds have capitalized five types of programs: Capital 

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

Programs, and Venture Capital Programs.

Collateral Support 

Programs 

Helping businesses in the hardest 

hit communities

Collateral Support Programs (CSPs) support 

small business lending by using SSBCI funds 

to fill a collateral gap for otherwise strong 

businesses. In evaluating a loan, lenders may 

find that the value of a business’s collateral is 

deficient, an occurrence common in markets 

where the economy has not fully recovered 

from the recession. Using funds from a CSP, 

a State makes a cash deposit at the financial 

institution lender to cover a portion of the 

collateral gap for the loan.

Key Facts

• Michigan created the first CSP in 2009 with 

State appropriations.

• CSPs now operate in 17 States and supported 

1,189 loans totaling almost $1.1 billion 

through 2015.

• The average total financing per small 

business for CSPs is approximately $907,000. 

CSPs have leveraged $5.13 for every $1 in 

SSBCI funds.

• States have expended 81 percent of the 

funding they received for CSPs, the highest 

percentage of funds expended by any SSBCI 

program type.
2 PROGRAMS SSBCI: Summary of States’ 2015 Annual Reports

Loan Participation 

Programs 

Creating and saving almost 40,000 

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. States can use SSBCI 

funds to purchase a portion of a financial 

institution’s loan. This is known as a purchase 

LPP. Alternatively, States can use SSBCI funds 

to make a direct loan, known as a companion 

LPP. In both cases, the portion funded with 

SSBCI funds is typically subordinate in its claim 

on collateral to a financial institution’s interest, 

providing a crucial boost for small business 

lending.

Key Facts

• LPPs operate in 39 States and supported over 

$2.6 billion in loans through 2015.

• The average total financing per small 

business for LPPs is over $1.5 million. LPPs 

have leveraged $6.95 for every $1 in SSBCI 

funds.

• States have expended 80 percent of the 

funding they received for LPPs, the second 

highest percentage of funds expended by 

any SSBCI program type.

Venture Capital 

Programs

Financing innovative new 

businesses to create new jobs

Venture Capital Programs (VCPs) support 

small business investing by injecting equity 

in startups and other emerging businesses 

that might not otherwise obtain financing. 

States make direct equity investments 

or, alternatively, States invest in privately 

managed equity funds, which must attract 

other investors before investing in small 

businesses.

Most VCPs describe their programs as “early 

stage financing” for businesses that are not yet 

established enough for traditional investors. 

To date, VCPs have targeted early stage 

companies with a median age of 2 years.

VCPs facilitate private sector investments by 

supplementing capital from private investors. 

In many cases, SSBCI supported VCPs are filling 

gaps in markets not served by the traditional 

venture capital industry and expect to 

stimulate private equity investing.

Key Facts

• VCPs operate in 38 States and supported 

investments in over 1,300 businesses, totaling 

over $3 billion through 2015, the most of any 

SSBCI program type.

• The average total financing per small 

business for VCPs is approximately $2.3 

million. Through 2015, VCPs have leveraged 

$11.08 for every $1 in SSBCI funds.

• 80 percent of SSBCI supported investments 

are in the Professional, Scientific, and 

Technical Services; Information; and 

Manufacturing Sectors.
SSBCI: Summary of States’ 2015 Annual Reports PROGRAMS

3

Loan Guarantee 

Programs

Sharing risk to increase small 

business lending

Loan Guarantee Programs (LGPs) support 

small business lending by sharing the lender’s 

risk of loss. The guarantees support loans to 

businesses that do not fit traditional lending 

criteria. State guarantees range from 50 

percent to 80 percent of a loan and states 

commonly work with small lenders who do 

not participate in federal guarantee programs 

run by SBA and USDA. The State shares the 

lender’s loss in the event the borrower cannot 

repay the loan. Prior to SSBCI, state-funded 

LGPs operated successfully in California, 

Maryland, Oregon, and elsewhere, but were 

running out of funds. SSBCI not only re-started 

and ramped up these existing programs, but 

also funded new LGPs like the one in Florida.

Key Facts • SSBCI-funded LGPs operate in 19 States and 

supported 2,155 loans, totaling almost $1.1 

billion through 2015.

• The average total financing per small 

business for LGPs is approximately $509,000. 

Through 2015, LGPs have leveraged $6.95 for 

every $1 in SSBCI funds.

• Some States offer SSBCI loan guarantees to 

support bridge financing that is necessary 

before a project’s permanent loan is in place.
4 PROGRAMS SSBCI: Summary of States’ 2015 Annual Reports

New York

Capital Access Program

H Bake Enterprises LLC, a certified minorityowned business founded in 2013 by Huascar 

Aquino, specializes in gourmet baked goods, 

sold both online and out of a storefront in 

downtown Manhattan. Aquino was eager 

to expand his new business, but could not 

secure traditional financing due to inadequate 

business history. Using its SSBCI funds, 

the Renaissance Economic Development 

Corporation supported a $35,000 CAP loan 

made by the Empire State Development that 

allowed Aquino to hire a part-time employee, 

increase production, and improve the shop’s 

aesthetics.

Arizona

Loan Participation Program

After their acquisition of the historic Apache 

Railway the new owners were unable to secure 

the permanent financing needed to renovate 

this critical piece of infrastructure in Navajo 

County for the reasons that bring many 

borrowers to the SSBCI program – insufficient 

cash flow and inadequate business history. 

Clearinghouse CDFI, with an SSBCI loan 

participation from the Arizona Commerce 

Authority, provided $2.5 million in financing to 

help make the three-year renovation project 

possible and create an estimated 285 jobs.

SSBCI PROGRAM SUCCESS STORIES

States use SSBCI funds to stimulate private financing of small businesses. The following

success stories represent the wide range of small businesses, locations, and credit gaps

addressed by SSBCI.
SSBCI: Summary of States’ 2015 Annual Reports PROGRAMS 5

Northern Mariana 

Islands

Collateral Support Program

Donna Krum and Ivan Ilmov saw a growing 

need for dental services in Saipan but could 

not qualify for conventional bank financing 

because the new practice, Paradise Dental 

Center, was a start-up business without a 

financial history. With the help of SSBCI Cash 

Collateral Support Program, the Bank of 

Guam was able to qualify the borrowers for a 

$250,000 loan and provide the financing that 

allowed Paradise Dental Center to renovate a 

building, purchase new dental equipment, and 

hire six new employees.

California

Loan Guarantee Program

In 2014, Ceiba College Preparatory Academy, a 

public charter school, faced an outdated 

campus, a growing student population, and a 

need to relocate and expand its facilities. As a 

nonprofit with no collateral the school could 

not qualify for conventional financing. Their 

bank, Santa Cruz County Bank, turned to the 

California State Small Business Loan Guarantee 

Program funded by SSBCI program to obtain a 

$2.5 million guarantee to secure the necessary 

financing to relocate the school and transform 

35,000 square feet of warehouse space into 21 

classrooms, a cafeteria, and an assembly area.
6 PROGRAMS SSBCI: Summary of States’ 2015 Annual Reports

Hawaii

Venture Capital Program 

Using intellectual property acquired from the 

University of Hawaii (UH), KinetiCor is 

developing motion tracking technology to 

improve the quality of MRIs by eliminating 

image distortions caused by patient 

movement. To commercialize this new 

technology, KinetiCor contacted the UPSIDE 

Fund, a venture capital fund managed by the 

UH Foundation. A total of $650,000 of SSBCI 

funds were invested in KinetiCor via the 

UPSIDE Fund, leveraging $3,250,000 of private 

investment. Since the initial funding, KinetiCor 

has sold 12 of its systems, been granted 

additional patents on its technology, and is 

working with global MRI device manufacturers 

to commercialize its technology.
SSBCI: Summary of States’ 2015 Annual Reports ALLOCATIONS 7

SSBCI Allocations and Disbursements

Amount of Allocations

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

per state.1 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

(Through 2015)

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

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

allocation. Municipalities could apply for an allocation if their state did not submit a notice of intent to apply for funds or 

complete an application prior to June 27, 2011. Treasury awarded allocations to municipalities in Alaska, North Dakota, and 

Wyoming. For simplicity, each participating entity will be referred to as a “State.”

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Mariana Islands

Less than $15M allocated

$15M to $30M allocated

$30M to $60M allocated

More than $60M allocated
8 ALLOCATIONS SSBCI: Summary of States’ 2015 Annual Reports

Disbursements to States

States draw down their allocations in three disbursements. States received their first disbursements 

after they signed their Allocation Agreements. States draw their second and third disbursements after 

they expend, obligate, or transfer 80 percent of the prior disbursement. Through 2015, 55 States have 

drawn their second disbursement and 46 States have drawn their third disbursement.

Figure 2: SSBCI Disbursements to States

(Through 2015)

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Mariana Islands

Initial Disbursement

2nd Disbursement

3rd Disbursement
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 9

SSBCI Program Performance

2015 marked the fourth full calendar year of operation for every State’s SSBCI program. This section 

highlights various measures of performance assembled from the States’ Annual Reports.2

Total Loans and Investments Made

Over 16,900 loans or investments were supported by SSBCI funds through 2015, resulting in $8.4 

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

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

the total amount invested in the business as a result of the SSBCI funds. The cumulative amount of 

SSBCI funds expended reached $1.04 billion through 2015. As more states deplete their allocation, the 

annual amount loaned and invested has declined from 2013 to 2015. When loans are repaid, States 

recycle funds into new transactions. Cumulatively, States have recycled an additional $119 million that 

was repaid to support new loans and investments.

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

SSBCI Funds Expended, and Amount Loaned or Invested

(Annual and Cumulative)

2 The data throughout this report are based on 2015 Annual Reports and have not been independently verified or audited 

by Treasury.

2011 

2012 2013 2014 2015 

Number of Loans/Investments 

Number of Loans/ Investments 

Loan Participation 

Venture Capital 

Loan Guarantee 

Collateral Support 

CAP 

SSBCI Funds Expended 

Recycled Dollars 

SSBCI Funds Expended 

Millions of Dollars 

Amount Loaned/Invested 

Cumulative

2011 

2012 2013 2014 2015 

Cumulative

2011 

2012 2013 2014 2015 

Cumulative

939 2,333 2,294 2,187 2,808 10,561 

157 302 384 

328 

1,189 

372 481 567 

623 

2,155 

215 339 383 

362 

1,324 

444 

427 414 

354 

1,690 

0 

2,000 

4,000 

6,000 

8,000 

10,000 

12,000 

14,000 

16,000 

$44 M 

$222 M $322 M $278 M $177 M 

$1,044 M $0 $0 $3 $40 $76 

$119 

$402 M 

$2,144 M $2,196 M $2,046 M 

$1,590 M 

$8,378 M 

$ M 

$1,000 M 

$2,000 M 

$3,000 M 

$4,000 M 

$5,000 M 

$6,000 M 

$7,000 M 

$8,000 M 

$9,000 M 
10 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Allocations by Program Type

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

largest proportion of SSBCI funds allocated.

Figure 4: Total SSBCI Funds Allocated by Program Type

(Through 2015)

32% 

31% 

16% 

18% 

3% 

0% 10% 20% 30% 40% 

Loan Participation 

Venture Capital 

Loan Guarantee 

Collateral Support 

CAP 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 11

Private Financing Leveraged

Through 2015, States leveraged $8.02 in new lending and investing for each $1 of SSBCI funds.3 As 

loans are repaid and SSBCI funds return to the State, leverage will increase by recycling SSBCI funds 

into new loans or investments. SSBCI funds are not loans to a State; the SSBCI funds should continue 

to recycle until they are dissipated by loan or investment losses.

Figure 5: Amount of Private Financing Leveraged

Per Dollar of SSBCI Funds Expended, by Program Type

(Cumulative through 2015)

Capital Access Programs (CAPs) had the highest leverage ratio with an average of $23.12 in private 

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

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

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

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

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

$23.12 

$11.08 

$6.95 $6.95 

$5.13 

$8.02 

$0 

$5 

$10 

$15 

$20 

$25 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Cumulative 

Private Financing Leveraged 
12 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Jobs Created and Retained

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

of more than 190,000 jobs, with more than 63,500 jobs being created and more than 126,500 jobs 

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

within 24 months or will be retained that were at risk of loss.4

Figure 6: Jobs Created and Retained

(Annual and Cumulative)

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

loan or investment; according to the business owner, these jobs will materialize within two years from the date of the loan 

or investment closing. Jobs Retained is the number of FTE jobs retained as a direct result of the loan or investment that 

were at risk of loss. These numbers may duplicate job estimates for any loans reported under federal programs such as the 

SBA CDC/504 Loan Program. Treasury does not validate or audit these estimates.

Number of Jobs 

Jobs Created Jobs Retained Jobs Created or Retained 

2011 2012 2013 2014 

2015

Cumulative

2011 2012 2013 2014 

2015

Cumulative

2011 2012 2013 2014 

2015

Cumulative

3,398 

13,625 15,759 16,195 14,914 

63,891 

0 

20,000 

40,000 

60,000 

80,000 

100,000 

120,000 

140,000 

160,000 

180,000 

200,000 

7,607 

28,280 27,108 29,671 33,844 

126,509 

11,005 

41,905 42,867 45,865 48,758 

190,400 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 13

Figure 7: Jobs Created and Retained by Program Type

(Cumulative through 2015)

Program Type Jobs Created Jobs Retained

Capital Access 11,202 49,888

Collateral Support 10,062 11,273

Loan Guarantee 13,202 35,366

Loan Participation 18,257 21,330

Venture Capital 11,169 8,652

Totals 63,891 126,509

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

retained, including being credited for having retained almost 50,000 jobs at risk of loss through 2015. 

Loan Participation Programs were credited with creating more than 18,000 new jobs through 2015, 

the most among SSBCI program types.
14 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Loans or Investments Supported by Program Type

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

program type.

Figure 8: Total Amount of New Financing and

Number of Loans or Investments by Program Type

(Cumulative through 2015)

Capital Access Programs made the largest cumulative number of loans or investments through 2015, 

with nearly 10,600.

Venture Capital Programs accounted for the highest total dollar amount loaned or invested through 

2015, over $3 billion.

$3,081 M 

$2,612 M 

$1,098 M $1,079 M 

$507 M 

1,324 

1,690 

2,155 

1,189 

10,561 

0 

2,000 

4,000 

6,000 

8,000 

10,000 

12,000 

$0 

$500 

$1,000 

$1,500 

$2,000 

$2,500 

$3,000 

$3,500 

Venture Capital Loan Participation Loan Guarantee Collateral Support Capital Access 

Number of Loans/Investments

Millions of Dollars 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 15

Average Total Amount of New Lending and Investing by Program Type

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

investment amount directly supported by SSBCI was $351,500, leading to total new financing per 

small business of $495,000. This figure varied by program type. 

Figure 9: Average Total Financing Caused by SSBCI Funds,

by Program Type

(Cumulative through 2015)

The average total financing amount caused by SSBCI funds for Venture Capital Programs was $2.3 

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

Programs was $1.5 million per business. On the other end of the spectrum, Capital Access Programs 

supported average private financing of about $48,000 per small business. 

$48 K 

$907 K 

$509 K 

$1,545 K 

$2,327 K 

$495 K 

$.0 M 

$.5 M 

$1.0 M 

$1.5 M 

$2.0 M 

$2.5 M 

Millions of Dollars 

Capital Access 

Collateral Support 

Loan Guarantee 

Loan Participation 

Venture Capital 

Overall 
16 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Distribution of Loans or Investments by Amount

Two-thirds of the loans or investments caused by SSBCI funds are for amounts less than $100,000.

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

(Cumulative through 2015)

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

amount of SSBCI-supported loans or investments through 2015, they account for over 60 percent of all 

transactions.

Total financings greater than half a million dollars represent 82 percent of the total dollar amount 

loaned or invested but represent just 16 percent of the total number of loans or investments made.

 < $100 K 

 $100 -$499 K 

 $500 -$999 K 

$1.0 - $4.9 M 

$5.0 - $9.9 M 

> $10.0 M 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

0% 

20% 

40% 

60% 

80% 

100% 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 17

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

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

low- and moderate-income communities.5

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

in Low- and Moderate-Income Communities, by Program Type

(Cumulative through 2015)

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

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

5 Calculated from total number of loans or investments made in low- and moderate-income census tracts. The “Low and 

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

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

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

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

area median income.

47% 

31% 

35% 

33% 

36% 

42% 

CAP 

Collateral Support 

Loan Guarantee 

Loan Participation 

Venture Capital 

Overall 

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

Percent of Total Number of Loans or Investments 
18 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Distribution for Loans or Investments, by Industry

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

caused by SSBCI funds by total dollar amount.

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

(Cumulative though 2015)

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

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

category of “Other” 6).

Manufacturing, Professional, Scientific & Technical Services, and Information (excluding a diverse 

collection of Other industries) accounted for large shares of SSBCI-supported loans or investments by 

total dollar amount.

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

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

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

Management and Remediation Services.

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

Manufacturing 

Professional, Scientific,

and Technical Services 

Information 

Accommodation and Food Services 

Retail Trade 

Wholesale Trade 

Health Care and Social Assistance 

Construction Real Estate and Rental and Leasing 

Other 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 19

Distribution for Loans or Investments, by Business Size

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

employees.

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

(Cumulative through 2015)

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

over 40 percent of the total dollar amount of loans or investments.

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

employees represents 96 percent of the total number and 78 percent of the total dollar amounts.

SSBCI-supported loans or investments to companies with more than 50 employees accounted for 22 

percent (or about one of every five dollars) of the total dollar amount loaned or invested.

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

 0-10 FTEs 

 11-50 FTEs 

 51-100 FTEs 

 101-250 FTEs 

FTE= Full Time Equivalent
20 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Distribution for Loans or Investments, by Age of Business

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

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

(Cumulative through 2015)

Likewise, almost 50 percent of the total dollar amount loaned or invested with SSBCI support was 

directed to companies less than five years old.

 0-1 year 

 2-5 years 

 6-10 years 

>10 years 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 21

Lender Participation, by Size of Lender7

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

Figure 15: SSBCI-Supported Loans by Assets of Lender

(Cumulative through 2015)

> $10 B Assets < $10 B Assets Overall

Average Amount Per Loan $ 626,316 $239,723 $263,364

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

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

businesses are small and mid-sized banks, credit unions, or CDFIs with less than $10 billion in assets.

These smaller institutions also account for more than 8 out of every 10 dollars (85 percent) of SSBCI 

supported loans originated through 2015.

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

businesses, $626,000 on average, compared to $240,000 for banks with less than $10 billion in assets. 

The overall average SSBCI-supported loan was $263,000.

7 This analysis uses the CRA Asset-Size Thresholds to define small, mid-sized, and large banks where small banks have less 

than $1.22 billion in assets; mid-sized have assets totaling between $1.22 billion to $10 billion; and large banks have assets 

greater than $10 billion.

81%

61%

13% 

24.5% 

6% 14.5% 

0 

20% 

40% 

60% 

80% 

100% 

Mid-sized

Large

Small

Percent of Total Number of Loans

Number of Loans Amount Loaned or Invested
22 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

CDFI Participation in SSBCI Programs

CDFIs made nearly 7,900 loans or investments supported by SSBCI funds, totaling $490 million, 

through 2015. The total loan or investment amount excludes other financing caused by SSBCI funds.

Figure 16: CDFI Participation in SSBCI Programs

(Cumulative through 2015)

$490 M 

7,889 

0 

1,000 

2,000 

3,000 

4,000 

5,000 

6,000 

7,000 

8,000 

9,000 

$0 

$100 

$200 

$300 

$400 

$500 

$600 

Number of Loans/Investments

Millions of Dollars 

Amount Loaned/Invested Number of Loans/Investments 
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 23

Figure 17: Amount Loaned or Invested by CDFIs

(Top 9 States, Cumulative through 2015)

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

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

As a percentage of all loans or investments caused by SSBCI funds in a State, CDFIs accounted for 85 

percent of the total in Minnesota, followed by New York, California, Washington, and Pennsylvania in 

the top five.

$125 M 

$107 M 

$47 M $44 M 

$33 M 

$22 M $20 M 

$15 M $14 M 

77% 

20% 

62% 60% 

49% 

81% 

41% 

85% 

4% 

0% 

20% 

40% 

60% 

80% 

100% 

$0 

$20 

$40 

$60 

$80 

$100 

$120 

$140 

Total Number of State Loans or InvestmentsCDFI Loans or Investments as Percentage of 

Amount Loaned or Invested by CDFIs in Millions 

CA GA WA PA MS NY AL MN OR
24 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

SSBCI Performance by State

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

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

a percent of the State’s allocation.

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

Ranked by Amount 

(Cumulative through 2015)

$793.6 M 

$563.3 M 

$502.9 M 

$476.6 M 

$461.2 M 

$333.6 M 

$305.6 M 

$298.1 M 

$279.5 M 

$215.5 M 

$210.3 M 

$208.0 M 

$203.3 M 

$171.9 M 

$163.9 M 

$161.7 M 

$160.7 M 

$152.7 M 

$152.5 M 

$149.9 M 

$148.2 M 

$147.3 M 

$142.7 M 

$120.2 M 

$110.3 M 

$106.6 M 

$106.0 M 

$102.0 M 

$95.7 M 

$90.8 M 

$88.7 M 

$83.1 M 

$82.7 M 

$74.1 M 

$74.0 M 

$71.7 M 

$65.8 M 

$65.0 M 

$59.1 M 

$54.8 M 

$51.9 M 

$47.0 M 

$46.0 M 

$45.9 M 

$45.3 M 

$44.5 M 

$44.5 M 

$38.8 M 

$30.4 M 

$13.5 M 

$12.0 M 

$10.0 M 

$7.2 M 

$5.7 M 

$5.6 M 

0 

$0 $100 $200 $300 $400 $500 $600 $700 $800 $900 

CA 

NC 

IL 

MI 

TX 

NY 

MO 

FL 

MD 

AR 

KS 

PA 

GA 

NH 

ID 

VT 

MN 

OR 

AL 

WA 

OH 

TN 

SC 

MT 

MA 

NJ 

WI 

CO 

RI 

WV 

VA 

MS 

KY 

HI 

OK 

ND-M1

NE 

SD 

DE 

IN 

CT 

UT 

PR 

WY-L2

NM 

ME 

IA 

LA 

NV 

DC 

VI 

GU 

ND-C3

MP 

AK-A4 

AS 

Dollars in Millions 

1 North Dakota - Mandan Consortium of Municipalities

2 Wyoming - Laramie Consortium of Municipalities

3 North Dakota - Carrington Consortium of Municipalities

4 Alaska - Municipality of Anchorage
SSBCI: Summary of States’ 2015 Annual Reports PROGRAM PERFORMANCE 25

SSBCI Funds Expended by State

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

investments. California expended $111 million, the most of any State.

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

(Cumulative through 2015)

$110.5 M 

$73.8 M 

$70.0 M 

$59.7 M 

$44.0 M 

$39.0 M 

$38.6 M 

$35.4 M 

$33.1 M 

$28.9 M 

$28.9 M 

$23.0 M 

$19.7 M 

$18.2 M 

$17.8 M 

$16.7 M 

$16.3 M 

$16.3 M 

$15.8 M 

$15.7 M 

$15.7 M 

$15.5 M 

$14.5 M 

$13.2 M 

$13.1 M 

$12.4 M 

$12.3 M 

$12.0 M 

$12.0 M 

$11.6 M 

$11.3 M 

$11.3 M 

$11.0 M 

$10.6 M 

$10.1 M 

$9.9 M 

$9.8 M 

$9.7 M 

$8.4 M 

$8.0 M 

$7.7 M 

$7.6 M 

$7.6 M 

$7.2 M 

$6.5 M 

$5.9 M 

$5.8 M 

$5.7 M 

$5.4 M 

$5.1 M 

$4.3 M 

$3.4 M 

$2.9 M 

$2.8 M 

$1.3 M 

$0.2 M 

$0 $20 $40 $60 $80 $100 $120 

CA 

MI 

FL 

IL 

NC 

OH 

TX 

NY 

GA 

AL 

TN 

MO 

NJ 

AZ 

SC 

MA 

OR 

CO 

WA 

VA 

PA 

IN 

PR 

VT 

ID 

KS 

MT 

AR 

NH 

WI 

MS 

WY-L 

OK 

MN 

NE 

KY 

MD 

ND-M 

DE 

SD 

IA 

UT 

NV 

NM 

CT 

DC 

GU 

ME 

RI 

LA 

VI 

HI 

MP 

ND-C 

AK-A 

AS 

Dollars in Millions 
26 PROGRAM PERFORMANCE SSBCI: Summary of States’ 2015 Annual Reports

Twenty-eight states have expended more than 75 percent of their SSBCI allocation to support loans or 

investments.

Figure 20: SSBCI Funds Expended by State,

Ranked by Percent of Allocation

(Cumulative through 2015)

100% 

100% 

100% 

99% 

99% 

97% 

96% 

96% 

95% 

94% 

93% 

92% 

91% 

91% 

87% 

86% 

86% 

85% 

83% 

83% 

82% 

82% 

81% 

80% 

77% 

76% 

72% 

71% 

69% 

69% 

66% 

64% 

64% 

64% 

61% 

59% 

58% 

55% 

55% 

59% 

54% 

52% 

49% 

45% 

44% 

44% 

44% 

43% 

41% 

41% 

33% 

26% 

22% 

10% 

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

AZ 

PR 

VT 

ID 

ND-M 

SC 

OR 

TN 

MT 

NC 

CO 

KS 

MI 

AL 

AR 

NH 

VA 

MS 

WY-L 

MO 

OK 

TX 

WV 

MA 

ND-C 

WA 

NE 

IL 

FL 

OH 

GA 

MN 

CA 

NY 

KY 

DE 

SD 

IA 

UT 

NV 

NM 

NJ 

PA 

WI 

CT 

IN 

DC 

GU 

ME 

MD 

LA 

RI 

VI 

HI 

MP 

AK-A 

AS 

Percent of Allocation 

100% 

100% 

2% 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 27

Appendix A-1: State-by-State Results

Alabama

Allocation Amount: $31,301,498

Designated Agency: Alabama Department of Economic and Community Affairs

Contractors: n/a

Approved State Programs: Alabama Capital Access Program

Alabama Loan Guarantee Program

Alabama Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $8,442,936 $14,157,790 $5,527,443 $785,801

SSBCI dollars expended (cumulative) $0 $8,442,936 $22,600,726 $28,128,169 $28,913,969

Total financing (annual) $0 $18,136,510 $29,187,204 $42,216,711 $62,966,257

Total financing (cumulative) $0 $18,136,510 $47,323,714 $89,540,425 $152,506,682

Jobs created or retained (cumulative) 0 563 1,282 2,491 3,957 

Number of loans or investments (cumulative) 0 33 112 245 400 

Arizona

Allocation Amount: $18,204,217

Designated Agency: Arizona Commerce Authority

Contractors: n/a

Approved State Program: Arizona Expansion Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $1,394,659 $6,214,627 $4,819,379 $5,775,553

SSBCI dollars expended (cumulative) $0 $1,394,659 $7,609,286 $12,428,665 $18,204,218

Total financing (annual) $0 $3,180,000 $24,314,206 $23,133,777 $24,778,209

Total financing (cumulative) $0 $3,180,000 $27,494,206 $50,627,983 $75,406,192

Jobs created or retained (cumulative) 0 121 1,648 2,250 3,429 

Number of loans or investments (cumulative) 0 4 19 37 52 
28 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Arkansas

Allocation Amount: $13,168,350

Designated Agency: Arkansas Development Finance Authority 

Contractors: n/a

Approved State Programs: Arkansas Capital Access Program

Arkansas Development Finance Authority Co-investment Fund

Bond Guaranty/ Loan Participation Program

Disadvantaged Business Enterprise/ Small Business Loan Guaranty Program

Risk Capital Matching Fund

Seed and Angel Capital Network

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $395,075 $3,653,676 $3,568,126 $2,880,360 $1,539,956

SSBCI dollars expended (cumulative) $395,075 $4,048,751 $7,616,877 $10,497,237 $12,037,118

Total financing (annual) $5,063,972 $127,598,247 $26,135,723 $24,676,099 $31,839,884

Total financing (cumulative) $5,063,972 $132,662,219 $158,797,943 $183,474,042 $215,451,458

Jobs created or retained (cumulative) 10 256 832 1,235 1,542 

Number of loans or investments (cumulative) 3 39 97 179 239 

California

Allocation Amount: $167,755,641

Designated Agencies: California Pollution Control Financing Authority

Governor’s Office of Business and Economic Development

Contractors: n/a

Approved State Programs: California Capital Access Program 

California Small Business Loan Guarantee Program

California Collateral Support Program

California Property Assessed Clean Energy Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $7,000,130 $11,934,237 $29,914,178 $36,861,391 $24,734,992

SSBCI dollars expended (cumulative) $7,000,130 $18,934,367 $48,848,545 $85,709,936 $110,474,928

Total financing (annual) $70,761,102 $94,479,854 $152,202,059 $206,735,671 $269,297,907

Total financing (cumulative) $70,761,102 $165,240,956 $317,443,015 $524,178,687 $793,576,594

Jobs created or retained (cumulative) 6,560 19,074 31,520 47,678 70,336 

Number of loans or investments (cumulative) 851 2,246 3,934 5,561 7,700 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 29

Colorado

Allocation Amount: $17,233,489

Designated Agency: Colorado Economic Development Commission

Contractors: Colorado Housing and Finance Authority

Approved State Programs: Colorado Capital Access Program

Colorado Cash Collateral Support Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $541,025 $6,716,127 $7,485,652 $1,551,218

SSBCI dollars expended (cumulative) $0 $541,025 $7,257,152 $14,742,804 $16,294,022

Total financing (annual) $0 $2,889,413 $56,467,450 $34,740,495 $7,891,070

Total financing (cumulative) $0 $2,889,413 $59,356,863 $94,097,358 $101,988,428

Jobs created or retained (cumulative) 0 8 235 751 982 

Number of loans or investments (cumulative) 0 13 65 134 175 

Connecticut

Allocation Amount: $13,301,126

Designated Agency: Connecticut Department of Economic and Community Development

Contractors: Connecticut Innovations, Inc.

Approved State Programs: Connecticut Capital Access Program 

Seed and Early Stage Investment Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $78,613 $35,452 $460,464 $5,900,150

SSBCI dollars expended (cumulative) $0 $78,613 $114,065 $574,529 $6,474,679

Total financing (annual) $0 $2,484,496 $1,121,750 $3,706,425 $44,545,020

Total financing (cumulative) $0 $2,484,496 $3,606,246 $7,312,671 $51,857,691

Jobs created or retained (cumulative) 0 333 393 494 692 

Number of loans or investments (cumulative) 0 21 28 36 45 
30 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Delaware

Allocation Amount: $13,168,350

Designated Agency: Delaware Economic Development Office 

Contractors: Delaware Economic Development Authority 

Approved State Programs: Delaware Access Program

Delaware Strategic Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $63,400 $3,747,225 $644,348 $2,488,107 $1,430,750

SSBCI dollars expended (cumulative) $63,400 $3,810,625 $4,454,973 $6,943,080 $8,373,830

Total financing (annual) $573,937 $20,177,426 $2,906,962 $28,004,873 $5,642,375

Total financing (cumulative) $573,937 $20,751,363 $23,658,324 $51,663,197 $59,105,572

Jobs created or retained (cumulative) 24 425 785 1,060 1,463 

Number of loans or investments (cumulative) 6 43 78 92 110 

District of Columbia

Allocation Amount: $13,168,350

Designated Agency: Department of Insurance, Securities and Banking

Contractors: n/a

Approved State Programs: District of Columbia Collateral Support Program

District of Columbia Loan Participation Program

Innovation Finance Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $5,853 $2,416,656 $704,896 $2,717,021

SSBCI dollars expended (cumulative) $0 $5,853 $2,422,509 $3,127,405 $5,850,278

Total financing (annual) $0 $0 $5,135,000 $2,884,000 $5,529,500

Total financing (cumulative) $0 $0 $5,135,000 $8,019,000 $13,548,500

Jobs created or retained (cumulative) 0 0 165 458 644 

Number of loans or investments (cumulative) 0 0 4 9 22 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 31

Florida

Allocation Amount: $97,662,349

Designated Agency: Department of Economic Opportunity

Contractors: Enterprise Florida, Inc. 

Florida Export Finance Corporation

Approved State Programs: Direct Loan Program

Florida Export Support Program

Florida Capital Access Program

Loan Guarantee Program

Loan Participation Program

Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $20,148 $16,110,288 $26,621,871 $24,552,550 $2,711,665

SSBCI dollars expended (cumulative) $20,148 $16,130,436 $42,752,307 $67,304,858 $70,016,993

Total financing (annual) $0 $58,767,897 $94,380,525 $112,036,497 $32,906,358

Total financing (cumulative) $0 $58,767,897 $153,148,422 $265,184,919 $298,106,277

Jobs created or retained (cumulative) 0 856 1,706 2,569 3,658 

Number of loans or investments (cumulative) 0 19 61 113 202 

Georgia

Allocation Amount: $47,808,507

Designated Agency: Georgia Department of Community Affairs 

Contractors: Georgia Housing and Finance Authority

Approved State Programs: Georgia Capital Access Program

Georgia Funding for CDFIs

Georgia Small Business Credit Guarantee Program

Georgia Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $3,882,397 $13,654,321 $7,951,733 $7,628,963

SSBCI dollars expended (cumulative) $0 $3,882,397 $17,536,718 $25,488,451 $33,117,413

Total financing (annual) $0 $26,209,312 $62,463,579 $63,116,727 $51,510,014

Total financing (cumulative) $0 $26,209,312 $88,672,891 $151,789,618 $203,299,631

Jobs created or retained (cumulative) 0 285 1,257 2,314 3,167 

Number of loans or investments (cumulative) 0 34 155 242 371 
32 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Hawaii

Allocation Amount: $13,168,350

Designated Agency: Hawaii Strategic Development Corporation (HSDC)

Contractors: n/a

Approved State Program: HSDC Venture Capital Investment Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $112,206 $150,000 $381,500 $1,154,993 $1,612,403

SSBCI dollars expended (cumulative) $112,206 $262,206 $643,706 $1,798,699 $3,398,093

Total financing (annual) $250,000 $700,000 $10,805,000 $11,443,300 $38,001,500

Total financing (cumulative) $250,000 $950,000 $11,755,000 $23,198,300 $74,099,511

Jobs created or retained (cumulative) 2 3 56 178 331 

Number of loans or investments (cumulative) 1 2 17 43 77 

Idaho

Allocation Amount: $13,136,544

Designated Agency: Idaho Department of Commerce

Contractors: Idaho Housing and Finance Administration 

Approved State Program: Collateral Support Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $90,190 $5,106,361 $7,794,957 $143,429 $35,106

SSBCI dollars expended (cumulative) $90,190 $5,196,551 $12,991,508 $13,134,937 $13,136,543

Total financing (annual) $372,000 $31,810,780 $62,234,497 $45,348,568 $24,615,052

Total financing (cumulative) $372,000 $32,182,780 $94,417,277 $139,765,845 $163,944,897

Jobs created or retained (cumulative) 70 650 1,300 2,101 2,510 

Number of loans or investments (cumulative) 4 71 142 215 253 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 33

Illinois

Allocation Amount: $78,365,264

Designated Agency: Illinois Department of Commerce and Economic Opportunity 

Contractors: n/a

Approved State Programs: Capital Access Program

Collateral Support Program

Conditional Direct Loan Program

Participation Loan Program

Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $746,964 $15,665,625 $19,763,658 $18,850,769 $4,677,269

SSBCI dollars expended (cumulative) $746,964 $16,412,589 $36,176,247 $55,027,016 $59,704,285

Total financing (annual) $19,760,832 $141,898,890 $147,440,363 $148,625,770 $27,048,321

Total financing (cumulative) $19,760,832 $161,659,722 $309,100,085 $457,725,855 $502,887,606

Jobs created or retained (cumulative) 61 1,265 2,247 3,333 3,814 

Number of loans or investments (cumulative) 4 67 132 187 208 

Indiana

Allocation Amount: $34,339,074

Designated Agency: Indiana Economic Development Corporation 

Contractors: Elevate Ventures, Inc.

Approved State Programs: Indiana Capital Access Program

State Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $8,750 $2,383,461 $3,526,556 $5,001,922 $4,622,521

SSBCI dollars expended (cumulative) $8,750 $2,392,211 $5,918,768 $10,920,690 $15,543,211

Total financing (annual) $125,000 $9,479,999 $17,938,278 $12,210,489 $15,014,659

Total financing (cumulative) $125,000 $9,604,999 $27,543,277 $39,753,766 $54,768,425

Jobs created or retained (cumulative) 6 378 776 1,021 1,189 

Number of loans or investments (cumulative) 2 46 98 151 202 
34 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Iowa

Allocation Amount: $13,065,020

Designated Agency: Iowa Economic Development Authority 

Contractors: Iowa Business Growth Corporation 

Iowa Foundation for Microenterprise and Community Vitality 

VentureNet Iowa

Approved State Programs: Iowa Capital Access Program

Iowa Demonstration Fund Program

Iowa Small Business Loan Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $1,397 $2,324,686 $3,975,837 $0 $1,425,888

SSBCI dollars expended (cumulative) $1,397 $2,326,083 $6,301,920 $6,301,920 $7,727,808

Total financing (annual) $0 $33,180,563 $8,278,550 $0 $2,950,000

Total financing (cumulative) $0 $33,180,563 $41,459,113 $41,459,113 $44,466,763

Jobs created or retained (cumulative) 0 203 364 364 473 

Number of loans or investments (cumulative) 0 8 35 35 40 

Kansas

Allocation Amount: $13,168,350

Designated Agency: Kansas Department of Commerce

Contractors: NetWork Kansas

Approved State Programs: Kansas Capital Multiplier Loan Fund

Kansas Capital Multiplier Venture Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $794,920 $3,841,377 $2,707,960 $3,087,045 $1,977,205

SSBCI dollars expended (cumulative) $794,920 $4,636,297 $7,344,257 $10,431,302 $12,408,508

Total financing (annual) $17,870,805 $77,289,023 $41,187,200 $40,114,028 $33,828,282

Total financing (cumulative) $17,870,805 $95,159,828 $136,347,028 $176,461,056 $210,289,338

Jobs created or retained (cumulative) 59 735 1,063 1,412 1,644 

Number of loans or investments (cumulative) 6 29 46 64 81 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 35

Kentucky

Allocation Amount: $15,487,998

Designated Agency: Kentucky Cabinet for Economic Development

Contractors: University of Louisville Foundation

Approved State Programs: Kentucky Capital Access Program

Kentucky Collateral Support Program

Kentucky Loan Participation Program

Kentucky Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $1,781,682 $1,192,942 $2,361,553 $4,539,334

SSBCI dollars expended (cumulative) $0 $1,781,682 $2,974,624 $5,336,177 $9,875,512

Total financing (annual) $0 $15,182,606 $9,297,807 $20,269,762 $37,993,620

Total financing (cumulative) $0 $15,182,606 $24,480,413 $44,750,175 $82,743,795

Jobs created or retained (cumulative) 0 165 413 673 1,644 

Number of loans or investments (cumulative) 0 14 32 62 117 

Louisiana

Allocation Amount: $12,366,058

Designated Agency: Louisiana Department of Economic Development

Contractors: Louisiana Economic Development Corporation 

Approved State Programs: Louisiana Seed Capital Program

Small Business Loan Guarantee Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $290,975 $1,034,130 $439,077 $2,047,568 $1,299,463

SSBCI dollars expended (cumulative) $290,975 $1,325,105 $1,764,183 $3,811,751 $5,111,214

Total financing (annual) $1,500,000 $5,515,362 $2,805,000 $15,290,211 $13,667,994

Total financing (cumulative) $1,500,000 $7,015,362 $9,820,362 $25,110,573 $38,778,567

Jobs created or retained (cumulative) 51 219 282 630 828 

Number of loans or investments (cumulative) 1 13 19 40 61 
36 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Maine

Allocation Amount: $13,168,350

Designated Agency: Department of Economic and Community Development

Contractors: Finance Authority of Maine

Small Enterprise Growth Fund

Approved State Programs: Economic Recovery Loan Fund

Regional Economic Development Revolving Loan Program

Small Enterprise Growth Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $42,513 $1,678,731 $824,693 $1,508,542 $1,682,207

SSBCI dollars expended (cumulative) $42,513 $1,721,244 $2,545,936 $4,054,479 $5,736,685

Total financing (annual) $50,000 $7,126,412 $11,350,365 $12,253,000 $13,762,379

Total financing (cumulative) $50,000 $7,176,412 $18,526,777 $30,779,777 $44,542,156

Jobs created or retained (cumulative) 7 159 294 571 848 

Number of loans or investments (cumulative) 1 12 18 28 43 

Maryland

Allocation Amount: $23,025,709

Designated Agency: Maryland Department of Business and Economic Development 

Contractors: Department of Housing and Community Development (DHCD)

Meridian Management Group, Inc.

Maryland Venture Fund Management, LLC

Approved State Programs: DCHD - Neighborhood Business Works Subordinate Debt Program

Maryland Venture Fund IV

Maryland Industrial Development Financing Loan Guaranty

Maryland Small Business Development Financing Authority Loan Guaranty

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $500,000 $3,055,890 $968,422 $1,828,299 $3,524,998

SSBCI dollars expended (cumulative) $500,000 $3,555,890 $4,524,312 $6,352,611 $9,838,347

Total financing (annual) $19,769,883 $134,292,280 $22,671,895 $31,029,500 $46,956,757

Total financing (cumulative) $19,769,883 $154,062,163 $176,734,058 $207,763,558 $279,460,315

Jobs created or retained (cumulative) 153 793 923 1,398 1,723 

Number of loans or investments (cumulative) 3 16 20 31 42 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 37

Massachusetts

Allocation Amount: $20,445,072

Designated Agency: Executive Office of Housing and Economic Development 

Contractors: Massachusetts Business Development Corporation (MBDC)

Massachusetts Growth Capital Corporation (MGCC)

Approved State Programs: Capital Access Program

MBDC Loan Participation Program

MGCC Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $80 $6,476,822 $1,098,414 $3,409,880 $5,722,087

SSBCI dollars expended (cumulative) $80 $6,476,902 $7,575,317 $10,985,196 $16,707,283

Total financing (annual) $0 $60,286,852 $8,904,136 $20,939,256 $20,190,178

Total financing (cumulative) $0 $60,286,852 $69,190,988 $90,130,244 $110,320,422

Jobs created or retained (cumulative) 0 2,924 3,910 5,881 8,722 

Number of loans or investments (cumulative) 0 264 348 560 776 

Michigan

Allocation Amount: $79,157,742

Designated Agency: Michigan Strategic Fund

Contractors: n/a

Approved State Programs: Michigan Capital Access Program

Michigan Business Growth Fund -Collateral Support Program

Michigan Business Growth Fund - Loan Participation Program

Small Business Mezzanine Fund

Michigan Loan Guarantee Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $24,728,743 $17,298,298 $25,128,016 $4,661,279 $1,965,763

SSBCI dollars expended (cumulative) $24,728,743 $42,027,041 $67,155,057 $71,816,336 $73,782,100

Total financing (annual) $126,365,109 $95,476,361 $135,069,426 $77,983,325 $41,719,261

Total financing (cumulative) $126,365,109 $221,841,470 $356,910,896 $434,894,221 $476,613,483

Jobs created or retained (cumulative) 2,247 4,814 7,104 8,797 10,084 

Number of loans or investments (cumulative) 113 298 477 656 821 
38 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Minnesota

Allocation Amount: $15,463,182

Designated Agency: Minnesota Department of Employment and Economic Development

Contractors: n/a

Approved State Programs: Capital Access Program

Emerging Entrepreneurs Fund

General Loan Guarantee Program

Angel Loan Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $3,549 $1,828,422 $2,600,012 $3,359,963 $2,817,392

SSBCI dollars expended (cumulative) $3,549 $1,831,971 $4,431,983 $7,791,946 $10,609,338

Total financing (annual) $0 $34,054,622 $42,336,915 $53,785,446 $30,503,804

Total financing (cumulative) $0 $34,054,622 $76,391,537 $130,176,983 $160,680,788

Jobs created or retained (cumulative) 0 891 1,791 2,591 3,323 

Number of loans or investments (cumulative) 0 45 103 169 227 

Mississippi

Allocation Amount: $13,168,350

Designated Agency: Mississippi Development Authority

Contractors: n/a

Approved State Program: Small Business Loan Guaranty Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $458,844 $4,608,054 $5,384,684 $880,312

SSBCI dollars expended (cumulative) $0 $458,844 $5,066,899 $10,451,582 $11,331,895

Total financing (annual) $0 $4,641,022 $34,434,142 $35,327,487 $8,739,931

Total financing (cumulative) $0 $4,641,022 $39,075,163 $74,402,650 $83,142,581

Jobs created or retained (cumulative) 0 20 296 843 1,006 

Number of loans or investments (cumulative) 0 9 57 105 116 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 39

Missouri

Allocation Amount: $26,930,294

Designated Agency: Missouri Department of Economic Development 

Contractors: Missouri Technology Corporation

Approved State Programs: Grow Missouri Loan Fund

Missouri IDEA Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $5,435,272 $4,433,160 $3,251,667 $6,951,062 $2,894,603

SSBCI dollars expended (cumulative) $5,435,272 $9,868,432 $13,120,100 $20,071,161 $22,965,764

Total financing (annual) $43,385,608 $103,385,281 $18,285,753 $31,628,852 $11,654,521

Total financing (cumulative) $43,385,608 $146,770,888 $165,056,642 $196,685,493 $305,612,560

Jobs created or retained (cumulative) 212 627 726 1,209 1,496 

Number of loans or investments (cumulative) 11 33 46 70 87 

Montana

Allocation Amount: $12,765,037

Designated Agency: Governor’s Office of Economic Development

Contractors: Montana Department of Commerce

Approved State Program: Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $1,188,382 $6,582,794 $2,848,352 $584,701 $1,082,777

SSBCI dollars expended (cumulative) $1,188,382 $7,771,176 $10,619,528 $11,204,229 $12,287,007

Total financing (annual) $2,488,963 $44,858,085 $37,285,860 $1,030,080 $32,129,802

Total financing (cumulative) $2,488,963 $47,347,048 $84,632,909 $85,662,989 $120,197,791

Jobs created or retained (cumulative) 31 455 821 833 1,009 

Number of loans or investments (cumulative) 5 33 44 46 48 
40 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Nebraska

Allocation Amount: $13,168,350

Designated Agency: Nebraska Department of Economic Development

Contractors: Invest Nebraska Corporation

Approved State Programs: Nebraska Progress Loan Fund

Nebraska Progress Seed Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $3,141,994 $2,454,307 $1,389,839 $3,098,842

SSBCI dollars expended (cumulative) $0 $3,141,994 $5,596,301 $6,986,140 $10,084,982

Total financing (annual) $0 $26,632,725 $15,063,000 $5,272,000 $15,774,812

Total financing (cumulative) $0 $26,632,725 $41,695,725 $46,967,725 $65,798,428

Jobs created or retained (cumulative) 0 140 201 235 349 

Number of loans or investments (cumulative) 0 12 20 30 46 

Nevada

Allocation Amount: $13,803,176

Designated Agency: Governor’s Office of Economic Development 

Contractors: Nevada Microenterprise Initiative

University of Nevada Small Business Development Center 

Approved State Programs: Battle Born Growth Escalator

Nevada Collateral Support Program

Nevada Microenterprise Initiative

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $71,000 $1,038,000 $1,898,115 $952,100 $3,662,368

SSBCI dollars expended (cumulative) $71,000 $1,109,000 $3,007,115 $3,959,215 $7,621,583

Total financing (annual) $0 $2,980,000 $5,438,495 $4,385,000 $17,601,000

Total financing (cumulative) $0 $2,980,000 $8,418,495 $12,803,495 $30,404,495

Jobs created or retained (cumulative) 0 163 309 576 770 

Number of loans or investments (cumulative) 0 3 8 14 20 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 41

New Hampshire

Allocation Amount: $13,168,350

Designated Agency: New Hampshire Department of Resources and Economic Development

Contractors: New Hampshire Business Finance Authority 

Approved State Programs: Aid to Local Development Organizations Loan Participation Program

Capital Access Program

Collateral Shortfall Program

Loan Guarantee Reserves Program

Venture Capital Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $410,414 $4,942,111 $3,891,302 $1,633,123 $1,137,829

SSBCI dollars expended (cumulative) $410,414 $5,352,526 $9,243,827 $10,876,951 $12,014,779

Total financing (annual) $2,989,652 $54,057,754 $71,136,440 $26,492,183 $17,237,385

Total financing (cumulative) $2,989,652 $57,047,407 $128,183,846 $154,676,030 $171,913,415

Jobs created or retained (cumulative) 196 1,615 3,910 4,497 4,743 

Number of loans or investments (cumulative) 20 130 254 335 346 

New Jersey

Allocation Amount: $33,760,698

Designated Agency: New Jersey Department of the Treasury

Contractors: New Jersey Economic Development Authority 

Approved State Programs: New Jersey Credit Guarantee Program

New Jersey Direct Loan Program

New Jersey Loan Participation Program

New Jersey Venture Capital Fund Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $3,441,000 $3,350,202 $7,274,750 $1,904,442

SSBCI dollars expended (cumulative) $0 $3,441,000 $6,791,202 $14,065,952 $18,287,672

Total financing (annual) $0 $13,983,000 $10,962,311 $23,045,750 $17,772,228

Total financing (cumulative) $0 $13,983,000 $24,945,311 $47,991,061 $106,605,071

Jobs created or retained (cumulative) 0 144 542 689 1,392 

Number of loans or investments (cumulative) 0 6 16 29 67 
42 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

New Mexico

Allocation Amount: $13,168,350

Designated Agency: New Mexico Economic Develoment Department

Contractors: New Mexico Finance Authority 

Approved Program: New Mexico Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $2,456,000 $1,263,054 $4,024,050 $475,688

SSBCI dollars expended (cumulative) $0 $2,456,000 $3,719,054 $7,743,104 $7,188,743

Total financing (annual) $0 $14,028,658 $10,735,372 $20,442,245 $5,588,900

Total financing (cumulative) $0 $14,028,658 $24,764,030 $45,206,275 $45,314,930

Jobs created or retained (cumulative) 0 59 132 228 207 

Number of loans or investments (cumulative) 0 4 10 15 16 

New York

Allocation Amount: $55,351,534

Designated Agency: Department of Economic Development 

Contractors: New York State Urban Development Corporation dba Empire State 

Development 

Approved State Programs: New York Capital Access Program

Bonding Guarantee Assistance Program

Innovate New York Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $47,790 $2,245,612 $11,755,574 $10,155,192 $11,214,795

SSBCI dollars expended (cumulative) $47,790 $2,293,402 $14,048,976 $24,204,168 $35,418,963

Total financing (annual) $0 $13,945,803 $136,879,386 $89,032,053 $93,771,897

Total financing (cumulative) $0 $13,945,803 $150,825,189 $239,857,242 $333,629,139

Jobs created or retained (cumulative) 0 1,102 2,219 3,707 5,868 

Number of loans or investments (cumulative) 0 214 365 615 1,107 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 43

North Carolina

Allocation Amount: $46,061,319

Designated Agency: North Carolina Department of Commerce

Contractors: Rural Economic Development Center

Approved State Programs: North Carolina Capital Access Program

North Carolina Loan Participation Program

North Carolina Venture Capital Fund-of-Funds Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $549,168 $15,435,467 $12,389,371 $9,726,140 $6,040,438

SSBCI dollars expended (cumulative) $549,168 $15,984,634 $28,374,006 $38,100,146 $44,017,693

Total financing (annual) $7,777,300 $99,192,198 $132,650,927 $124,398,220 $104,173,030

Total financing (cumulative) $7,777,300 $106,969,497 $239,620,424 $364,018,644 $563,306,310

Jobs created or retained (cumulative) 882 4,558 6,753 8,319 9,897 

Number of loans or investments (cumulative) 80 308 437 532 642 

Ohio

Allocation Amount: $55,138,373

Designated Agency: Ohio Development Services Agency 

Contractors: n/a

Approved State Programs: Ohio Capital Access Program

Small Business Collateral Enhancement Program

Targeted Investment Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $45,284 $3,795,182 $8,843,265 $17,609,862 $8,671,293

SSBCI dollars expended (cumulative) $45,284 $3,840,466 $12,683,731 $30,293,593 $38,964,886

Total financing (annual) $0 $20,324,691 $36,836,643 $57,860,747 $32,426,278

Total financing (cumulative) $0 $20,324,691 $57,161,334 $115,022,082 $148,198,359

Jobs created or retained (cumulative) 0 1,888 4,370 6,940 7,896 

Number of loans or investments (cumulative) 0 159 314 424 499 
44 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Oklahoma

Allocation Amount: $13,168,350

Designated Agency: Oklahoma Department of Commerce

Contractors: i2e, Inc.

Approved State Program: Accelerate Oklahoma Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $250,000 $1,299,000 $3,203,143 $2,492,705 $3,711,207

SSBCI dollars expended (cumulative) $250,000 $1,549,000 $4,752,143 $7,244,848 $10,956,055

Total financing (annual) $28,750,002 $6,356,600 $9,125,333 $8,278,293 $10,322,424

Total financing (cumulative) $28,750,002 $35,106,602 $44,231,935 $52,510,228 $73,983,938

Jobs created or retained (cumulative) 5 102 257 430 555 

Number of loans or investments (cumulative) 1 6 21 32 45 

Oregon

Allocation Amount: $16,516,197

Designated Agency: Oregon Business Development Department

Contractors: n/a

Approved State Programs: Capital Access Program

Credit Enhancement Fund

Oregon Business Development Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $3,425,449 $6,265,123 $4,600,628 $2,052,208

SSBCI dollars expended (cumulative) $0 $3,425,449 $9,690,572 $14,291,200 $16,343,408

Total financing (annual) $0 $19,763,363 $62,764,854 $38,717,947 $31,476,900

Total financing (cumulative) $0 $19,763,363 $82,528,217 $121,246,164 $152,723,064

Jobs created or retained (cumulative) 0 519 992 1,308 1,506 

Number of loans or investments (cumulative) 0 86 162 210 236 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 45

Pennsylvania

Allocation Amount: $29,241,232

Designated Agency: Department of Community and Economic Development

Contractors: Bridgeway Capital; The Progress Fund; Community First Fund; 

Northside Community Development Fund; Economic Opportunity Fund

Bradford Progress Authority; Altoona Blair Development Corporation; 

Philadelphia Industrial Development Corp; South Eastern Economic 

Development Co of PA; 

SEDA – Council of Governments; Ben Franklin Technology Partners of 

Southeastern PA; 

Ben Franklin Technology Center of Central and Northern PA; 

Ben Franklin Technology Partners of Northeastern PA; 

Innovation Works, Inc.; 

Life Sciences Greenhouse of Central Pennsylvania;

Biotechnology Greenhouse Corporation of Southeastern Pennsylvania; 

Pittsburgh Life Sciences Greenhouse 

Approved State Programs: Ben Franklin Technology Partners and Life Science Greenhouses Program

Machinery and Equipment Loan Fund

Pennsylvania Community Development Bank Program

Pennsylvania Economic Development Finance Authority Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $4,016,852 $2,638,377 $4,465,884 $3,846,872

SSBCI dollars expended (cumulative) $0 $4,016,852 $6,655,230 $11,121,114 $15,680,986

Total financing (annual) $0 $66,519,283 $27,708,545 $44,743,318 $31,857,478

Total financing (cumulative) $0 $66,519,283 $94,227,828 $138,971,146 $208,048,795

Jobs created or retained (cumulative) 0 591 1,459 2,473 2,916 

Number of loans or investments (cumulative) 0 55 86 136 156 
46 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Rhode Island

Allocation Amount: $13,168,350

Designated Agency: Rhode Island Department of Administration

Contractors: Betaspring Fund 100, LLC

Slater Fund, Inc. 

Small Business Loan Fund Corporation

Approved State Programs: Betaspring Fund 100

Slater Technology Fund

Small Business Loan Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $91,603 $3,055,035 $1,023,160 $0 $1,222,648

SSBCI dollars expended (cumulative) $91,603 $3,146,638 $4,169,798 $4,169,798 $5,392,446

Total financing (annual) $1,280,000 $60,188,593 $10,690,830 $0 $11,894,710

Total financing (cumulative) $1,280,000 $61,468,593 $72,159,423 $72,159,423 $95,739,299

Jobs created or retained (cumulative) 9 175 228 228 296 

Number of loans or investments (cumulative) 1 36 64 64 71 

South Carolina

Allocation Amount: $17,990,415

Designated Agency: South Carolina Jobs and Economic Development Authority

Contractors: Business Development Corporation of South Carolina

Approved State Programs: South Carolina Capital Access Program

South Carolina Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $35,839 $5,807,602 $10,435,057 $1,709,538 $11,843

SSBCI dollars expended (cumulative) $35,839 $5,843,441 $16,278,499 $17,988,037 $17,819,692

Total financing (annual) $622,929 $31,778,484 $47,077,253 $38,976,261 $24,280,206

Total financing (cumulative) $622,929 $32,401,413 $79,478,666 $118,454,927 $142,735,133

Jobs created or retained (cumulative) 54 910 1,816 2,438 2,892 

Number of loans or investments (cumulative) 5 46 101 143 171 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 47

South Dakota

Allocation Amount: $13,168,350

Designated Agency: Governor’s Office of Economic Development 

Contractors: n/a

Approved State Program: South Dakota Works Loan Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $652,907 $2,933,149 $3,460,569 $321,851 $661,420

SSBCI dollars expended (cumulative) $652,907 $3,586,056 $7,046,625 $7,368,476 $8,029,896

Total financing (annual) $7,250,000 $21,350,000 $34,806,110 $656,000 $942,447

Total financing (cumulative) $7,250,000 $28,600,000 $63,406,110 $64,062,110 $65,004,557

Jobs created or retained (cumulative) 59 319 622 666 706 

Number of loans or investments (cumulative) 1 6 12 14 16 

Tennessee

Allocation Amount: $29,672,070

Designated Agency: Tennessee Department of Economic and Community Development

Contractors: Tennessee Technology Development Corporation

Approved State Program: Tennessee INCITE Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $7,538,365 $12,479,650 $2,767,851 $6,068,189

SSBCI dollars expended (cumulative) $0 $7,538,365 $20,018,015 $22,785,866 $28,854,055

Total financing (annual) $0 $28,531,594 $62,206,832 $22,771,739 $33,769,143

Total financing (cumulative) $0 $28,531,594 $90,738,426 $113,510,165 $147,279,309

Jobs created or retained (cumulative) 0 382 859 1,068 1,458 

Number of loans or investments (cumulative) 0 19 47 64 83 
48 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Texas

Allocation Amount: $46,553,879

Designated Agency: Texas Department of Agriculture

Contractors: n/a

Approved State Program: Jobs for Texas-Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $2,500 $11,543,182 $13,734,584 $10,108,399 $3,172,401

SSBCI dollars expended (cumulative) $2,500 $11,545,682 $25,280,266 $35,388,665 $38,561,066

Total financing (annual) $0 $206,277,154 $138,314,962 $49,944,039 $16,400,000

Total financing (cumulative) $0 $206,277,154 $344,592,116 $394,536,155 $461,195,024

Jobs created or retained (cumulative) 0 251 891 1,149 1,173 

Number of loans or investments (cumulative) 0 7 21 39 42 

Utah

Allocation Amount: $13,168,350

Designated Agency: Utah Division of Housing and Community Development 

Contractors: Utah Small Business Growth Initiative 

Approved State Programs: Utah Small Business Loan Guarantee Program

Utah Small Business Loan Participation Program

Equity Investment Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $22,974 $321,473 $2,204,475 $3,505,380 $1,574,019

SSBCI dollars expended (cumulative) $22,974 $344,447 $2,548,922 $6,054,302 $7,628,321

Total financing (annual) $0 $435,000 $16,035,970 $13,258,905 $17,268,035

Total financing (cumulative) $0 $435,000 $16,470,970 $29,729,875 $46,997,910

Jobs created or retained (cumulative) 0 62 323 958 1,669 

Number of loans or investments (cumulative) 0 3 17 25 34 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 49

Vermont

Allocation Amount: $13,168,350

Designated Agency: Vermont Economic Development Authority

Contractors: n/a

Approved State Programs: Commercial Participation Program

Small Business Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $680,471 $2,524,095 $4,904,633 $5,219,212 $0

SSBCI dollars expended (cumulative) $680,471 $3,204,566 $8,109,199 $13,168,350 $13,168,351

Total financing (annual) $30,648,569 $60,536,521 $31,359,930 $28,021,188 $19,154,703

Total financing (cumulative) $30,648,569 $91,185,090 $122,545,020 $150,566,208 $161,717,911

Jobs created or retained (cumulative) 365 981 1,338 1,584 1,815 

Number of loans or investments (cumulative) 31 89 130 156 165 

Virginia

Allocation Amount: $17,953,191

Designated Agency: Virginia Small Business Financing Authority 

Contractors: Center for Innovative Technology (CIT)

Approved State Programs: Cash Collateral Program

CIT Gap Fund

Economic Development Loan Fund

Virginia Capital Access Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $69,895 $3,763,897 $4,516,532 $7,342,102

SSBCI dollars expended (cumulative) $0 $69,895 $3,833,793 $8,350,325 $15,692,426

Total financing (annual) $0 $1,751,388 $12,724,859 $18,442,463 $55,788,812

Total financing (cumulative) $0 $1,751,388 $14,476,247 $32,918,709 $88,707,522

Jobs created or retained (cumulative) 0 775 1,593 2,769 4,071 

Number of loans or investments (cumulative) 0 16 69 136 215 
50 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Washington

Allocation Amount: $19,722,515

Designated Agency: Washington Department of Commerce 

Contractors: Craft3

W Fund Management, LLC 

Approved State Programs: Capital Access Program

Collateral Support Program

Craft3 Fund

W Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $22,897 $8,173,573 $2,447,220 $2,544,302 $2,578,566

SSBCI dollars expended (cumulative) $22,897 $8,196,470 $10,643,690 $13,187,992 $15,766,558

Total financing (annual) $0 $33,139,388 $30,346,630 $39,519,195 $43,191,739

Total financing (cumulative) $0 $33,139,388 $63,486,018 $103,005,213 $149,939,473

Jobs created or retained (cumulative) 0 565 785 1,312 1,692 

Number of loans or investments (cumulative) 0 14 25 45 73 

West Virginia

Allocation Amount: $13,168,350

Designated Agency: West Virginia Office of the Governor 

Contractors: West Virginia Jobs Investment Trust Board 

West Virginia Department of Commerce

Approved State Programs: Seed Capital Co-Investment Fund

Subordinated Debt Program

Collateral Support Program

Loan Guarantee Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $4,291,397 $4,491,456 $1,442,193 $584,877

SSBCI dollars expended (cumulative) $0 $4,291,397 $8,782,853 $10,225,046 $10,809,923

Total financing (annual) $0 $54,731,171 $24,575,577 $3,723,000 $1,104,000

Total financing (cumulative) $0 $54,731,171 $79,306,748 $83,029,748 $90,843,648

Jobs created or retained (cumulative) 0 459 1,049 1,091 1,165 

Number of loans or investments (cumulative) 0 17 39 50 53 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 51

Wisconsin

Allocation Amount: $22,363,554

Designated Agency: Wisconsin Department of Administration

Contractors: Wisconsin Housing and Economic Development Authority (WHEDA)

Approved State Programs: WHEDA Guarantee Program

Wisconsin Equity Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $262,326 $4,151,826 $3,517,716 $1,679,152 $2,013,948

SSBCI dollars expended (cumulative) $262,326 $4,414,152 $7,931,868 $9,611,020 $11,624,968

Total financing (annual) $1,180,000 $43,235,642 $19,411,500 $13,110,420 $9,747,744

Total financing (cumulative) $1,180,000 $44,415,642 $63,827,142 $76,937,562 $105,973,737

Jobs created or retained (cumulative) 12 566 941 1,071 1,277 

Number of loans or investments (cumulative) 1 11 31 47 59 
52 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 53

Appendix A-2: Participating Municipalities

Alaska, Anchorage

Allocation Amount: $13,168,350

Designated Agency: Anchorage Finance Department

Contractors: n/a

Approved State Program: 49th State Venture Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $100,815 $574,134 $388,492 $192,221

SSBCI dollars expended (cumulative) $0 $100,815 $674,949 $1,063,441 $1,255,662

Total financing (annual) $0 $0 $4,365,000 $719,500 $530,000

Total financing (cumulative) $0 $0 $4,365,000 $5,084,500 $5,614,500

Jobs created or retained (cumulative) 0 0 15 31 42 

Number of loans or investments (cumulative) 0 0 3 6 8 

North Dakota, Carrington

Allocation Amount: $3,433,709

Designated Agency: North Dakota, City of Carrington

Contractors: Red River Corridor Fund

Praxis Strategy Group, LLC

Approved State Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $0 $694,156 $1,394,994 $696,524

SSBCI dollars expended (cumulative) $0 $0 $694,156 $2,089,150 $2,785,674

Total financing (annual) $0 $0 $2,075,000 $3,010,211 $2,137,500

Total financing (cumulative) $0 $0 $2,075,000 $5,085,211 $7,222,711

Jobs created or retained (cumulative) 0 0 27 71 107 

Number of loans or investments (cumulative) 0 0 3 12 18 
54 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

North Dakota, Mandan

Allocation Amount: $9,734,641

Designated Agency: City of Mandan Business Development & Communications Department

Contractors: Lewis and Clark Regional Development Corporation 

Approved State Program: Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $366,289 $3,919,746 $5,448,606 $0

SSBCI dollars expended (cumulative) $0 $366,289 $4,286,035 $9,734,641 $9,734,641

Total financing (annual) $0 $840,650 $31,690,661 $32,181,500 $6,739,195

Total financing (cumulative) $0 $840,650 $32,531,311 $64,712,811 $71,738,273

Jobs created or retained (cumulative) 0 8 266 504 564 

Number of loans or investments (cumulative) 0 1 15 30 39 

Wyoming, Laramie

Allocation Amount: $13,168,350

Designated Agency: City of Laramie, Wyoming

Contractors: Wyoming Smart Capital Network 

Developmental Capital Networks, LLC

Approved State Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $0 $2,221,728 $5,507,152 $3,556,398

SSBCI dollars expended (cumulative) $0 $0 $2,221,728 $7,728,880 $11,285,278

Total financing (annual) $0 $0 $17,283,980 $16,237,593 $12,372,501

Total financing (cumulative) $0 $0 $17,283,980 $33,521,573 $45,894,073

Jobs created or retained (cumulative) 0 0 77 377 512 

Number of loans or investments (cumulative) 0 0 10 34 64 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 55

Appendix A-3: Participating Territories

American Samoa

Allocation Amount: $10,500,000

Approved State Program: American Samoa Venture Fund

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $0 $0 $39,850 $131,045

SSBCI dollars expended (cumulative) $0 $0 $0 $39,850 $171,178

Total financing (annual) $0 $0 $0 $0 $0

Total financing (cumulative) $0 $0 $0 $0 $0

Jobs created or retained (cumulative) 0 0 0 0 0 

Number of loans or investments (cumulative) 0 0 0 0 0 

Guam

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor of Guam

Contractors: Guam Economic Development Authority 

Approved State Programs: Guam Capital Access Program

Guam Credit Guarantee Program

Guam Loan Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $43,101 $901,520 $2,635,721 $1,440,000 $1,383,282

SSBCI dollars expended (cumulative) $43,101 $944,621 $3,580,342 $5,020,342 $5,763,948

Total financing (annual) $0 $1,085,896 $3,429,100 $960,000 $4,504,000

Total financing (cumulative) $0 $1,085,896 $4,514,996 $5,474,996 $9,978,996

Jobs created or retained (cumulative) 0 82 236 464 785 

Number of loans or investments (cumulative) 0 10 25 30 41 
56 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports

Northern Mariana Islands

Allocation Amount: $13,168,350

Designated Agency: Department of Commerce

Contractors: Commonwealth Development Authority

Approved State Programs: Northern Mariana Islands Collateral Support Program

Northern Mariana Islands Loan Purchase Participation Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $27,875 $33,114 $563,779 $2,305,134

SSBCI dollars expended (cumulative) $0 $27,875 $60,989 $624,768 $2,929,902

Total financing (annual) $0 $0 $0 $1,130,000 $4,537,671

Total financing (cumulative) $0 $0 $0 $1,130,000 $5,667,671

Jobs created or retained (cumulative) 0 0 0 56 474 

Number of loans or investments (cumulative) 0 0 0 5 22 

Puerto Rico

Allocation Amount: $14,540,057

Designated Agency: Puerto Rico Treasury Department

Contractors: Economic Development Bank

Approved State Programs: Loan Participation Program

Venture Capital Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $1,612,500 $4,200,000 $7,177,208 $1,550,349

SSBCI dollars expended (cumulative) $0 $1,612,500 $5,812,500 $12,989,708 $14,540,057

Total financing (annual) $0 $3,225,000 $8,800,000 $23,176,752 $10,789,820

Total financing (cumulative) $0 $3,225,000 $12,025,000 $35,201,752 $45,991,572

Jobs created or retained (cumulative) 0 341 909 2,230 2,663 

Number of loans or investments (cumulative) 0 1 5 16 24 
SSBCI: Summary of States’ 2015 Annual Reports APPENDIX A 57

U.S. Virgin Islands

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor

Contractors: Economic Development Bank 

Approved State Programs: Collateral Support Program

Loan Guarantee Program

Payment, Surety, and Performance Bonding Program

2011 2012 2013 2014 2015

SSBCI dollars expended (annual) $0 $377,850 $499,168 $2,378,979 $1,052,678

SSBCI dollars expended (cumulative) $0 $377,850 $877,018 $3,255,997 $4,306,112

Total financing (annual) $0 $1,428,000 $2,729,390 $6,531,000 $1,326,000

Total financing (cumulative) $0 $1,428,000 $4,157,390 $10,688,390 $12,014,390

Jobs created or retained (cumulative) 0 48 232 401 432 

Number of loans or investments (cumulative) 0 7 16 23 26 
58 APPENDIX A SSBCI: Summary of States’ 2015 Annual Reports
SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS APPENDIX B 59

Appendix B: SSBCI Funds Expended by State

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

(Cumulative through 2015)

No. State/Territory Date of Allocation 

Agreement Allocation Amount *SSBCI Funds Expended

SSBCI Funds 

Recycled

% of Allocation 

Expended

Total Amount 

Loaned/Invested

1 Alabama August 24, 2011 $31,301,498 $28,913,969 $45,193,120 92% $152,506,682

2 Alaska - Anchorage February 14, 2012 $13,168,350 $1,255,662 $0 10% $5,614,500

3 American Samoa January 26, 2012 $10,500,000 $171,178 $0 2% $0

4 Arizona November 7, 2011 $18,204,217 $18,204,218 $234,177 100% $75,406,192

5 Arkansas October 31, 2011 $13,168,350 $12,037,118 $1,219,955 91% $215,451,458

6 California May 19, 2011 $167,755,641 $110,474,928 $10,658,575 66% $793,576,594

7 Colorado October 11, 2011 $17,233,489 $16,294,022 $0 95% $101,988,428

8 Connecticut July 14, 2011 $13,301,126 $6,474,679 $0 49% $51,857,691

9 Delaware July 18, 2011 $13,168,350 $8,373,830 $0 64% $59,105,572

10 District of Columbia August 15, 2011 $13,168,350 $5,850,278 $0 44% $13,548,500

11 Florida August 24, 2011 $97,662,349 $70,016,993 $12,675,020 72% $298,106,277

12 Georgia December 13, 2011 $47,808,507 $33,117,413 $480,000 69% $203,299,631

13 Guam September 30, 2011 $13,168,350 $5,763,948 $0 44% $9,978,996

14 Hawaii May 27, 2011 $13,168,350 $3,398,093 $0 26% $74,099,511

15 Idaho August 29, 2011 $13,136,544 $13,136,543 $7,179,508 100% $163,944,897

16 Illinois July 26, 2011 $78,365,264 $59,704,285 $1,500,000 76% $502,887,606

17 Indiana May 27, 2011 $34,339,074 $15,543,211 $0 45% $54,768,425

18 Iowa August 30, 2011 $13,065,020 $7,727,808 $0 59% $44,466,763

19 Kansas June 28, 2011 $13,168,350 $12,408,508 $314,481 94% $210,289,338

20 Kentucky July 28, 2011 $15,487,998 $9,875,512 $0 64% $82,743,795

21 Louisiana August 24, 2011 $12,366,058 $5,111,214 $0 41% $38,778,567

22 Maine September 6, 2011 $13,168,350 $5,736,685 $0 44% $44,542,156

23 Maryland June 2, 2011 $23,025,709 $9,838,347 $0 43% $279,460,315

24 Massachusetts September 13, 2011 $20,445,072 $16,707,283 $2,061,670 82% $110,320,422

25 Michigan July 6, 2011 $79,157,742 $73,782,100 $15,963,852 93% $476,613,483

26 Minnesota September 30, 2011 $15,463,182 $10,609,338 $0 69% $160,680,788

27 Mississippi August 24, 2011 $13,168,350 $11,331,895 $0 86% $83,142,581

28 Missouri May 23, 2011 $26,930,294 $22,965,764 $225,000 85% $305,612,560

29 Montana July 18, 2011 $12,765,037 $12,287,007 $0 96% $120,197,791

30 Nebraska October 4, 2011 $13,168,350 $10,084,982 $0 77% $65,798,428

31 Nevada September 30, 2011 $13,803,176 $7,621,583 $0 55% $30,404,495

32 New Hampshire July 18, 2011 $13,168,350 $12,014,779 $0 91% $171,913,415

33 New Jersey September 22, 2011 $33,760,698 $19,736,918 $0 58% $106,605,071

34 New Mexico October 11, 2011 $13,168,350 $7,188,743 $0 55% $45,314,930

35 New York September 26, 2011 $55,351,534 $35,418,963 $0 64% $333,629,139

36 North Carolina May 23, 2011 $46,061,319 $44,020,243 $2,348,169 96% $563,306,310

37 North Dakota - Carrington September 28, 2012 $3,433,709 $2,785,674 $300,000 81% $7,222,711

38 North Dakota - Mandan August 31, 2012 $9,734,641 $9,734,641 $2,358,861 100% $71,738,273

39 Northern Mariana Islands March 14, 2012 $13,168,350 $2,929,902 $0 22% $5,667,671

40 Ohio September 2, 2011 $55,138,373 $38,964,886 $0 71% $148,198,359

41 Oklahoma July 18, 2011 $13,168,350 $10,956,055 $0 83% $73,983,938

42 Oregon August 29, 2011 $16,516,197 $16,343,408 $0 99% $152,723,064

43 Pennsylvania October 6, 2011 $29,241,232 $15,680,986 $678,481 54% $208,048,795

44 Puerto Rico October 6, 2011 $14,540,057 $14,540,057 $4,320,559 100% $45,991,572

45 Rhode Island September 6, 2011 $13,168,350 $5,392,446 $0 41% $95,739,299

46 South Carolina July 6, 2011 $17,990,415 $17,819,692 $6,852,200 99% $142,735,133

47 South Dakota September 22, 2011 $13,168,350 $8,029,896 $0 61% $65,004,557

48 Tennessee October 4, 2011 $29,672,070 $28,854,055 $0 97% $147,279,309

49 Texas August 15, 2011 $46,553,879 $38,561,066 $0 83% $461,195,024

50 U.S. Virgin Islands October 4, 2011 $13,168,350 $4,306,112 $0 33% $12,014,390

51 Utah September 30, 2011 $13,168,350 $7,628,321 $0 58% $46,997,910

52 Vermont May 23, 2011 $13,168,350 $13,168,351 $3,020,940 100% $161,717,911

53 Virginia August 15, 2011 $17,953,191 $15,692,426 $0 87% $88,707,522

54 Washington October 31, 2011 $19,722,515 $15,766,558 $1,425,000 80% $149,939,473

55 West Virginia November 18, 2011 $13,168,350 $10,809,923 $60,000 82% $90,843,648

56 Wisconsin September 22, 2011 $22,363,554 $11,624,968 $0 52% $105,973,737

57 Wyoming - Laramie December 4, 2012 $13,168,350 $11,285,278 $0 86% $45,894,073

Total $1,456,685,731 $1,044,072,739 $119,069,568 72% $8,377,577,675

*Includes administrative expenses
60 APPENDIX C SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS

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

SSBCI Funds Expended, by Program Type

(Cumulative through 2015)

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

Loan Participation Capital Access

1 Alabama $1,870,000 $838,575 $0 45% $5,735,750 $1,870,000 $9,873 $0 1% $197,451

2 Alaska - Anchorage

3 American Samoa

4 Arizona $18,204,217 $17,537,945 $234,177 96% $75,406,192

5 Arkansas $4,690,312 $4,577,211 $76,789 98% $67,044,000 $41,522 $31,438 $7,902 76% $1,109,148

6 California $0 $19,574,379 $10,455,126 $275,147 53% $237,017,869

7 Colorado $300,000 $12,166 $0 4% $603,283

8 Connecticut $0 $179,215 $0 $5,812,671

9 Delaware $12,168,350 $8,221,025 $0 68% $54,506,676 $1,000,000 $152,805 $0 15% $4,598,897

10 District of Columbia $4,366,329 $0 $0 0% $0

11 Florida $32,162,349 $31,583,935 $7,002,344 98% $108,556,823 $2,000,000 $24,040 $0 1% $962,115

12 Georgia $28,000,000 $23,809,269 $450,000 85% $150,248,831 $2,000,000 $0 $0 0% $0

13 Guam $2,633,671 $0 $0 0% $0 $658,417 $14,223 $0 2% $0

14 Hawaii

15 Idaho

16 Illinois $70,641,764 $49,121,032 $1,500,000 70% $398,090,991 $50,000 $20,470 $0 41% $644,898

17 Indiana $1,500,000 $319,438 $0 21% $8,190,054

18 Iowa $30,331 $31,455 $0 104% $416,400 $9,624 $9,624 $0 100% $215,563

19 Kansas $9,217,845 $8,621,551 $314,481 94% $152,057,853

20 Kentucky $1,000,000 $271,029 $0 27% $6,195,147 $115,602 $3,102 $0 3% $105,306

21 Louisiana

22 Maine $8,851,515 $3,004,721 $0 34% $29,384,428

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

24 Massachusetts $18,945,072 $15,512,905 $2,061,670 82% $79,298,150 $1,500,000 $995,100 $0 66% $31,022,272

25 Michigan $25,148,889 $24,796,758 $3,444,775 99% $99,242,700 $2,200,000 $1,368,637 $0 62% $70,801,338

26 Minnesota $6,792,967 $5,707,013 $0 84% $64,110,641 $500,000 $335,831 $0 67% $23,457,070

27 Mississippi

28 Missouri $2,904,353 $2,094,293 $0 72% $16,960,711

29 Montana $12,765,037 $11,935,203 $0 93% $120,197,791

30 Nebraska $9,240,980 $7,563,156 $0 82% $51,667,537

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

32 New Hampshire $4,178,400 $4,177,400 $0 100% $27,757,087 $454,895 $454,887 $0 100% $14,169,520

33 New Jersey $23,510,698 $12,141,900 $0 52% $43,376,044

34 New Mexico $13,168,350 $6,926,459 $0 53% $45,314,930

35 New York $7,923,570 $1,751,431 $0 22% $33,421,217

36 North Carolina $34,000,000 $33,677,752 $2,328,664 99% $264,132,398 $1,761,319 $690,269 $19,505 39% $32,849,621

37 North Dakota - Carrington

38 North Dakota - Mandan $9,734,641 $9,495,593 $2,358,861 98% $71,738,273

39 Northern Mariana Islands $4,615,193 $410,268 $0 9% $1,025,671

40 Ohio $525,000 $518,088 $0 99% $14,176,384

41 Oklahoma

42 Oregon $3,500,000 $2,948,750 $0 84% $20,637,492 $166,197 $149,781 $0 90% $12,129,379

43 Pennsylvania $24,241,232 $12,450,040 $658,481 51% $102,468,135

44 Puerto Rico $13,540,057 $13,540,057 $4,320,559 100% $36,941,572

45 Rhode Island $2,168,350 $450,000 $0 21% $5,030,000

46 South Carolina $17,859,699 $17,688,976 $6,852,200 99% $136,018,021 $130,716 $130,716 $0 100% $6,717,112

47 South Dakota $13,168,350 $7,863,045 $0 60% $65,004,557

48 Tennessee

49 Texas

50 U.S. Virgin Islands

51 Utah $6,425,190 $1,032,000 $0 16% $7,430,000

52 Vermont $13,168,350 $13,168,351 $3,020,940 100% $161,717,911

53 Virginia $500,000 $500,000 $0 100% $3,000,000 $400,000 $241,331 $0 60% $8,327,016

54 Washington $9,944,357 $9,242,515 $1,425,000 93% $99,473,467 $300,000 $47,750 $0 16% $945,034

55 West Virginia $5,388,998 $4,653,000 $60,000 86% $39,426,483

56 Wisconsin

57 Wyoming - Laramie

Total $470,745,846 $366,188,180 $36,108,940 78% $2,611,922,662 $44,981,240 $17,901,907 $302,554 40% $507,473,217

Average $216,679 $1,545,516 $1,695 $48,052

*Does not include administrative expenses
SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS APPENDIX C 61

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2015) Continued

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

Collateral Support Loan Guarantee

1 Alabama $27,561,498 $27,561,498 $45,193,120 100% $146,573,481

2 Alaska - Anchorage

3 American Samoa

4 Arizona

5 Arkansas $720,071 $477,509 $672,341 66% $1,635,500

6 California $64,700,000 $47,730,069 $0 74% $135,129,584 $83,481,263 $49,326,387 $10,383,428 59% $421,429,141

7 Colorado $16,933,489 $15,867,006 $0 94% $101,385,144

8 Connecticut

9 Delaware

10 District of Columbia $5,802,021 $5,653,198 $0 97% $13,388,500

11 Florida $20,000,000 $15,447,713 $5,672,676 77% $75,143,395

12 Georgia $17,808,507 $7,664,400 $30,000 43% $53,050,800

13 Guam $9,876,262 $5,303,885 $0 54% $9,978,996

14 Hawaii

15 Idaho $13,136,544 $12,655,537 $7,179,508 96% $163,944,897

16 Illinois $1,622,500 $1,622,500 $0 100% $16,626,215

17 Indiana

18 Iowa

19 Kansas

20 Kentucky $10,921,196 $9,510,750 $0 87% $76,443,342

21 Louisiana $7,590,291 $3,700,184 $0 49% $22,927,483

22 Maine

23 Maryland $2,312,778 $958,764 $0 41% $13,761,500

24 Massachusetts

25 Michigan $43,808,853 $43,808,853 $12,519,077 100% $292,274,445 $2,000,000 $86,050 $0 4% $1,280,000

26 Minnesota $1,470,215 $1,397,115 $0 95% $39,703,319

27 Mississippi $13,168,350 $11,329,406 $0 86% $83,142,581

28 Missouri

29 Montana

30 Nebraska

31 Nevada $8,303,176 $5,609,035 $0 68% $22,044,495

32 New Hampshire $2,594,851 $2,594,851 $0 100% $31,380,195 $2,813,821 $2,813,820 $0 100% $40,995,807

33 New Jersey $3,450,000 $2,227,500 $0 65% $4,455,000

34 New Mexico

35 New York $10,405,173 $4,345,000 $0 42% $23,350,000

36 North Carolina

37 North Dakota - Carrington $3,251,445 $2,535,000 $300,000 78% $6,372,711

38 North Dakota - Mandan

39 Northern Mariana Islands $8,553,157 $2,380,221 $0 28% $4,642,000

40 Ohio $46,163,373 $29,659,014 $0 64% $116,733,526

41 Oklahoma

42 Oregon $12,850,000 $12,727,207 $0 99% $119,956,193

43 Pennsylvania

44 Puerto Rico

45 Rhode Island

46 South Carolina

47 South Dakota

48 Tennessee

49 Texas

50 U.S. Virgin Islands $3,770,387 $833,825 $0 22% $2,527,390 $9,397,964 $3,253,300 $0 35% $9,487,000

51 Utah $5,348,171 $5,181,789 $0 97% $30,830,340

52 Vermont

53 Virginia $14,053,191 $12,219,060 $0 87% $35,183,953

54 Washington $4,478,158 $1,085,973 $0 24% $10,797,493

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

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

57 Wyoming - Laramie $12,168,350 $10,351,485 $0 85% $44,990,412

Total $261,088,292 $204,895,978 $19,998,585 78% $1,078,870,102 $231,769,651 $153,829,527 $61,951,566 66% $1,097,840,536

Average $172,326 $907,376 $71,383 $509,439

*Does not include administrative expenses
62 APPENDIX C SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2015) Continued

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

Venture Capital

1 Alabama $504,024

2 Alaska - Anchorage $13,168,350 $862,250 $0 7% $5,614,500 $393,412

3 American Samoa $10,500,000 $0 $0 0% $0 $171,178

4 Arizona $666,273

5 Arkansas $7,716,445 $6,567,179 $462,923 85% $145,662,810 $383,780

6 California $2,963,346

7 Colorado $414,850

8 Connecticut $13,301,126 $6,289,002 $0 47% $46,045,020 $6,462

9 Delaware $0

10 District of Columbia $3,000,000 $50,000 $0 2% $160,000 $147,080

11 Florida $43,500,000 $20,971,851 $0 48% $113,443,944 $1,989,454

12 Georgia $1,643,745

13 Guam $460,063

14 Hawaii $13,168,350 $3,193,451 $0 24% $74,099,511 $204,642

15 Idaho $481,006

16 Illinois $6,051,000 $6,051,000 $0 100% $87,525,502 $2,889,283

17 Indiana $32,839,074 $14,620,665 $0 45% $46,578,371 $603,108

18 Iowa $13,025,065 $7,500,000 $0 58% $43,834,800 $186,729

19 Kansas $3,950,505 $3,484,235 $0 88% $58,231,485 $302,722

20 Kentucky $3,451,200 $0 $0 0% $0 $90,630

21 Louisiana $4,775,767 $1,255,000 $0 26% $15,851,084 $156,030

22 Maine $4,316,835 $2,537,812 $0 59% $15,157,728 $194,153

23 Maryland $19,212,931 $8,064,083 $0 42% $263,588,815 $320,500

24 Massachusetts $199,278

25 Michigan $6,000,000 $1,875,767 $0 31% $13,015,000 $1,846,035

26 Minnesota $6,700,000 $2,800,300 $0 42% $33,409,757 $369,079

27 Mississippi $2,489

28 Missouri $24,025,941 $20,030,895 $225,000 83% $288,651,850 $840,576

29 Montana $351,804

30 Nebraska $3,927,370 $2,171,500 $0 55% $14,130,891 $350,326

31 Nevada $5,000,000 $1,600,000 $0 32% $8,160,000 $312,548

32 New Hampshire $3,126,383 $1,922,822 $0 62% $57,610,806 $51,000

33 New Jersey $6,800,000 $5,367,518 $0 79% $58,774,027 $0

34 New Mexico $262,284

35 New York $37,022,791 $28,478,636 $0 77% $341,085,545 $843,896

36 North Carolina $10,300,000 $7,966,378 $0 77% $266,324,292 $1,685,844

37 North Dakota - Carrington $182,264 $125,000 $0 69% $850,000 $125,674

38 North Dakota - Mandan $239,048

39 Northern Mariana Islands $139,413

40 Ohio $8,450,000 $7,593,725 $0 90% $17,288,449 $1,194,058

41 Oklahoma $13,168,350 $10,780,090 $0 82% $73,983,938 $175,965

42 Oregon $517,670

43 Pennsylvania $5,000,000 $2,964,666 $20,000 59% $105,580,661 $266,280

44 Puerto Rico $1,000,000 $1,000,000 $0 100% $9,050,000 $0

45 Rhode Island $11,000,000 $4,722,224 $0 43% $90,709,299 $220,222

46 South Carolina $0

47 South Dakota $166,851

48 Tennessee $29,672,070 $27,884,688 $0 94% $147,279,309 $969,368

49 Texas $46,553,879 $37,224,566 $0 80% $461,195,024 $1,336,501

50 U.S. Virgin Islands $218,987

51 Utah $1,394,989 $950,001 $0 68% $8,737,570 $464,531

52 Vermont $0

53 Virginia $3,000,000 $2,627,532 $0 88% $42,196,553 $104,504

54 Washington $5,000,000 $4,975,737 $0 100% $38,723,479 $414,583

55 West Virginia $6,800,017 $5,037,500 $0 74% $46,271,365 $311,823

56 Wisconsin $21,000,000 $11,104,413 $0 53% $105,973,737 $520,555

57 Wyoming - Laramie $1,000,000 $451,831 $0 45% $903,662 $481,962

Total $448,100,702 $271,102,317 $707,923 61% $3,081,471,158 $30,155,621

Average $204,760 $2,327,395

*Does not include administrative expenses
SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS APPENDIX D 63

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

of Loans

Top 15 Largest SSBCI Lenders, by Dollar Amount Loaned

(Cumulative through 2015)

Rank Lender State Number of Loans Amount Loaned Average Amount Loaned

1 Fifth Third Bank FL, IL, KY, MI, OH 100 $116,373,614 $1,163,736

2 Pacific Enterprise Bank CA 216 $92,449,832 $428,008

3 Huntington National Bank IN, KY, MI, OH 345 $76,774,944 $222,536

4 Yadkin Bank NC 95 $72,544,899 $763,631

5 Opportunity Fund Northern California* CA 4,700 $57,437,952 $12,221

6 Wells Fargo Bank, National Association CA, NM, SD, VA 16 $47,407,485 $2,962,968

7 Craft3 Capital Corporation* WA 45 $47,328,758 $1,051,750

8 Zions First National Bank ID, UT 69 $46,933,198 $680,191

9 NewBridge Bank NC 74 $43,844,458 $592,493

10 Columbia State Bank OR 48 $40,237,152 $838,274

11 Bank of Guam CA, GU, MP 66 $39,152,667 $593,222

12 ServisFirst Bank AL 35 $37,146,350 $1,061,324

13 Washington Trust Bank CO, ID 46 $35,761,196 $777,417

14 The Biltmore Bank of Arizona AZ 16 $35,337,706 $2,208,607

15 Pacific Premier Bank CA 154 $34,932,845 $226,837

*CDFIs

Note: This chart does not include private lenders that are contractors for the State. 
64 APPENDIX D SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS

Top 15 SSBCI Lenders, by Number of Loans

(Cumulative through 2015)

Rank Lender State Number of Loans Amount Loaned Average Amount Loaned

1 Opportunity Fund* CA 4,700 $57,437,952 $12,221

2 Murphy Bank CA 510 $13,305,849 $26,090

3 ACCION San Diego* CA 475 $8,094,344 $17,041

4 Renaissance Economic Development Corporation* NY 371 $11,594,695 $31,253

5 Huntington National Bank IN, KY, MI, OH 345 $76,774,944 $222,536

6 Pacific Enterprise Bank CA 216 $92,449,832 $428,008

7 Trade Credit Guarantee Corporation GA 204 $31,232,000 $153,098

8 TMC Development Working Solutions* CA 201 $4,521,679 $22,496

9 Center for Community Development for New Americans, Inc.* NY 191 $1,134,500 $5,940

10 Chemical Bank MI 166 $9,901,966 $59,650

11 United Bank* AL 143 $17,115,600 $119,690

12 Business Outreach Center Capital Corporation* NY 156 $4,779,484 $30,638

13 Pacific Premier Bank CA 154 $34,932,845 $226,837

14 Accion East, Inc.* FL, NY 125 $1,004,281 $8,034

15 Fresno Community Development Financial Institution* CA 111 $2,834,571 $25,537

*CDFIs

Note: This chart does not include private lenders that are contractors for the State. 
SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS APPENDIX E 65

Appendix E: Top 15 Largest SSBCI CDFIs, by Number of Loans

(Cumulative through 2015)

Rank Lender State Number of Loans Amount Loaned Average Amount Loaned

1 Opportunity Fund Northern California CA 4,700 $57,437,952 $12,221

2 ACCION San Diego CA 475 $8,094,344 $17,041

3 Renaissance Economic Development Corporation NY 371 $11,594,695 $31,253

4 TMC Development Working Solutions CA 201 $4,521,679 $22,496

5 Center for Community Development for New Americans, Inc. NY 191 $1,134,500 $5,940

6 BOC Capital Corp. NY 156 $4,779,484 $30,638

7 United Bank AL 143 $17,115,600 $119,690

8 Accion East, Inc. FL, NY 127 $1,019,281 $8,026

9 Fresno Community Development Financial Institution CA 111 $2,834,571 $25,537

10 OBDC Small Business Finance CA 93 $2,472,520 $26,586

11 FORGE, Inc. AR 80 $844,800 $10,560

12 Metropolitan Consortium of Community Developers MN 79 $2,812,691 $35,604

13 Opening Doors, Inc. CA 66 $518,482 $7,856

14 Craft3 WA 45 $47,328,758 $1,051,750

15 California Coastal Rural Development Corporation CA 41 $1,460,000 $35,610

15 Community Financial Resource Center CA 41 $88,900 $2,168
66 ACKNOWLEDGEMENTS SSBCI: SUMMARY OF STATES’ 2015 ANNUAL REPORTS

Acknowledgements

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

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

talented and dedicated individuals.

I would like to thank my colleagues at the State Small Business Credit Initiative: Relationship Managers 

David Cervantes, James Clark, and David Rixter; Compliance Manager Danielle Christensen and her 

team of Nantambu Carlock, Opal Moore, Karin Peabody, and Sarah Reed; Senior Policy Advisor Tim 

Colón; and Administrative Manager Anita Washington. I would also like to thank colleagues at the 

U.S. Treasury who work directly with SSBCI including Peter Bieger, Steven Laughton, Katherine Reilly, 

Daniel Cruz, Drew Colbert, Paula Jones, and Robin Meigel (from Department of Agriculture). Ann 

Bowen from Printing and Graphics produced well-designed graphics.

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

well as his colleagues John Alex, Dennis Downer, Kay Williams, and Somaree Taru. Abou Bakayoko and 

Christina Prevalsky and their colleagues from FI Consulting provided help with data analysis.

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

information about SSBCI, including the Office of the Comptroller of the Currency which hosted the 

SSBCI national conference in Washington D.C. in 2015.

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

Milano, and to the former Director of SSBCI, Clifton Kellogg, for their leadership and support of SSBCI.

Jeffrey Stout

Director, State Small Business Credit Initiative
www.treasury.gov/ssbci