1

AS OF September 30, 2014
2

Summary

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

2010 (P.L. 111-240) (the Act), creating the State Small Business Credit Initiative (SSBCI). 

SSBCI provides $1.5 billion to new and existing state programs that support privatesector lending to, and investment in, small businesses and small manufacturers. 

In 2011 and 2012, Treasury approved applications on a rolling basis from 47 states, the 

District of Columbia, and five territories and municipalities in three states (approved 

entities will be referred to as States).1

 States could divide their allocation among several 

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

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

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

disbursements which are paid out based on cumulative funds deployed.2

• Disbursements exceed $1.1 billion: As of September 30, 2014, $1,146,367,071

out of $1,457,591,353 or 79 percent of total allocated funds was disbursed to 

States. All 57 States received their first disbursement; 48 States received their

second disbursement; and 24 States received their third disbursement. 

• SSBCI funds deployed exceed $1 billion: Through September 30, 2014, States

deployed a total of $1,003,975,220. Of this total, $943,285,735 was from original 

SSBCI allocations and $60,689,485 was from recycled3 SSBCI funds. These funds 

support loans or investments to small businesses, including to intermediaries, and

for administrative expenses related to the program.

 1 North Dakota and Wyoming did not apply for SSBCI funding, however, consortiums of municipalities in each state 

are participating. Alaska withdrew its application.

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

“expended” are funds used to support loans or investments or for administrative expenses. SSBCI funds 

“obligated” are funds legally committed to support loans or investments, including obligations to intermediaries, 

and for administrative expenses. SSBCI funds “transferred” are funds transferred to a contracting entity as 

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

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

As of 12/31/13, Venture Capital Programs reported that the amount of funds expended, obligated or transferred 

was 37% greater ($89.5 million) than the amount expended to small businesses. The variance was due to SSBCI

dollars that were obligated for investment in a small business or to a fund but not yet expended to a specific small 

business.

3 When a loan or investment supported with SSBCI funds is repaid, the State may then recycle the funds into 

another round of loans or investments. 
3

• Recycled SSBCI funds4 exceed $60 million: Through September 30, 2014, 

thirteen States reported recycling $60,689,485 of their program dollars into new 

SSBCI-supported loans or investments.

• Funds deployed increased 9 percent in the third quarter of 2014: Total 

amount of funds deployed increased from $923 million to $1.04 billion. 

SSBCI at Work: Featured Success Stories

Alabama: Helping Small Manufacturers Grow

When Bear & Son Cutlery Co. won a contract to manufacture 

hunting and other steel-blade knives for a major outdoor 

retail brand, it needed to expand its warehouse and shipping 

capacity. The partners created an affiliated company, M&J 

Shipping Supplies, to manage shipping and logistics, but 

because the company and contract were new, they found it 

difficult to obtain financing.

With a 50% guarantee from the Alabama Department of 

Economic and Community Affairs (ADECA), Cheaha Bank was 

able to lend $182,000 to M&J Shipping Supplies allowing the 

company to buy and renovate a building, hire 10 new 

employees, and start fulfilling the contract.

Indiana: Investing in Successful Start-Ups

Jada Beauty, founded by two women entrepreneurs, was 

Indiana's first direct investment of SSBCI dollars through 

Indiana Angel Network Fund ("Angel Fund"). The two 

founders, both first-time entrepreneurs, needed seed 

capital to hire technical talent and implement initial 

market-entry strategies. Angel Fund's initial $125,000 

investment in February 2012, helped raise more than 

$300,000 private capital for the company. The investment also enabled the company to 

build a website capable of supporting online sales. In August 2013, the company was 

acquired by Sally Beauty Holdings, a publicly-traded company.

The founders and their 10 employees continue to grow the business under the new 

parent company in Indiana. Private investors and the Angel Fund generated sizable 

 4

"Recycled Funds" refers to the deployed funds (expended, obligated, or transferred) that came to the State in the 

form of program income, interest earned or principal repayments and deployed funds that have been previously 

loaned or invested.
4

returns within 18 months of investment, making more seed and early-stage capital 

available to invest in future opportunities like Jada Beauty.

Nebraska: Making Plastic Greener

Laurel BioComposite developed a green alternative to 

petroleum-based plastic resins using a non-toxic 

byproduct of corn ethanol production. To move from 

theory to application, the company needed $5 million 

for equipment and temporary working capital but was 

unable to obtain adequate financing. Working with 

Security Bank, a community bank located in Laurel, 

Nebraska (pop. 964), the Nebraska Progress Loan 

Fund used SSBCI funds to make a $1 million companion loan that filled the financing 

gap. Laurel BioComposite now has the opportunity to prove their product and 

manufacturing technology with new buyers and licensees and bring manufacturing jobs 

to this rural community. 

“We have learned that the process of taking an innovation from inception to commercial 

production takes the efforts and support of many people. Financial resources such as 

those provided by the Nebraska SSBCI are critically important...” Tim Bearnes, CEO, 

Laurel BioComposite.

New Mexico: Helping Non-Profits Serve the Community 

In the city of Albuquerque, where over 17 percent of 

the population lives in poverty,5 there is a critical 

need for affordable housing. The Greater 

Albuquerque Habitat for Humanity (GAHH) wanted to 

move to a more prominent location to increase 

visibility throughout the community and expand 

operations. GAHH sought financing, but did not 

meet the bank’s loan-to-value requirements. 

Using SSBCI funds, New Mexico Finance Authority (NMFA) provided a $241,000 

subordinate loan participation enabling Wells Fargo Bank to extend a $1.6 million loan 

to purchase and renovate the new GAHH headquarters and Habitat Restore. 

 5 United States Census Bureau, “State and County Quick Facts,” Available at: 

http://quickfacts.census.gov/qfd/states/35/3502000.html. Accessed on 4 December, 2014.
5

Figure 1.

Figure 2.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

$1,100,000,000

$1,200,000,000

(cumulative through September 30, 2014)

3rd Disbursement

2nd Disbursement

1st Disbursement

Disbursements of SSBCI 
6

Figure 3.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

SSBCI Funds Deployed

(Cumulative through September 30, 2014)

Recycled

Funds

Deployed

Allocation

Deployed
7

Figure 4.

Figure 5.

* For purposes of calculating percent of allocation deployed (expended, obligated or transferred), 

Treasury does not count any recycled SSBCI funds.

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

Top 10 States by Dollars of SSBCI Funds Deployed

(Cumulative through September 30, 2014)

Recycled Funds

Deployed

Allocation Deployed

100% 99%

98% 97%

96% 95% 95%

92% 92%

90%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Top 10 States by Percentage of SSBCI Allocations Deployed*

(Cumulative through September 30, 2014)
8

Figure 6.

Figure 7.

$59m

$225m

$234m

$457m

$483m

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

CAP

Collateral Support

Loan Guarantee

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type

(As of September 30, 2014)

69%

61%

75%

53%

21%

4%

0.11%

6%

12%

0.01%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Loan

Participation

Venture

Capital

Collateral

Support

Loan

Guarantee

CAP

Percentage of SSBCI Funds Deployed by Program Type

(Cumulative through September 30, 2014)

Recycled Funds Deployed

Allocation Deployed
9

Figure 8.

* For purposes of calculating percent of allocation deployed (expended, obligated or transferred), 

Treasury does not count any recycled SSBCI funds.

Figure 9.

10099 98 97 96 95 95 92 92 90 90 90 87 87 87 84 83

79 75 75 75

69 69 69 66 66 65 65 65 64 64 63 63 62 61 57 55 54 53

49 49 48 48 47 45 41 39

33 32 32

28 27 24 24

3 2 1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

ND-M

ID

AR

CO

MT

SC

NH

KS

MI

SD

WV

AL

VT

NC

MO

TX

HI

IL

TN

WA

OR

OK

MS

PR

FL

NJ

NM

LA

AK

AZ

IA

NY

IN

NE

MN

UT

WY

GA

CA

MA

DE

OH

VA

PA

ND-C

WI

GU

KY

RI

NV

ME

MD

VI

DC

MP

AS

CT

(As of September 30, 2014)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

ND-M

ID

AR

CO

MT

SC

NH

KS

MI

SD

WV

AL

VT

NC

MO

TX

HI

IL

TN

WA

OR

OK

MS

PR

FL

NJ

NM

LA

AK

AZ

IA

NY

IN

NE

MN

UT

WY

GA

CA

MA

DE

OH

VA

PA

ND-C

WI

GU

KY

RI

NV

ME

MD

VI

DC

MP

AS

CT

Millions

(As of September 30, 2014)

Percentage of SSBCI Allocation Deployed by State*

SSBCI Allocation Amount by State
10

Appendix A: States Sorted by Percentage of SSBCI Allocation Deployed*

(As of 9/30/2014)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed Total Funds Deployed***

1 North Dakota, Mandan 8/31/2012 $9,734,641 $9,734,641 100% $664,578 $10,399,219 

2 Idaho 8/29/2011 $13,136,544 $13,059,643 99% $3,288,194 $16,347,837 

3 Arkansas 10/31/2011 $13,168,350 $12,917,919 98% $793,456 $13,711,375 

4 Colorado 10/11/2011 $17,233,489 $16,799,696 97% $0 $16,799,696 

5 Montana 7/18/2011 $12,765,037 $12,290,794 96% $0 $12,290,794 

6 South Carolina 7/6/2011 $17,990,415 $17,180,181 95% $3,642,797 $20,822,978 

7 New Hampshire 7/18/2011 $13,168,350 $12,462,506 95% $0 $12,462,506 

8 Michigan 7/6/2011 $79,157,742 $72,650,368 92% $12,009,272 $84,659,640 

9 Kansas 6/28/2011 $13,168,350 $12,179,851 92% $0 $12,179,851 

10 Alabama 8/24/2011 $31,301,498 $28,040,156 90% $21,524,011 $49,564,167 

11 South Dakota 9/22/2011 $13,168,350 $11,906,167 90% $0 $11,906,167 

12 West Virginia 11/18/2011 $13,168,350 $11,874,455 90% $350,591 $12,225,046 

13 North Carolina 5/23/2011 $46,061,319 $40,071,125 87% $0 $40,071,125 

14 Missouri 5/23/2011 $26,930,294 $23,320,616 87% $0 $23,320,616 

15 Vermont 5/23/2011 $13,168,350 $11,464,353 87% $0 $11,464,353 

16 Texas 8/15/2011 $46,553,879 $39,249,285 84% $0 $39,249,285 

17 Hawaii 5/27/2011 $13,168,350 $10,944,778 83% $0 $10,944,778 

18 Illinois 7/26/2011 $78,365,264 $61,819,984 79% $0 $61,819,984 

19 Tennessee 10/4/2011 $29,672,070 $22,362,149 75% $0 $22,362,149 

20 Washington 10/31/2011 $19,722,515 $14,812,872 75% $0 $14,812,872 

21 Oregon 8/29/2011 $16,516,197 $12,376,546 75% $0 $12,376,546 

22 Puerto Rico 10/6/2011 $14,540,057 $9,962,500 69% $0 $9,962,500 

23 Oklahoma 7/18/2011 $13,168,350 $9,084,915 69% $0 $9,084,915 

24 Mississippi 8/24/2011 $13,168,350 $9,038,853 69% $67,951 $9,106,804 

25 Florida 8/24/2011 $97,662,349 $64,457,745 66% $13,688,202 $78,145,947 

26 New Jersey 9/22/2011 $33,760,698 $22,257,304 66% $0 $22,257,304 

27 New Mexico 10/11/2011 $13,168,350 $8,605,922 65% $0 $8,605,922 

28 Louisiana 8/24/2011 $13,168,350 $8,604,797 65% $517,500 $9,122,297 

29 Alaska, Anchorage 1/26/2012 $13,168,350 $8,597,643 65% $0 $8,597,643 

30 Arizona 11/7/2011 $18,204,217 $11,640,544 64% $0 $11,640,544 

31 Iowa 8/30/2011 $13,168,350 $8,403,964 64% $0 $8,403,964 

32 New York 9/26/2011 $55,351,534 $34,926,288 63% $0 $34,926,288 

33 Indiana 5/27/2011 $34,339,074 $21,648,195 63% $0 $21,648,195 

34 Nebraska 10/4/2011 $13,168,350 $8,140,252 62% $0 $8,140,252 

35 Minnesota 9/30/2011 $15,463,182 $9,417,386 61% $0 $9,417,386 

36 Utah 9/30/2011 $13,168,350 $7,560,808 57% $0 $7,560,808 

37 Wyoming, Laramie 12/4/2012 $13,168,350 $7,203,513 55% $0 $7,203,513 

38 Georgia 12/13/2011 $47,808,507 $25,960,522 54% $377,000 $26,337,522 

39 California 5/19/2011 $167,755,641 $88,454,117 53% $0 $88,454,117 

40 Massachusetts 9/13/2011 $20,445,072 $10,052,639 49% $3,763,133 $13,815,772 

41 Delaware 7/18/2011 $13,168,350 $6,448,013 49% $0 $6,448,013 

42 Ohio 9/2/2011 $55,138,373 $26,475,966 48% $0 $26,475,966 

43 Virginia 8/15/2011 $17,953,191 $8,558,328 48% $0 $8,558,328 

44 Pennsylvania 10/6/2011 $29,241,232 $13,715,042 47% $2,800 $13,717,842 

45 North Dakota, Carrington 9/28/2012 $3,433,709 $1,535,156 45% $0 $1,535,156 

46 Wisconsin 9/22/2011 $22,363,554 $9,191,770 41% $0 $9,191,770 

47 Guam 9/30/2011 $13,168,350 $5,099,430 39% $0 $5,099,430 

48 Kentucky 7/28/2011 $15,487,998 $5,121,076 33% $0 $5,121,076 

49 Nevada 9/30/2011 $13,803,176 $4,351,929 32% $0 $4,351,929 

50 Rhode Island 9/6/2011 $13,168,350 $4,216,499 32% $0 $4,216,499 

51 Maine 9/6/2011 $13,168,350 $3,624,838 28% $0 $3,624,838 

52 Maryland 6/2/2011 $23,025,709 $6,270,471 27% $0 $6,270,471 

53 Virgin Islands 10/4/2011 $13,168,350 $3,201,103 24% $0 $3,201,103 

54 District of Columbia 8/15/2011 $13,168,350 $3,163,678 24% $0 $3,163,678 

55 Northern Mariana 3/14/2012 $13,168,350 $444,034 3% $0 $444,034 

56 American Samoa 2/14/2012 $10,500,000 $173,500 2% $0 $173,500 

57 Connecticut 7/14/2011 $13,301,126 $158,913 1% $0 $158,913 

Total $1,457,591,353 $943,285,735 65% $60,689,485 $1,003,975,220

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred.”

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

***Note: Includes funds Expended, Obligated, Transferred or used for Administrative Expenses.
11

Appendix B: States Sorted by Dollars of SSBCI Allocation Deployed*

(As of 9/30/2014)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 California 5/19/2011 $167,755,641 $88,454,117 53% $0 $88,454,117 

2 Michigan 7/6/2011 $79,157,742 $72,650,368 92% $12,009,272 $84,659,640 

3 Florida 8/24/2011 $97,662,349 $64,457,745 66% $13,688,202 $78,145,947 

4 Illinois 7/26/2011 $78,365,264 $61,819,984 79% $0 $61,819,984 

5 Alabama 8/24/2011 $31,301,498 $28,040,156 90% $21,524,011 $49,564,167 

6 North Carolina 5/23/2011 $46,061,319 $40,071,125 87% $0 $40,071,125 

7 Texas 8/15/2011 $46,553,879 $39,249,285 84% $0 $39,249,285 

8 New York 9/26/2011 $55,351,534 $34,926,288 63% $0 $34,926,288 

9 Ohio 9/2/2011 $55,138,373 $26,475,966 48% $0 $26,475,966 

10 Georgia 12/13/2011 $47,808,507 $25,960,522 54% $377,000 $26,337,522 

11 Missouri 5/23/2011 $26,930,294 $23,320,616 87% $0 $23,320,616 

12 Tennessee 10/4/2011 $29,672,070 $22,362,149 75% $0 $22,362,149 

13 New Jersey 9/22/2011 $33,760,698 $22,257,304 66% $0 $22,257,304 

14 Indiana 5/27/2011 $34,339,074 $21,648,195 63% $0 $21,648,195 

15 South Carolina 7/6/2011 $17,990,415 $17,180,181 95% $3,642,797 $20,822,978 

16 Colorado 10/11/2011 $17,233,489 $16,799,696 97% $0 $16,799,696 

17 Idaho 8/29/2011 $13,136,544 $13,059,643 99% $3,288,194 $16,347,837 

18 Washington 10/31/2011 $19,722,515 $14,812,872 75% $0 $14,812,872 

19 Massachusetts 9/13/2011 $20,445,072 $10,052,639 49% $3,763,133 $13,815,772 

20 Pennsylvania 10/6/2011 $29,241,232 $13,715,042 47% $2,800 $13,717,842 

21 Arkansas 10/31/2011 $13,168,350 $12,917,919 98% $793,456 $13,711,375 

22 New Hampshire 7/18/2011 $13,168,350 $12,462,506 95% $0 $12,462,506 

23 Oregon 8/29/2011 $16,516,197 $12,376,546 75% $0 $12,376,546 

24 Montana 7/18/2011 $12,765,037 $12,290,794 96% $0 $12,290,794 

25 West Virginia 11/18/2011 $13,168,350 $11,874,455 90% $350,591 $12,225,046 

26 Kansas 6/28/2011 $13,168,350 $12,179,851 92% $0 $12,179,851 

27 South Dakota 9/22/2011 $13,168,350 $11,906,167 90% $0 $11,906,167 

28 Arizona 11/7/2011 $18,204,217 $11,640,544 64% $0 $11,640,544 

29 Vermont 5/23/2011 $13,168,350 $11,464,353 87% $0 $11,464,353 

30 Hawaii 5/27/2011 $13,168,350 $10,944,778 83% $0 $10,944,778 

31 North Dakota, Mandan 8/31/2012 $9,734,641 $9,734,641 100% $664,578 $10,399,219 

32 Puerto Rico 10/6/2011 $14,540,057 $9,962,500 69% $0 $9,962,500 

33 Minnesota 9/30/2011 $15,463,182 $9,417,386 61% $0 $9,417,386 

34 Wisconsin 9/22/2011 $22,363,554 $9,191,770 41% $0 $9,191,770 

35 Louisiana 8/24/2011 $13,168,350 $8,604,797 65% $517,500 $9,122,297 

36 Mississippi 8/24/2011 $13,168,350 $9,038,853 69% $67,951 $9,106,804 

37 Oklahoma 7/18/2011 $13,168,350 $9,084,915 69% $0 $9,084,915 

38 New Mexico 10/11/2011 $13,168,350 $8,605,922 65% $0 $8,605,922 

39 Alaska, Anchorage 1/26/2012 $13,168,350 $8,597,643 65% $0 $8,597,643 

40 Virginia 8/15/2011 $17,953,191 $8,558,328 48% $0 $8,558,328 

41 Iowa 8/30/2011 $13,168,350 $8,403,964 64% $0 $8,403,964 

42 Nebraska 10/4/2011 $13,168,350 $8,140,252 62% $0 $8,140,252 

43 Utah 9/30/2011 $13,168,350 $7,560,808 57% $0 $7,560,808 

44 Wyoming, Laramie 12/4/2012 $13,168,350 $7,203,513 55% $0 $7,203,513 

45 Delaware 7/18/2011 $13,168,350 $6,448,013 49% $0 $6,448,013 

46 Maryland 6/2/2011 $23,025,709 $6,270,471 27% $0 $6,270,471 

47 Kentucky 7/28/2011 $15,487,998 $5,121,076 33% $0 $5,121,076 

48 Guam 9/30/2011 $13,168,350 $5,099,430 39% $0 $5,099,430 

49 Nevada 9/30/2011 $13,803,176 $4,351,929 32% $0 $4,351,929 

50 Rhode Island 9/6/2011 $13,168,350 $4,216,499 32% $0 $4,216,499 

51 Maine 9/6/2011 $13,168,350 $3,624,838 28% $0 $3,624,838 

52 Virgin Islands 10/4/2011 $13,168,350 $3,201,103 24% $0 $3,201,103 

53 District of Columbia 8/15/2011 $13,168,350 $3,163,678 24% $0 $3,163,678 

54 North Dakota, Carrington 9/28/2012 $3,433,709 $1,535,156 45% $0 $1,535,156 

55 Northern Mariana 3/14/2012 $13,168,350 $444,034 3% $0 $444,034 

56 American Samoa 2/14/2012 $10,500,000 $173,500 2% $0 $173,500 

57 Connecticut 7/14/2011 $13,301,126 $158,913 1% $0 $158,913 

Total $1,457,591,353 $943,285,735 65% $60,689,485 $1,003,975,220

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred.”

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

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