STATE SMALL BUSINESS

CREDIT INITIATIVE:

A SUMMARY OF STATES’

QUARTERLY

REPORTS

MARCH 31, 2015
1

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, 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

• Funds deployed exceed $1 billion: Through March 31, 2015, States deployed a 

total of $1,118,258,843. Of this total, $1,037,247,390 was from original SSBCI 

allocations and $81,011,453 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.

• Funds deployed increased 6 percent in the first quarter of 2015: The total 

amount of funds deployed increased from $1,057,814,275 as of December 31, 

2014 to $1,118,258,843 as of March 31, 2015, a 6% increase.

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

are participating. Alaska withdrew its application; however, the municipality of Anchorage is participating.

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 12/31/14, Venture Capital Programs reported that the amount of funds expended, obligated, or transferred 

was 37% greater ($79 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. "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 (funds 

that have been previously loaned or invested).
• Disbursements exceed $1.2 billion: As of March 31, 2015, $1,214,400,861 out of 

$1,456,685,731 or 83 percent of total allocated funds was disbursed to the States. 

All 57 States received their first disbursement; 53 States received their second 

disbursement; 34 States received their third disbursement. 

• Recycled SSBCI funds exceed $80 million: Through March 31, 2015, twentyone States reported recycling $81,011,453 of their program dollars into new 

SSBCI-supported loans or investments.

Figure 1.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

Millions

(Cumulative through March 31, 2015)

3rd Disbursement

2nd Disbursement

1st Disbursement

Disbursements of SSBCI Allocations
Figure 2.

Figure 3.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

Millions

SSBCI Funds Deployed

(Cumulative through March 31, 2015)

Recycled

Funds

Deployed

Allocation

Deployed
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

$100,000,000

(Cumulative through March 31, 2015)

Recycled

Funds

Deployed

Allocation

Deployed

100% 100% 100% 100%

99% 99%

98%

97% 97% 97%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

(Cumulative through March 31, 2015)

Top 10 States by Percentage of SSBCI Funds Deployed*

Top 10 States by Dollars of SSBCI Funds Deployed
Figure 6.

Figure 7.

$48 m

$229 m

$237 m

$455 m

$487 m

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

CAP

Loan Guarantee

Collateral Support

Venture Capital

Loan Participation

Millions

(As of March 31, 2015)

30%

67%

77%

67%

73%

0.01%

15%

8%

0.10%

6%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Loan CAP

Guarantee

Collateral

Support

Venture

Capital

Loan

Participation

(Cumulative through March 31, 2015)

Recycled

Funds

Deployed

Allocation

Deployed

Funds Allocated by Program Type

Percentage of SSBCI Funds Deployed by Program Type
Figure 8.

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

transferred), Treasury does not count any recycled SSBCI funds.

Figure 9.

SSBCI Allocation Amount by State

100100100100 99 99 98 97 97 97 94 93 92 91 90 90 89 88 88 87 85 82 81 79 77 76 75 74 72 72 71 69 66 66 65 65 64 63 62 61 61 60 59 58 58 53 51 48 46

35 32 32 30 29 27

8 1

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

PR

VT

ID

ND-M

SC

MT

UT

MO

NH

AR

OR

NC

MI

CO

AL

KS

TX

OK

WV

HI

SD

TN

IL

MS

WA

LA

AK-A

ND-C

FL

NY

AZ

NM

NJ

MN

VA

IA

WY-L

IN

NE

OH

PA

GA

MA

CA

GU

DE

NV

WI

KY

ME

CT

RI

DC

MD

VI

MP

AS

Percentage of SSBCI Allocation Deployed by State*

(As of March 31, 2015)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

PR

VT

ID

ND-M

SC

MT

UT

MO

NH

AR

OR

NC

MI

CO

AL

KS

TX

OK

WV

HI

SD

TN

IL

MS

WA

LA

AK-A

ND-C

FL

NY

AZ

NM

NJ

MN

VA

IA

WY-L

IN

NE

OH

PA

GA

MA

CA

GU

DE

NV

WI

KY

ME

CT

RI

DC

MD

VI

MP

AS

Millions

SSBCI Allocation Amount by State

(As of March 31, 2015)
Appendix A: States Sorted by Percentage of SSBCI Allocation Deployed*

(As of 03/31/2015)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $1,025,649 $15,565,706 

2 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $935,451 $14,103,801 

3 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $5,653,003 $18,789,547 

4 North Dakota, Mandan 8/31/2012 $9,734,641 $9,734,641 100% $1,359,087 $11,093,728 

5 South Carolina 7/6/2011 $17,990,415 $17,810,449 99% $4,538,811 $22,349,260 

6 Montana 7/18/2011 $12,765,037 $12,594,427 99% $0 $12,594,427 

7 Utah 9/30/2011 $13,168,350 $12,870,482 98% $0 $12,870,482 

8 Missouri 5/23/2011 $26,930,294 $26,135,774 97% $225,000 $26,360,774 

9 New Hampshire 7/18/2011 $13,168,350 $12,798,097 97% $0 $12,798,097 

10 Arkansas 10/31/2011 $13,168,350 $12,743,717 97% $906,322 $13,650,039 

11 Oregon 8/29/2011 $16,516,197 $15,501,105 94% $0 $15,501,105 

12 North Carolina 5/23/2011 $46,061,319 $43,035,978 93% $0 $43,035,978 

13 Michigan 7/6/2011 $79,157,742 $73,015,659 92% $14,511,322 $87,526,981 

14 Colorado 10/11/2011 $17,233,489 $15,642,060 91% $0 $15,642,060 

15 Alabama 8/24/2011 $31,301,498 $28,164,247 90% $22,095,604 $50,259,851 

16 Kansas 6/28/2011 $13,168,350 $11,899,385 90% $447,081 $12,346,467 

17 Texas 8/15/2011 $46,553,879 $41,288,565 89% $0 $41,288,565 

18 Oklahoma 7/18/2011 $13,168,350 $11,645,432 88% $0 $11,645,432 

19 West Virginia 11/18/2011 $13,168,350 $11,584,409 88% $100,591 $11,685,001 

20 Hawaii 5/27/2011 $13,168,350 $11,485,957 87% $0 $11,485,957 

21 South Dakota 9/22/2011 $13,168,350 $11,229,050 85% $0 $11,229,050 

22 Tennessee 10/4/2011 $29,672,070 $24,385,977 82% $0 $24,385,977 

23 Illinois 7/26/2011 $78,365,264 $63,600,737 81% $1,500,000 $65,100,737 

24 Mississippi 8/24/2011 $13,168,350 $10,358,769 79% $67,750 $10,426,519 

25 Washington 10/31/2011 $19,722,515 $15,176,049 77% $922,217 $16,098,266 

26 Louisiana 8/24/2011 $12,366,058 $9,373,558 76% $716,875 $10,090,433 

27 Alaska, Anchorage 1/26/2012 $13,168,350 $9,933,519 75% $0 $9,933,519 

28 North Dakota, Carrington 9/28/2012 $3,433,709 $2,550,650 74% $0 $2,550,650 

29 Florida 8/24/2011 $97,662,349 $70,763,443 72% $20,930,065 $91,693,508 

30 New York 9/26/2011 $55,351,534 $40,034,792 72% $0 $40,034,792 

31 Arizona 11/7/2011 $18,204,217 $13,005,485 71% $0 $13,005,485 

32 New Mexico 10/11/2011 $13,168,350 $9,128,122 69% $0 $9,128,122 

33 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $875,243 $23,157,304 

34 Minnesota 9/30/2011 $15,463,182 $10,182,369 66% $0 $10,182,369 

35 Virginia 8/15/2011 $17,953,191 $11,661,380 65% $0 $11,661,380 

36 Iowa 8/30/2011 $13,065,020 $8,475,627 65% $0 $8,475,627 

37 Wyoming, Laramie 12/4/2012 $13,168,350 $8,449,380 64% $0 $8,449,380 

38 Indiana 5/27/2011 $34,339,074 $21,761,947 63% $0 $21,761,947 

39 Nebraska 10/4/2011 $13,168,350 $8,163,102 62% $0 $8,163,102 

40 Ohio 9/2/2011 $55,138,373 $33,635,629 61% $0 $33,635,629 

41 Pennsylvania 10/6/2011 $29,241,232 $17,697,036 61% $528,967 $18,226,003 

42 Georgia 12/13/2011 $47,808,507 $28,908,147 60% $377,000 $29,285,147 

43 Massachusetts 9/13/2011 $20,445,072 $12,059,134 59% $2,158,033 $14,217,167 

44 California 5/19/2011 $167,755,641 $97,711,072 58% $0 $97,711,072 

45 Guam 9/30/2011 $13,168,350 $7,572,961 58% $0 $7,572,961 

46 Delaware 7/18/2011 $13,168,350 $6,945,288 53% $0 $6,945,288 

47 Nevada 9/30/2011 $13,803,176 $7,063,983 51% $1,137,381 $8,201,364 

48 Wisconsin 9/22/2011 $22,363,554 $10,624,093 48% $0 $10,624,093 

49 Kentucky 7/28/2011 $15,487,998 $7,179,702 46% $0 $7,179,702 

50 Maine 9/6/2011 $13,168,350 $4,624,607 35% $0 $4,624,607 

51 Connecticut 7/14/2011 $13,301,126 $4,266,522 32% $0 $4,266,522 

52 Rhode Island 9/6/2011 $13,168,350 $4,257,776 32% $0 $4,257,776 

53 District of Columbia 8/15/2011 $13,168,350 $3,978,927 30% $0 $3,978,927 

54 Maryland 6/2/2011 $23,025,709 $6,692,849 29% $0 $6,692,849 

55 Virgin Islands 10/4/2011 $13,168,350 $3,545,505 27% $0 $3,545,505 

56 Northern Mariana 3/14/2012 $13,168,350 $1,093,800 8% $0 $1,093,800 

57 American Samoa 2/14/2012 $10,500,000 $79,007 1% $0 $79,007 

TOTAL $1,456,685,731 $1,037,247,390 71% $81,011,453 $1,118,258,843 

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

(As of 03/31/2015)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 California 5/19/2011 $167,755,641 $97,711,072 58% $0 $97,711,072 

2 Michigan 7/6/2011 $79,157,742 $73,015,659 92% $14,511,322 $87,526,981 

3 Florida 8/24/2011 $97,662,349 $70,763,443 72% $20,930,065 $91,693,508 

4 Illinois 7/26/2011 $78,365,264 $63,600,737 81% $1,500,000 $65,100,737 

5 North Carolina 5/23/2011 $46,061,319 $43,035,978 93% $0 $43,035,978 

6 Texas 8/15/2011 $46,553,879 $41,288,565 89% $0 $41,288,565 

7 New York 9/26/2011 $55,351,534 $40,034,792 72% $0 $40,034,792 

8 Ohio 9/2/2011 $55,138,373 $33,635,629 61% $0 $33,635,629 

9 Georgia 12/13/2011 $47,808,507 $28,908,147 60% $377,000 $29,285,147 

10 Alabama 8/24/2011 $31,301,498 $28,164,247 90% $22,095,604 $50,259,851 

11 Missouri 5/23/2011 $26,930,294 $26,135,774 97% $225,000 $26,360,774 

12 Tennessee 10/4/2011 $29,672,070 $24,385,977 82% $0 $24,385,977 

13 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $875,243 $23,157,304 

14 Indiana 5/27/2011 $34,339,074 $21,761,947 63% $0 $21,761,947 

15 South Carolina 7/6/2011 $17,990,415 $17,810,449 99% $4,538,811 $22,349,260 

16 Pennsylvania 10/6/2011 $29,241,232 $17,697,036 61% $528,967 $18,226,003 

17 Colorado 10/11/2011 $17,233,489 $15,642,060 91% $0 $15,642,060 

18 Oregon 8/29/2011 $16,516,197 $15,501,105 94% $0 $15,501,105 

19 Washington 10/31/2011 $19,722,515 $15,176,049 77% $922,217 $16,098,266 

20 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $1,025,649 $15,565,706 

21 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $935,451 $14,103,801 

22 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $5,653,003 $18,789,547 

23 Arizona 11/7/2011 $18,204,217 $13,005,485 71% $0 $13,005,485 

24 Utah 9/30/2011 $13,168,350 $12,870,482 98% $0 $12,870,482 

25 New Hampshire 7/18/2011 $13,168,350 $12,798,097 97% $0 $12,798,097 

26 Arkansas 10/31/2011 $13,168,350 $12,743,717 97% $906,322 $13,650,039 

27 Montana 7/18/2011 $12,765,037 $12,594,427 99% $0 $12,594,427 

28 Massachusetts 9/13/2011 $20,445,072 $12,059,134 59% $2,158,033 $14,217,167 

29 Kansas 6/28/2011 $13,168,350 $11,899,385 90% $447,081 $12,346,467 

30 Virginia 8/15/2011 $17,953,191 $11,661,380 65% $0 $11,661,380 

31 Oklahoma 7/18/2011 $13,168,350 $11,645,432 88% $0 $11,645,432 

32 West Virginia 11/18/2011 $13,168,350 $11,584,409 88% $100,591 $11,685,001 

33 Hawaii 5/27/2011 $13,168,350 $11,485,957 87% $0 $11,485,957 

34 South Dakota 9/22/2011 $13,168,350 $11,229,050 85% $0 $11,229,050 

35 Wisconsin 9/22/2011 $22,363,554 $10,624,093 48% $0 $10,624,093 

36 Mississippi 8/24/2011 $13,168,350 $10,358,769 79% $67,750 $10,426,519 

37 Minnesota 9/30/2011 $15,463,182 $10,182,369 66% $0 $10,182,369 

38 Alaska, Anchorage 1/26/2012 $13,168,350 $9,933,519 75% $0 $9,933,519 

39 North Dakota, Mandan 8/31/2012 $9,734,641 $9,734,641 100% $1,359,087 $11,093,728 

40 Louisiana 8/24/2011 $12,366,058 $9,373,558 76% $716,875 $10,090,433 

41 New Mexico 10/11/2011 $13,168,350 $9,128,122 69% $0 $9,128,122 

42 Iowa 8/30/2011 $13,065,020 $8,475,627 65% $0 $8,475,627 

43 Wyoming, Laramie 12/4/2012 $13,168,350 $8,449,380 64% $0 $8,449,380 

44 Nebraska 10/4/2011 $13,168,350 $8,163,102 62% $0 $8,163,102 

45 Guam 9/30/2011 $13,168,350 $7,572,961 58% $0 $7,572,961 

46 Kentucky 7/28/2011 $15,487,998 $7,179,702 46% $0 $7,179,702 

47 Nevada 9/30/2011 $13,803,176 $7,063,983 51% $1,137,381 $8,201,364 

48 Delaware 7/18/2011 $13,168,350 $6,945,288 53% $0 $6,945,288 

49 Maryland 6/2/2011 $23,025,709 $6,692,849 29% $0 $6,692,849 

50 Maine 9/6/2011 $13,168,350 $4,624,607 35% $0 $4,624,607 

51 Connecticut 7/14/2011 $13,301,126 $4,266,522 32% $0 $4,266,522 

52 Rhode Island 9/6/2011 $13,168,350 $4,257,776 32% $0 $4,257,776 

53 District of Columbia 8/15/2011 $13,168,350 $3,978,927 30% $0 $3,978,927 

54 Virgin Islands 10/4/2011 $13,168,350 $3,545,505 27% $0 $3,545,505 

55 North Dakota, Carrington 9/28/2012 $3,433,709 $2,550,650 74% $0 $2,550,650 

56 Northern Mariana 3/14/2012 $13,168,350 $1,093,800 8% $0 $1,093,800 

57 American Samoa 2/14/2012 $10,500,000 $79,007 1% $0 $79,007 

TOTAL $1,456,685,731 $1,037,247,390 71% $81,011,453 $1,118,258,843 

*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.