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AS OF SEPTEMBER 30, 2013
2

Summary

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

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

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

$1.5 billion to support new and existing state programs that provide lending support to, 

and investments in, small businesses and small manufacturers. 

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

investing. States do this by using federal funds for programs that leverage private 

lending and investing to help finance creditworthy small businesses that do not have 

sufficient access to capital necessary to expand and create jobs. To be eligible for funds, 

each State had to demonstrate a reasonable expectation that it would be able to 

leverage each federal $1 to generate $10 in new small business lending or investing.

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

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

municipalities in three states that did not apply for program funding (for simplicity each 

participating entity will be referred to as a “State”). North Dakota and Wyoming did not 

apply for SSBCI funding, and Alaska withdrew its application. States could divide their 

allocation among several types of small business support programs: Loan Participation 

Programs (LPPs): Venture Capital Programs (VCPs), Loan Guarantee Programs (LGPs), 

Collateral Support Programs (CSPs) and Capital Access Programs (CAPs). States receive 

SSBCI funding in three equal disbursements which are paid out based on cumulative 

funds expended, obligated or transferred.

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• Disbursements: As of September 30, 2013, Treasury disbursed $911,781,402 out 

of $1,459,154,480 or 62 percent of the total SSBCI allocation to States. All 

57 States received their first disbursement, 24 States received their second 

disbursement and 12 States received their third disbursement. 

• SSBCI funds expended, obligated or transferred: Through 

September 30, 2013, States had expended, obligated, or transferred $677,259,351

in SSBCI funds to support loans or investments to small businesses, including to 

intermediaries, and for administrative expenses related to the program.

• Increase in SSBCI funds expended, obligated or transferred from prior 

quarters: This figure increased from 27 percent of allocated funds in 1Q13 to 

38 percent in 2Q13 to 46 percent in 3Q13. Figure 3 below gives a complete 

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

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

intermediaries that operate venture capital funds, 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.
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picture of SSBCI funds expended, obligated or transferred over the life of the 

program through September 30, 2013.

• Extent of funds expended, obligated or transferred: Three-quarters of States 

– 42 of 57 – expended, obligated or transferred over $4 million of their SSBCI 

allocation. 

• Funds expended, obligated or transferred by type of program: SSBCI VCPs

expended, obligated or transferred the largest portion of their allocation 

(57 percent)2

. VCPs obligate or transfer funds to private entities which, in turn, 

invest in small businesses. Among lending programs, LPPs expended, obligated 

or transferred the largest portion or their allocation (50 percent).

Figure 1.

 2 As noted above, funds expended, obligated, or transferred under VCPs includes funds obligated by the State to 

intermediaries such as venture capital funds. States report to Treasury the total dollar amount of funds expended 

in closed investments in small businesses on an annual basis.

$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

Mar

2011

June

2011

Sept

2011

Dec

2011

March

2012

June

2012

Sept

2012

Dec

2012

March

2013

June

2013

Sept

2013

Disbursements of SSBCI Allocations 

(Cumulative through September 30, 2013)

3rd Disbursement

2nd Disbursement

1st Disbursement
4

Figure 2.

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

June

2011

Sept

2011

Dec

2011

March

2012

June

2012

Sept

2012

Dec

2012

March

2013

June

2013

Sept

2013

SSBCI Funds Expended, Obligated or Transferred

(Cumulative through September 30, 2013)
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Figure 4.

Figure 5.

$126m

$213m

$229m

$432m

$459m

$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, 2013)

57%

50%

44%

36%

7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

Venture Capital Loan Participation Collateral Support Loan Guarantee CAP

Percentage of SSBCI Funds 

Expended, Obligated or Transferred by Program Type 

(Cumulative through September 30, 2013)
6

Figure 6.

Figure 7.

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

Top 10 States by Dollars of 

SSBCI Funds Expended, Obligated or Transferred 

(Cumulative through September 30, 2013)

0%

20%

40%

60%

80%

100%

Top 10 States by Percentage of 

SSBCI Funds Expended, Obligated or Transferred

(Cumulative through September 30, 2013)
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Figure 8.

Figure 9.

98 98

90 85 85 84 79 77 72 66 65 63 62 62 61 60 60 60 60 59 55 52 50 47 44 44 44 43 41 39 38 38 36 36 36 34 32 30 29 28 27 26 26 26 25 22 21 20 19 18 17 16 6 6 1 0 0 0

20

40

60

80

100

120

ID

WV

SC

MT

NH

MI

AR

MO

NC

AL

IA

TN

IN

ND-M

NY

IL

WA

TX

SD

OR

OK

MA

KS

NJ

VT

GA

NE

FL

NM

AZ

WI

DE

CO

LA

PR

RI

UT

PA

AK

MN

HI

GU

MS

CA

NV

VA

KY

MD

ME

DC

OH

ND-C

VI

WY

CT

AS

NMI

Percentage of SSBCI Funds

Expended, Obligated or Transferred by State

(As of September 30, 2013)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

ID

WV

SC

MT

NH

MI

AR

MO

NC

AL

IA

TN

IN

ND-M

NY

IL

WA

TX

SD

OR

OK

MA

KS

NJ

VT

GA

NE

FL

NM

AZ

WI

DE

CO

LA

PR

RI

UT

PA

AK

MN

HI

GU

MS

CA

NV

VA

KY

MD

ME

DC

OH

ND-C

VI

WY

CT

AS

NMI

Millions

SSBCI Allocation Amount by State 

(As of September 30, 2013)
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Appendix A: States Sorted by Percentage of SSBCI Funds Expended, Obligated or Transferred through 9/30/2013

# State Agreement Date Allocated Amount

Expended, Obligated or 

Transferred

Percent

1 Idaho 8/29/2011 $13,136,544 $12,928,281 98%

2 West Virginia 11/18/2011 $13,168,350 $12,868,174 98%

3 South Carolina 7/6/2011 $17,990,415 $16,105,320 90%

4 Montana 7/18/2011 $12,765,037 $10,903,847 85%

5 New Hampshire 7/18/2011 $13,168,350 $11,128,897 85%

6 Michigan 7/6/2011 $79,157,742 $66,625,535 84%

7 Arkansas 10/31/2011 $13,168,350 $10,446,457 79%

8 Missouri 5/23/2011 $26,930,294 $20,718,756 77%

9 North Carolina 5/23/2011 $46,061,319 $33,023,565 72%

10 Alabama 8/24/2011 $31,301,498 $20,698,468 66%

11 Iowa 8/30/2011 $13,168,350 $8,513,764 65%

12 Tennessee 10/4/2011 $29,672,070 $18,763,652 63%

13 Indiana 5/27/2011 $34,339,074 $21,458,373 62%

14 North Dakota, Mandan 8/31/2012 $9,710,768 $5,986,945 62%

15 New York 9/26/2011 $55,351,534 $33,859,189 61%

16 Illinois 7/26/2011 $78,365,264 $47,331,718 60%

17 Washington 10/31/2011 $19,722,515 $11,834,815 60%

18 Texas 8/15/2011 $46,553,879 $27,903,724 60%

19 South Dakota 9/22/2011 $13,168,350 $7,881,575 60%

20 Oregon 8/29/2011 $16,516,197 $9,691,108 59%

21 Oklahoma 7/18/2011 $13,168,350 $7,200,814 55%

22 Massachusetts 9/13/2011 $22,032,072 $11,498,301 52%

23 Kansas 6/28/2011 $13,168,350 $6,641,410 50%

24 New Jersey 9/22/2011 $33,760,698 $15,912,732 47%

25 Vermont 5/23/2011 $13,168,350 $5,843,049 44%

26 Georgia 12/13/2011 $47,808,507 $21,058,858 44%

27 Nebraska 10/4/2011 $13,168,350 $5,798,003 44%

28 Florida 8/24/2011 $97,662,349 $42,115,109 43%

29 New Mexico 10/11/2011 $13,168,350 $5,422,454 41%

30 Arizona 11/7/2011 $18,204,217 $7,122,193 39%

31 Wisconsin 9/22/2011 $22,363,554 $8,580,676 38%

32 Delaware 7/18/2011 $13,168,350 $4,948,031 38%

33 Colorado 10/11/2011 $17,233,489 $6,193,302 36%

34 Louisiana 8/24/2011 $13,168,350 $4,703,147 36%

35 Puerto Rico 10/6/2011 $14,540,057 $5,162,500 36%

36 Rhode Island 9/6/2011 $13,168,350 $4,442,901 34%

37 Utah 9/30/2011 $13,168,350 $4,164,090 32%

38 Pennsylvania 10/6/2011 $29,241,232 $8,742,210 30%

39 Alaska, Anchorage 2/14/2012 $13,168,350 $3,807,277 29%

40 Minnesota 9/30/2011 $15,463,182 $4,255,307 28%

41 Hawaii 5/27/2011 $13,168,350 $3,516,290 27%

42 Guam 9/30/2011 $13,168,350 $3,472,041 26%

43 Mississippi 8/24/2011 $13,168,350 $3,377,706 26%

44 California 5/19/2011 $167,755,641 $42,891,359 26%

45 Nevada 9/30/2011 $13,803,176 $3,407,487 25%

46 Virginia 8/15/2011 $17,953,191 $3,964,867 22%

47 Kentucky 7/28/2011 $15,487,998 $3,271,585 21%

48 Maryland 6/2/2011 $23,025,709 $4,544,472 20%

49 Maine 9/6/2011 $13,168,350 $2,536,795 19%

50 District of Columbia 8/15/2011 $13,168,350 $2,420,988 18%

51 Ohio 9/2/2011 $55,138,373 $9,177,376 17%

52 North Dakota, Carrington 9/28/2012 $3,433,709 $549,137 16%

53 Virgin Islands 10/4/2011 $13,168,350 $822,528 6%

54 Wyoming, Laramie 12/4/2012 $13,168,350 $798,919 6%

55 Connecticut 7/14/2011 $13,301,126 $112,264 1%

56 American Samoa 1/26/2012 $10,500,000 $50,024 0%

57 Northern Mariana 3/14/2012 $13,168,350 $60,988 0%

TOTAL $1,459,154,480* $677,259,351 46%

*Note: The Total Allocated Amount may change from quarter to quarter due to modifications made to individual State allocations.
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Appendix B: States Sorted by Dollars of SSBCI Funds Expended, Obligated or Transferred through 9/30/2013

# State Agreement Date Allocated Amount

Expended, Obligated or 

Transferred

Percent

1 Michigan 7/6/2011 $79,157,742 $66,625,535 84%

2 Illinois 7/26/2011 $78,365,264 $47,331,718 60%

3 California 5/19/2011 $167,755,641 $42,891,359 26%

4 Florida 8/24/2011 $97,662,349 $42,115,109 43%

5 New York 9/26/2011 $55,351,534 $33,859,189 61%

6 North Carolina 5/23/2011 $46,061,319 $33,023,565 72%

7 Texas 8/15/2011 $46,553,879 $27,903,724 60%

8 Indiana 5/27/2011 $34,339,074 $21,458,373 62%

9 Georgia 12/13/2011 $47,808,507 $21,058,858 44%

10 Missouri 5/23/2011 $26,930,294 $20,718,756 77%

11 Alabama 8/24/2011 $31,301,498 $20,698,468 66%

12 Tennessee 10/4/2011 $29,672,070 $18,763,652 63%

13 South Carolina 7/6/2011 $17,990,415 $16,105,320 90%

14 New Jersey 9/22/2011 $33,760,698 $15,912,732 47%

15 Idaho 8/29/2011 $13,136,544 $12,928,281 98%

16 West Virginia 11/18/2011 $13,168,350 $12,868,174 98%

17 Washington 10/31/2011 $19,722,515 $11,834,815 60%

18 Massachusetts 9/13/2011 $22,032,072 $11,498,301 52%

19 New Hampshire 7/18/2011 $13,168,350 $11,128,897 85%

20 Montana 7/18/2011 $12,765,037 $10,903,847 85%

21 Arkansas 10/31/2011 $13,168,350 $10,446,457 79%

22 Oregon 8/29/2011 $16,516,197 $9,691,108 59%

23 Ohio 9/2/2011 $55,138,373 $9,177,376 17%

24 Pennsylvania 10/6/2011 $29,241,232 $8,742,210 30%

25 Wisconsin 9/22/2011 $22,363,554 $8,580,676 38%

26 Iowa 8/30/2011 $13,168,350 $8,513,764 65%

27 South Dakota 9/22/2011 $13,168,350 $7,881,575 60%

28 Oklahoma 7/18/2011 $13,168,350 $7,200,814 55%

29 Arizona 11/7/2011 $18,204,217 $7,122,193 39%

30 Kansas 6/28/2011 $13,168,350 $6,641,410 50%

31 Colorado 10/11/2011 $17,233,489 $6,193,302 36%

32 North Dakota, Mandan 8/31/2012 $9,710,768 $5,986,945 62%

33 Vermont 5/23/2011 $13,168,350 $5,843,049 44%

34 Nebraska 10/4/2011 $13,168,350 $5,798,003 44%

35 New Mexico 10/11/2011 $13,168,350 $5,422,454 41%

36 Puerto Rico 10/6/2011 $14,540,057 $5,162,500 36%

37 Delaware 7/18/2011 $13,168,350 $4,948,031 38%

38 Louisiana 8/24/2011 $13,168,350 $4,703,147 36%

39 Maryland 6/2/2011 $23,025,709 $4,544,472 20%

40 Rhode Island 9/6/2011 $13,168,350 $4,442,901 34%

41 Minnesota 9/30/2011 $15,463,182 $4,255,307 28%

42 Utah 9/30/2011 $13,168,350 $4,164,090 32%

43 Virginia 8/15/2011 $17,953,191 $3,964,867 22%

44 Alaska, Anchorage 2/14/2012 $13,168,350 $3,807,277 29%

45 Hawaii 5/27/2011 $13,168,350 $3,516,290 27%

46 Guam 9/30/2011 $13,168,350 $3,472,041 26%

47 Nevada 9/30/2011 $13,803,176 $3,407,487 25%

48 Mississippi 8/24/2011 $13,168,350 $3,377,706 26%

49 Kentucky 7/28/2011 $15,487,998 $3,271,585 21%

50 Maine 9/6/2011 $13,168,350 $2,536,795 19%

51 District of Columbia 8/15/2011 $13,168,350 $2,420,988 18%

52 Virgin Islands 10/4/2011 $13,168,350 $822,528 6%

53 Wyoming, Laramie 12/4/2012 $13,168,350 $798,919 6%

54 North Dakota, Carrington 9/28/2012 $3,433,709 $549,137 16%

55 Connecticut 7/14/2011 $13,301,126 $112,264 1%

56 Northern Mariana 3/14/2012 $13,168,350 $60,988 0%

57 American Samoa 1/26/2012 $10,500,000 $50,024 0%

TOTAL $1,459,154,480* $677,259,351 46%

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