1
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 June 30, 2015, States deployed a 

total of $1,175,906,190. Of this total, $1,081,082,235 was from original SSBCI 

allocations and $94,823,955 was from recycled3SSBCI funds. These funds 

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

for administrative expenses related to the program.

 Funds deployed increased 5 percent in the second quarter of 2015: The total 

amount of funds deployed increased from $1,118,258,843 as of March 31, 2015 

to $1,175,906,190 as of June 30, 2015, a 5% increase.

 Disbursements exceed $1.2 billion: As of June 30, 2015, $1,261,421,194 out of 

$1,456,685,731 or 87 percent of total allocated funds was disbursed to the States. 

All 57 States received their first disbursement; 55 States received their second 

disbursement; 38 States received their third disbursement. 

 Recycled SSBCI funds exceed $90 million: Through June 30, 2015, twenty-five

States reported recycling $94,823,955 of their program dollars into new SSBCIsupported loans or investments.

 

1 Municipalities in ND,WY, and AK applied for SSBCI when the States did not.

2

SSBCI funds deployed are those legally expended (used to support loans or investments or for administrative 

expenses), obligated (legally committed to support loans or investments or for administrative expenses), or 

transferred (to a contracting entity as reimbursement of expenses incurred or to fund a loan or investment). This

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 deployed 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 business or to a venture capital fund but not yet expended to a specific small business.

3

“Recycled” funds refer to program income, interest earned, or principal repayments that States r edeploy to 

support new transactions. 
2

SSBCI at Work: Featured Success Stories

Arkansas: Raising the Bar in Home Care

Shelly Muscovalley, a veteran Registered Nurse, and Paul Clements, a former retail 

business owner, joined forces to open Above and Beyond Home Care of Central 

Arkansas in 2014. Their vision was to create, not only a home care company, but a 

sustainable caregiving community.

The partners secured key contracts and 

invested their own savings, but as a start-up 

company, could not secure a line of credit they 

needed to finance receivables. Using SSBCI 

funds, the Arkansas Development Finance 

Authority (ADFA) guaranteed a line of credit of 

$35,000 from First Security Bank in Little Rock 

allowing Muscovalley and Clements to launch 

their business.

After just over a year of operation, the home care agency has 60 full and part-time 

employees working an average of 20 hours per week and revenues exceeding $400,000. 

Muscovalley and Clements said the support from ADFA provided the solid foundation 

they needed to realize their goal of providing high quality home care to families in the

Little Rock metro area.

New York: Investing in Start-ups Upstate

Justin Hillary and Sean Pettersen’s fathers experienced negative physical consequences 

from their careers in blue collar work. This background inspired Hillary and Pettersen to 

find a solution for the “Industrial Athletes” that face enormous physical strain on a daily 

basis by launching Strong Arm Technologies, Inc., a company they founded to create 

ergonomic solutions for manual workers. Their signature product, the Strong Arm vest, 

is a patent-pending load distribution 

device that reallocates lifting-load from 

injury-prone parts of the body to 

stronger areas of the torso.

The partners got their start as 

engineering students who incubated 

their idea at the Center for Student 
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Innovation at Rochester Institute of Technology. Their idea won several business plan 

competitions with the support of early investor Excell Innovate NY. Excell, which 

participates in New York’s SSBCI program, has the dual mission of generating returns 

and supporting economic development in Upstate New York. In 2013, Excell invested 

$350,000 of SSBCI funds in Strong Arm and led the investment syndicate by finding coinvestors to bring in an additional $700,000 in matching funds. The investment allowed 

Strong Arm to bring its product to market, where it has been well-received by national 

retailers and delivery companies.

Strong Arm’s success highlights not only the entrepreneurs’ innovation and hard work, 

but also the collaboration of multiple financing and innovation partners in upstate New 

York, an area not traditionally served by venture capital. The journey from student 

inventors to founding partners of a growing company involved venture development 

from Rochester Institute of Technology’s incubator, the Syracuse Law Center, and Excell 

Partners with SSBCI funding from the State of New York. 

Washington, D.C.: Baking Something New in the Nation’s Capital 

After years of running a bakery business online and using the kitchen at her synagogue, 

Yael Krigman wanted to open a brick and mortar retail location for her cakepoppery. In 

2014 she received a $375,000 loan from 

Revere Bank, which was backed by 

collateral support from the District of 

Colombia’s SSBCI program. 

“For years, while I worked full-time, I sought 

out capital options to realize my dream of 

opening the first cakepoppery in the 

District. My business would not have been 

possible without this program,” said 

Krigman. 

In January 2015, Krigman opened Baked by 

Yael, where she offers cakepops, bagels, 

rugelach, black and white cookies, and other delicious baked goods. She ships orders 

across the country and provides delivery services within the District. 
4

Figure 1.

Figure 2.

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300 Millions

(Cumulative through June 30, 2015)

3rd Disbursement

2nd Disbursement

1st Disbursement

Disbursements of SSBCI Allocations

$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

SSBCI Funds Deployed

(Cumulative through June 30, 2015)

Recycled

Funds

Deployed

Allocation

Deployed
5

Figure 3.

Figure 4.

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

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

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

Recycled

Funds

Deployed

Allocation

Deployed

Top 20 States by Dollars of SSBCI Funds Deployed

(Cumulative through June 30, 2015)

100% 100% 100% 100% 100%

99% 99%

98% 98% 98%

97% 97%

96%

94%

93% 93%

92% 92%

90%

89%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Top 20 States by Percentage of SSBCI Funds Deployed*

(Cumulative through June 30, 2015)
6

Figure 5.

Figure 6.

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

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

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

$40,000,000

Recycled

Funds

Deployed

Allocation

Deployed

Top 20 States Year Over Year Change 

by Dollars of SSBCI Funds Deployed*

50% 47%

43% 42% 40%

32% 31% 29%

24% 24% 24% 23% 22% 21% 20% 20% 19% 17% 17% 17%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Top 20 States Year Over Year Change 

by Percentage of SSBCI Funds Deployed*
7

Figure 7.

Figure 8.

$46 m

$233 m

$239 m

$455 m

$484 m

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

CAP

Loan Guarantee

Collateral Support

Venture Capital

Loan Participation

Millions

(As of June 30, 2015)

32%

68%

81%

68%

78%

0.02%

17%

8%

0.17%

8%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Loan CAP

Guarantee

Collateral

Support

Venture

Capital

Loan

Participation

(Cumulative through June 30, 2015)

Recycled Funds

Deployed

Allocation

Deployed

Funds Allocated by Program Type

Percentage of SSBCI Funds Deployed by Program Type
8

Figure 9.

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

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

Figure 10.

100100100100100 99 99 98 98 98 97 97 96 94 93 93 92 92 90 89 88

83 81 81 80 80 79 79 77 75 73 73

71 71 70 67 67 66 66 65 64 64 64 61 60 58

55 52

48 48

38

35 34 33 31

10 5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

SC

PR

VT

ID

ND-M

OR

MT

NH

UT

SD

NC

AR

MO

KS

MI

WV

AL

CO

IL

TX

HI

TN

MS

OK

WA

ND-C

AZ

VA

LA

AK-A

FL

NY

MN

WY-L

NM

MA

IA

GA

NJ

NE

CA

OH

IN

PA

GU

DE

NV

KY

WI

CT

ME

RI

VI

DC

MD

MP

AS

Percentage of SSBCI Allocation Deployed by State*

(As of June 30, 2015)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

SC

PR

VT

ID

ND-M

OR

MT

NH

UT

SD

NC

AR

MO

KS

MI

WV

AL

CO

IL

TX

HI

TN

MS

OK

WA

ND-C

AZ

VA

LA

AK-A

FL

NY

MN

WY-L

NM

MA

IA

GA

NJ

NE

CA

OH

IN

PA

GU

DE

NV

KY

WI

CT

ME

RI

VI

DC

MD

MP

AS

Millions

SSBCI Allocation Amount by State 

(As of June 30, 2015)
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Appendix A: States Sorted by Percentage of SSBCI Allocation Deployed*

(As of 06/30/2015)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent

Recycled Funds 

Deployed

Total Funds 

Deployed***

1 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $5,199,088 $23,189,503 

2 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $2,820,559 $17,360,616 

3 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $961,285 $14,129,635 

4 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $5,826,113 $18,962,657 

5 North Dakota, Mandan 8/31/2012 $9,734,641 $9,717,680 100% $1,866,134 $11,583,814 

6 Oregon 8/29/2011 $16,516,197 $16,403,062 99% $105,424 $16,508,486 

7 Montana 7/18/2011 $12,765,037 $12,625,270 99% $0 $12,625,270 

8 New Hampshire 7/18/2011 $13,168,350 $12,924,351 98% $0 $12,924,351 

9 Utah 9/30/2011 $13,168,350 $12,861,196 98% $985,500 $13,846,696 

10 South Dakota 9/22/2011 $13,168,350 $12,840,495 98% $1,662,411 $14,502,906 

11 North Carolina 5/23/2011 $46,061,319 $44,651,772 97% $0 $44,651,772 

12 Arkansas 10/31/2011 $13,168,350 $12,816,458 97% $1,182,114 $13,998,572 

13 Missouri 5/23/2011 $26,930,294 $25,925,774 96% $225,000 $26,150,774 

14 Kansas 6/28/2011 $13,168,350 $12,334,609 94% $396,072 $12,730,681 

15 Michigan 7/6/2011 $79,157,742 $73,271,534 93% $14,232,172 $87,503,706 

16 West Virginia 11/18/2011 $13,168,350 $12,184,409 93% $350,591 $12,535,000 

17 Alabama 8/24/2011 $31,301,498 $28,670,157 92% $25,809,820 $54,479,977 

18 Colorado 10/11/2011 $17,233,489 $15,786,605 92% $912,939 $16,699,544 

19 Illinois 7/26/2011 $78,365,264 $70,314,604 90% $1,500,000 $71,814,604 

20 Texas 8/15/2011 $46,553,879 $41,309,534 89% $0 $41,309,534 

21 Hawaii 5/27/2011 $13,168,350 $11,638,223 88% $0 $11,638,223 

22 Tennessee 10/4/2011 $29,672,070 $24,562,185 83% $0 $24,562,185 

23 Mississippi 8/24/2011 $13,168,350 $10,707,209 81% $67,750 $10,774,959 

24 Oklahoma 7/18/2011 $13,168,350 $10,655,432 81% $0 $10,655,432 

25 Washington 10/31/2011 $19,722,515 $15,708,379 80% $1,182,217 $16,890,596 

26 North Dakota, Carrington 9/28/2012 $3,433,709 $2,750,650 80% $250,000 $3,000,650 

27 Arizona 11/7/2011 $18,204,217 $14,432,985 79% $0 $14,432,985 

28 Virginia 8/15/2011 $17,953,191 $14,130,240 79% $0 $14,130,240 

29 Louisiana 8/24/2011 $12,366,058 $9,552,480 77% $854,312 $10,406,792 

30 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,964 75% $0 $9,931,964 

31 Florida 8/24/2011 $97,662,349 $71,234,531 73% $24,234,046 $95,468,577 

32 New York 9/26/2011 $55,351,534 $40,544,021 73% $0 $40,544,021 

33 Minnesota 9/30/2011 $15,463,182 $11,035,559 71% $0 $11,035,559 

34 Wyoming, Laramie 12/4/2012 $13,168,350 $9,412,947 71% $0 $9,412,947 

35 New Mexico 10/11/2011 $13,168,350 $9,153,790 70% $0 $9,153,790 

36 Massachusetts 9/13/2011 $20,445,072 $13,728,378 67% $2,158,033 $15,886,411 

37 Iowa 8/30/2011 $13,065,020 $8,781,557 67% $0 $8,781,557 

38 Georgia 12/13/2011 $47,808,507 $31,624,184 66% $407,000 $32,031,184 

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

40 Nebraska 10/4/2011 $13,168,350 $8,562,689 65% $0 $8,562,689 

41 California 5/19/2011 $167,755,641 $106,636,437 64% $0 $106,636,437 

42 Ohio 9/2/2011 $55,138,373 $35,342,184 64% $0 $35,342,184 

43 Indiana 5/27/2011 $34,339,074 $21,810,674 64% $0 $21,810,674 

44 Pennsylvania 10/6/2011 $29,241,232 $17,870,400 61% $760,133 $18,630,532 

45 Guam 9/30/2011 $13,168,350 $7,947,961 60% $0 $7,947,961 

46 Delaware 7/18/2011 $13,168,350 $7,595,788 58% $0 $7,595,788 

47 Nevada 9/30/2011 $13,803,176 $7,568,462 55% $0 $7,568,462 

48 Kentucky 7/28/2011 $15,487,998 $7,985,119 52% $0 $7,985,119 

49 Wisconsin 9/22/2011 $22,363,554 $10,681,180 48% $0 $10,681,180 

50 Connecticut 7/14/2011 $13,301,126 $6,338,492 48% $0 $6,338,492 

51 Maine 9/6/2011 $13,168,350 $4,956,439 38% $0 $4,956,439 

52 Rhode Island 9/6/2011 $13,168,350 $4,644,267 35% $0 $4,644,267 

53 U.S. Virgin Islands 10/4/2011 $13,168,350 $4,457,697 34% $0 $4,457,697 

54 District of Columbia 8/15/2011 $13,168,350 $4,289,427 33% $0 $4,289,427 

55 Maryland 6/2/2011 $23,025,709 $7,192,849 31% $0 $7,192,849 

56 Northern Mariana Islands 3/14/2012 $13,168,350 $1,291,497 10% $0 $1,291,497 

57 American Samoa 2/14/2012 $10,500,000 $571,020 5% $0 $571,020 

TOTAL $1,456,685,731 $1,081,082,235 74% $94,823,955 $1,175,906,190 

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

(As of 06/30/2015)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 California 5/19/2011 $167,755,641 $106,636,437 64% $0 $106,636,437 

2 Florida 8/24/2011 $97,662,349 $71,234,531 73% $24,234,046 $95,468,577 

3 Michigan 7/6/2011 $79,157,742 $73,271,534 93% $14,232,172 $87,503,706 

4 Illinois 7/26/2011 $78,365,264 $70,314,604 90% $1,500,000 $71,814,604 

5 Alabama 8/24/2011 $31,301,498 $28,670,157 92% $25,809,820 $54,479,977 

6 North Carolina 5/23/2011 $46,061,319 $44,651,772 97% $0 $44,651,772 

7 Texas 8/15/2011 $46,553,879 $41,309,534 89% $0 $41,309,534 

8 New York 9/26/2011 $55,351,534 $40,544,021 73% $0 $40,544,021 

9 Ohio 9/2/2011 $55,138,373 $35,342,184 64% $0 $35,342,184 

10 Georgia 12/13/2011 $47,808,507 $31,624,184 66% $407,000 $32,031,184 

11 Missouri 5/23/2011 $26,930,294 $25,925,774 96% $225,000 $26,150,774 

12 Tennessee 10/4/2011 $29,672,070 $24,562,185 83% $0 $24,562,185 

13 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $5,199,088 $23,189,503 

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

15 Indiana 5/27/2011 $34,339,074 $21,810,674 64% $0 $21,810,674 

16 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $5,826,113 $18,962,657 

17 Pennsylvania 10/6/2011 $29,241,232 $17,870,400 61% $760,133 $18,630,532 

18 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $2,820,559 $17,360,616 

19 Washington 10/31/2011 $19,722,515 $15,708,379 80% $1,182,217 $16,890,596 

20 Colorado 10/11/2011 $17,233,489 $15,786,605 92% $912,939 $16,699,544 

21 Oregon 8/29/2011 $16,516,197 $16,403,062 99% $105,424 $16,508,486 

22 Massachusetts 9/13/2011 $20,445,072 $13,728,378 67% $2,158,033 $15,886,411 

23 South Dakota 9/22/2011 $13,168,350 $12,840,495 98% $1,662,411 $14,502,906 

24 Arizona 11/7/2011 $18,204,217 $14,432,985 79% $0 $14,432,985 

25 Virginia 8/15/2011 $17,953,191 $14,130,240 79% $0 $14,130,240 

26 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $961,285 $14,129,635 

27 Arkansas 10/31/2011 $13,168,350 $12,816,458 97% $1,182,114 $13,998,572 

28 Utah 9/30/2011 $13,168,350 $12,861,196 98% $985,500 $13,846,696 

29 New Hampshire 7/18/2011 $13,168,350 $12,924,351 98% $0 $12,924,351 

30 Kansas 6/28/2011 $13,168,350 $12,334,609 94% $396,072 $12,730,681 

31 Montana 7/18/2011 $12,765,037 $12,625,270 99% $0 $12,625,270 

32 West Virginia 11/18/2011 $13,168,350 $12,184,409 93% $350,591 $12,535,000 

33 Hawaii 5/27/2011 $13,168,350 $11,638,223 88% $0 $11,638,223 

34 North Dakota, Mandan 8/31/2012 $9,734,641 $9,717,680 100% $1,866,134 $11,583,814 

35 Minnesota 9/30/2011 $15,463,182 $11,035,559 71% $0 $11,035,559 

36 Mississippi 8/24/2011 $13,168,350 $10,707,209 81% $67,750 $10,774,959 

37 Wisconsin 9/22/2011 $22,363,554 $10,681,180 48% $0 $10,681,180 

38 Oklahoma 7/18/2011 $13,168,350 $10,655,432 81% $0 $10,655,432 

39 Louisiana 8/24/2011 $12,366,058 $9,552,480 77% $854,312 $10,406,792 

40 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,964 75% $0 $9,931,964 

41 Wyoming, Laramie 12/4/2012 $13,168,350 $9,412,947 71% $0 $9,412,947 

42 New Mexico 10/11/2011 $13,168,350 $9,153,790 70% $0 $9,153,790 

43 Iowa 8/30/2011 $13,065,020 $8,781,557 67% $0 $8,781,557 

44 Nebraska 10/4/2011 $13,168,350 $8,562,689 65% $0 $8,562,689 

45 Kentucky 7/28/2011 $15,487,998 $7,985,119 52% $0 $7,985,119 

46 Guam 9/30/2011 $13,168,350 $7,947,961 60% $0 $7,947,961 

47 Delaware 7/18/2011 $13,168,350 $7,595,788 58% $0 $7,595,788 

48 Nevada 9/30/2011 $13,803,176 $7,568,462 55% $0 $7,568,462 

49 Maryland 6/2/2011 $23,025,709 $7,192,849 31% $0 $7,192,849 

50 Connecticut 7/14/2011 $13,301,126 $6,338,492 48% $0 $6,338,492 

51 Maine 9/6/2011 $13,168,350 $4,956,439 38% $0 $4,956,439 

52 Rhode Island 9/6/2011 $13,168,350 $4,644,267 35% $0 $4,644,267 

53 U.S. Virgin Islands 10/4/2011 $13,168,350 $4,457,697 34% $0 $4,457,697 

54 District of Columbia 8/15/2011 $13,168,350 $4,289,427 33% $0 $4,289,427 

55 North Dakota, Carrington 9/28/2012 $3,433,709 $2,750,650 80% $250,000 $3,000,650 

56 Northern Mariana Islands 3/14/2012 $13,168,350 $1,291,497 10% $0 $1,291,497 

57 American Samoa 2/14/2012 $10,500,000 $571,020 5% $0 $571,020 

TOTAL $1,456,685,731 $1,081,082,235 74% $94,823,955 $1,175,906,190 

*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.