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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 

to, and invest in, small businesses and small manufacturers.

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

businesses and small manufacturers. States do this by using federal funds for programs that leverage private 

lending and investing to help finance small businesses that are creditworthy, but 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 consortia of municipalities in three states (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.1

• Disbursements exceeded $1 billion: As of December 31, 2013, $1,004,122,392 out of $1,457,567,480 or 69 

percent of total allocations were disbursed. All 57 States had received their first disbursement; 41 States had 

received their second disbursement; and 14 States had received their third disbursement.

• SSBCI funds expended, obligated or transferred by states exceeded $750 million, or more than half 

of all program funds: Through December 31, 2013, States had expended, obligated, or transferred a total 

of $750,409,513 or 51 percent of all allocated funds. Of this total, $744,782,812 was from original SSBCI 

allocations and $5,626,701 is from recycled SSBCI funds.2 These funds support loans or investments to 

small businesses, including to intermediaries, and for administrative expenses related to the program.

• Recycled SSBCI funds exceeded $5 million: Through December 31, 2013, six States reported recycling 

$5,626,701 of their program dollars back into new SSBCI loans or investments.

• States more than doubled their cumulative funds expended, obligated or transferred in 2013: Funds 

expended, obligated or transferred by States accelerated last year, from 19 percent of total allocated funds by 

the end of 2012 to 51 percent by the end of 2013.

• Funds expended, obligated or transferred vary by type of program: Loan Participation Programs have 

expended, obligated or transferred the largest portion of their allocation (57 percent). Venture Capital 

Programs have expended, obligated or transferred the second largest portion or their allocation (55 

percent).

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, 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.

2 “Recycled Funds” refers to the funds that came to the State in the form of program income, interest earned or principal repayments and were 

expended, obligated or transferred in another round of transactions.

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SSBCI at Work: Featured Success Stories

IOWA: Allowing New Industries to Take Root

Millions of healthcare providers are at risk of exposure to 

hazardous drugs each year, resulting in adverse events such 

as cancers, reproductive toxicity and genetic mutations. 

Corvida Medical is an emerging medical device company that 

is developing a product which enables the safe handling of 

hazardous drugs used in the preparation and administration of 

chemotherapy. Corvida’s product has attracted support from the 

National Cancer Institute and the State of Iowa, as well as private 

investors.

In May 2012, the Iowa Economic Development Authority (IEDA) loaned $500,000 to Corvida Medical through 

the Iowa Innovation Acceleration Fund, which the company used to leverage private investment. The investment 

filled a critical need for early stage financing for Corvida. The company was able to hire key staff and pursue 

regulatory clearance for their device. Two years later, the company has raised millions of additional funding and 

is ready to take its product to market. 

“Iowa’s small businesses play an integral role in the state’s economy.  Companies such as Corvida Medical are 

vital not only in terms of exploring innovative technologies, but also in enhancing Iowa’s entrepreneurial climate 

and spurring job growth,” said Debi Durham, director of the Iowa Economic Development Authority.

ARIZONA: Giving Start-Ups the Tools to Exceed Expectations 

Pride Group is an Arizona-based events management company 

providing services for special events, construction services and 

disaster relief assistance. Based on his many years of industry 

experience, founder Robb M. Corwin identified an opportunity to 

start his own business in 2012. 

The company grew quickly, but it needed additional capital to 

purchase equipment and hire quality talent. Despite the founder’s 

long track record, the Pride Group was too young to qualify 

for conventional bank financing until Arizona’s public-private 

economic development organization, the Arizona Commerce 

Authority (ACA), partnered with community bank Commerce Bank of Arizona. As the agency administering 

Arizona’s State Small Business Credit Initiative funds, ACA provided a $1.75 million subordinate loan with 

flexible terms that enabled the bank to lend an additional $2.25 million. The ACA expects to recycle the funds 

committed to this transaction to other borrowers during the SSBCI program period.

“The loan process was clear, concise, fair and as promised, extremely quick,” said Corwin. With the help of 

SSBCI, Pride Group has expanded its operations and hired an additional 79 full-time employees and 495 parttime employees.

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WYOMING: Helping High-Tech Businesses Break New Ground 

Shawn Mills, president of cloud computing center Green House 

Data (GHD), was ready to expand when his small company’s 

initial facility in Cheyenne, Wyoming3 reached 97 percent 

capacity. With customer demand growing, Mills approached 

Capital West Bank to develop a funding package to support an 

expansion into a new 35,000 square-foot facility. 

The initial phase of the project proved challenging. GHD needed 

to provide enough collateral coverage during the construction 

phase when the bank would be advancing up to 90 percent of 

the expansion funding. Capital West contacted Wyoming Smart 

Capital Network, backed by SSBCI, could provide a solution by 

bringing additional collateral to the table through a Collateral Support Program. A plan was put in place for 

the construction phase of the project to include a short-term (one-year) deployment of $1 million in SSBCI 

collateral support,. The federal, state and private sector collaboration bridged a critical and hard-to-fill gap in the 

financing package. By expanding, GHD was able to create an additional 19 jobs for Cheyenne.

 “Green House Data is important to Cheyenne because it helps to diversify our employment base by offering 

more professional and higher paying jobs,” said Diane Wolverton of the Wyoming Smart Capital Network. 

Figure 1: SSBCI by the Numbers

3 A consortium of municipalities led by Laramie, Wyoming, was awarded an allocation of SSBCI funds in 2012.

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Appendix A: States Sorted by Percentage of SSBCI Allocation Expended, Obligated or Transferred (EOT)

(As of 12/31/2013)

# State Agreement Date Allocated Amount Original SSBCI Allocation EOT Percent Recycled Funds EOT Total Funds EOT

1 Idaho 8/29/2011 $13,136,544 $12,958,008 99% $1,390,481 $14,348,489 

2 West Virginia 11/18/2011 $13,168,350 $12,766,485 97% $0 $12,766,485 

3 South Carolina 7/6/2011 $17,990,415 $16,539,840 92% $0 $16,539,840 

4 Montana 7/18/2011 $12,765,037 $11,420,491 89% $0 $11,420,491 

5 Michigan 7/6/2011 $79,157,742 $69,499,751 88% $0 $69,499,751 

6 New Hampshire 7/18/2011 $13,168,350 $11,534,555 88% $0 $11,534,555 

7 Arkansas 10/31/2011 $13,168,350 $10,925,356 83% $25,336 $10,950,692 

8 North Dakota, M 8/31/2012 $9,710,768 $7,677,976 79% $0 $7,677,976 

9 Alabama 8/24/2011 $31,301,498 $24,126,685 77% $0 $24,126,685 

10 Missouri 5/23/2011 $26,930,294 $20,726,986 77% $0 $20,726,986 

11 North Carolina 5/23/2011 $46,061,319 $35,074,295 76% $0 $35,074,295 

12 Washington 10/31/2011 $19,722,515 $14,227,326 72% $0 $14,227,326 

13 Oregon 8/29/2011 $16,516,197 $11,749,601 71% $0 $11,749,601 

14 Illinois 7/26/2011 $78,365,264 $54,757,097 70% $0 $54,757,097 

15 Tennessee 10/4/2011 $29,672,070 $20,346,483 69% $0 $20,346,483 

16 Iowa 8/30/2011 $13,168,350 $8,769,698 67% $0 $8,769,698 

17 Kansas 6/28/2011 $13,168,350 $8,691,324 66% $0 $8,691,324 

18 Texas 8/15/2011 $46,553,879 $30,226,100 65% $0 $30,226,100 

19 Indiana 5/27/2011 $34,339,074 $21,523,467 63% $0 $21,523,467 

20 New York 9/26/2011 $55,351,534 $34,315,973 62% $0 $34,315,973 

21 South Dakota 9/22/2011 $13,168,350 $7,995,319 61% $0 $7,995,319 

22 Colorado 10/11/2011 $17,233,489 $9,657,952 56% $0 $9,657,952 

23 Oklahoma 7/18/2011 $13,168,350 $7,118,925 54% $0 $7,118,925 

24 Vermont 5/23/2011 $13,168,350 $6,907,150 52% $0 $6,907,150 

25 Georgia 12/13/2011 $47,808,507 $24,904,249 52% $377,000 $25,281,249 

26 Nebraska 10/4/2011 $13,168,350 $6,686,301 51% $0 $6,686,301 

27 Florida 8/24/2011 $97,662,349 $48,484,328 50% $0 $48,484,328 

28 Hawaii 5/27/2011 $13,168,350 $6,532,430 50% $0 $6,532,430 

29 Utah 9/30/2011 $13,168,350 $6,015,115 46% $0 $6,015,115 

30 New Jersey 9/22/2011 $33,760,698 $15,057,554 45% $0 $15,057,554 

31 Arizona 11/7/2011 $18,204,217 $7,609,286 42% $0 $7,609,286 

32 New Mexico 10/11/2011 $13,168,350 $5,412,974 41% $0 $5,412,974 

33 Mississippi 8/24/2011 $13,168,350 $5,394,447 41% $67,951 $5,462,398 

34 Puerto Rico 10/6/2011 $14,540,057 $5,812,500 40% $0 $5,812,500 

35 Wisconsin 9/22/2011 $22,363,554 $8,844,367 40% $0 $8,844,367 

36 Louisiana 8/24/2011 $13,168,350 $5,105,628 39% $0 $5,105,628 

37 Delaware 7/18/2011 $13,168,350 $4,948,731 38% $0 $4,948,731 

38 Massachusetts 9/13/2011 $20,445,072 $7,536,721 37% $3,763,133 $11,299,854 

39 Rhode Island 9/6/2011 $13,168,350 $4,495,800 34% $0 $4,495,800 

40 Pennsylvania 10/6/2011 $29,241,232 $9,632,937 33% $2,800 $9,635,737 

41 California 5/19/2011 $167,755,641 $52,783,413 31% $0 $52,783,413 

42 Minnesota 9/30/2011 $15,463,182 $4,802,540 31% $0 $4,802,540 

43 Virginia 8/15/2011 $17,953,191 $5,412,888 30% $0 $5,412,888 

44 Kentucky 7/28/2011 $15,487,998 $4,219,803 27% $0 $4,219,803 

45 Guam 9/30/2011 $13,168,350 $3,545,248 27% $0 $3,545,248 

46 Nevada 9/30/2011 $13,803,176 $3,666,963 27% $0 $3,666,963 

47 Ohio 9/2/2011 $55,138,373 $12,408,155 23% $0 $12,408,155 

48 North Dakota, C 9/28/2012 $3,433,709 $694,156 20% $0 $694,156 

49 Maryland 6/2/2011 $23,025,709 $4,544,472 20% $0 $4,544,472 

50 Maine 9/6/2011 $13,168,350 $2,545,936 19% $0 $2,545,936 

51 District of Columbia 8/15/2011 $13,168,350 $2,452,929 19% $0 $2,452,929 

52 Anchorage 1/26/2012 $13,168,350 $2,417,277 18% $0 $2,417,277 

53 Wyoming, L 12/4/2012 $13,168,350 $2,221,728 17% $0 $2,221,728 

54 Virgin Islands 10/4/2011 $13,168,350 $832,018 6% $0 $832,018 

55 Connecticut 7/14/2011 $13,301,126 $114,064 1% $0 $114,064 

56 American Samoa 2/14/2012 $10,500,000 $50,024 0% $0 $50,024 

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

TOTAL $1,457,567,480* $744,782,812** 51% $5,626,701 $750,409,513**

*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 Expended, Obligated or Transferred (EOT)

(As of 12/31/2013)

# State Agreement Date Allocated Amount Original SSBCI Allocation EOT Percent Recycled Funds EOT Total Funds EOT

1 Michigan 7/6/2011 $79,157,742 $69,499,751 88% $0 $69,499,751 

2 Illinois 7/26/2011 $78,365,264 $54,757,097 70% $0 $54,757,097 

3 California 5/19/2011 $167,755,641 $52,783,413 31% $0 $52,783,413 

4 Florida 8/24/2011 $97,662,349 $48,484,328 50% $0 $48,484,328 

5 North Carolina 5/23/2011 $46,061,319 $35,074,295 76% $0 $35,074,295 

6 New York 9/26/2011 $55,351,534 $34,315,973 62% $0 $34,315,973 

7 Texas 8/15/2011 $46,553,879 $30,226,100 65% $0 $30,226,100 

8 Georgia 12/13/2011 $47,808,507 $24,904,249 52% $377,000 $25,281,249 

9 Alabama 8/24/2011 $31,301,498 $24,126,685 77% $0 $24,126,685 

10 Indiana 5/27/2011 $34,339,074 $21,523,467 63% $0 $21,523,467 

11 Missouri 5/23/2011 $26,930,294 $20,726,986 77% $0 $20,726,986 

12 Tennessee 10/4/2011 $29,672,070 $20,346,483 69% $0 $20,346,483 

13 South Carolina 7/6/2011 $17,990,415 $16,539,840 92% $0 $16,539,840 

14 New Jersey 9/22/2011 $33,760,698 $15,057,554 45% $0 $15,057,554 

15 Idaho 8/29/2011 $13,136,544 $12,958,008 99% $1,390,481 $14,348,489 

16 Washington 10/31/2011 $19,722,515 $14,227,326 72% $0 $14,227,326 

17 West Virginia 11/18/2011 $13,168,350 $12,766,485 97% $0 $12,766,485 

18 Ohio 9/2/2011 $55,138,373 $12,408,155 23% $0 $12,408,155 

19 Oregon 8/29/2011 $16,516,197 $11,749,601 71% $0 $11,749,601 

20 New Hampshire 7/18/2011 $13,168,350 $11,534,555 88% $0 $11,534,555 

21 Montana 7/18/2011 $12,765,037 $11,420,491 89% $0 $11,420,491 

22 Massachusetts 9/13/2011 $20,445,072 $7,536,721 37% $3,763,133 $11,299,854 

23 Arkansas 10/31/2011 $13,168,350 $10,925,356 83% $25,336 $10,950,692 

24 Colorado 10/11/2011 $17,233,489 $9,657,952 56% $0 $9,657,952 

25 Pennsylvania 10/6/2011 $29,241,232 $9,632,937 33% $2,800 $9,635,737 

26 Wisconsin 9/22/2011 $22,363,554 $8,844,367 40% $0 $8,844,367 

27 Iowa 8/30/2011 $13,168,350 $8,769,698 67% $0 $8,769,698 

28 Kansas 6/28/2011 $13,168,350 $8,691,324 66% $0 $8,691,324 

29 South Dakota 9/22/2011 $13,168,350 $7,995,319 61% $0 $7,995,319 

30 North Dakota, M 8/31/2012 $9,710,768 $7,677,976 79% $0 $7,677,976 

31 Arizona 11/7/2011 $18,204,217 $7,609,286 42% $0 $7,609,286 

32 Oklahoma 7/18/2011 $13,168,350 $7,118,925 54% $0 $7,118,925 

33 Vermont 5/23/2011 $13,168,350 $6,907,150 52% $0 $6,907,150 

34 Nebraska 10/4/2011 $13,168,350 $6,686,301 51% $0 $6,686,301 

35 Hawaii 5/27/2011 $13,168,350 $6,532,430 50% $0 $6,532,430 

36 Utah 9/30/2011 $13,168,350 $6,015,115 46% $0 $6,015,115 

37 Puerto Rico 10/6/2011 $14,540,057 $5,812,500 40% $0 $5,812,500 

38 Mississippi 8/24/2011 $13,168,350 $5,394,447 41% $67,951 $5,462,398 

39 New Mexico 10/11/2011 $13,168,350 $5,412,974 41% $0 $5,412,974 

40 Virginia 8/15/2011 $17,953,191 $5,412,888 30% $0 $5,412,888 

41 Louisiana 8/24/2011 $13,168,350 $5,105,628 39% $0 $5,105,628 

42 Delaware 7/18/2011 $13,168,350 $4,948,731 38% $0 $4,948,731 

43 Minnesota 9/30/2011 $15,463,182 $4,802,540 31% $0 $4,802,540 

44 Maryland 6/2/2011 $23,025,709 $4,544,472 20% $0 $4,544,472 

45 Rhode Island 9/6/2011 $13,168,350 $4,495,800 34% $0 $4,495,800 

46 Kentucky 7/28/2011 $15,487,998 $4,219,803 27% $0 $4,219,803 

47 Nevada 9/30/2011 $13,803,176 $3,666,963 27% $0 $3,666,963 

48 Guam 9/30/2011 $13,168,350 $3,545,248 27% $0 $3,545,248 

49 Maine 9/6/2011 $13,168,350 $2,545,936 19% $0 $2,545,936 

50 District of Columbia 8/15/2011 $13,168,350 $2,452,929 19% $0 $2,452,929 

51 Anchorage 1/26/2012 $13,168,350 $2,417,277 18% $0 $2,417,277 

52 Wyoming, L 12/4/2012 $13,168,350 $2,221,728 17% $0 $2,221,728 

53 Virgin Islands 10/4/2011 $13,168,350 $832,018 6% $0 $832,018 

54 North Dakota, C 9/28/2012 $3,433,709 $694,156 20% $0 $694,156 

55 Connecticut 7/14/2011 $13,301,126 $114,064 1% $0 $114,064 

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

57 American Samoa 2/14/2012 $10,500,000 $50,024 0% $0 $50,024 

TOTAL $1,457,567,480* $744,782,812** 51% $5,626,701 $750,409,513**

*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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