STATE SMALL BUSINESS

CREDIT INITIATIVE:

A SUMMARY OF STATES’

QUARTERLY

REPORTS

AS OF

DECEMBER 31, 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, 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 December 31, 2014, States 

deployed a total of $1,057,814,275. Of this total, $992,591,660 was from original 

SSBCI allocations and $65,222,615 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 41 percent on the year: The total amount of funds 

deployed increased from $750,409,513 as of December 31, 2013 to 

$1,057,814,275 as of December 31, 2014, a 41% increase.

• Disbursements exceed $1.1 billion: As of December 31, 2014, $1,184,310,722

out of $1,457,591,353 or 81 percent of total allocated funds was disbursed to the 

 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. "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).
3

States. All 57 States received their first disbursement; 50 States received their

second disbursement; 30 States received their third disbursement. 

• Recycled SSBCI funds exceed $65 million: Through December 31, 2014, 

eighteen States reported recycling $65,222,615 of their program dollars into new 

SSBCI-supported loans or investments.

SSBCI at Work: Featured Success Stories

Vermont: Saving Manufacturing Jobs

When a manufacturer of Kevlar military helmets 

decided to close its Newport, Vermont plant, 48 

well-paying jobs hung in the balance. Those jobs 

were saved when Revision Military, LTD, an Essex 

Junction-based manufacturer of mission-critical 

eyewear for military, law enforcement and tactical 

clients worldwide, established a new subsidiary, 

Revision Ballistics, to purchase the outgoing 

manufacturer’s inventory, machinery and 

equipment.

Revision Ballistics was able to finance the transaction with the help of $960,000 in 

Vermont Economic Development Authority (VEDA) funds, $200,000 in State Small 

Business Credit Initiative (SSBCI) funds and additional financing provided by HSBC Bank. 

“The SSBCI funds were vital to funding this project,” said Jo Bradley, VEDA CEO. 

“Utilizing SSBCI financing, VEDA was able to bridge the financing gap that existed when 

all the bank financing and equity contributions were on the table. Especially for a state 

as small as Vermont, SSBCI funds have made it possible for many more small businesses 

to receive the assistance they need to survive and thrive. Revision Ballistics is an 

example of this type of financing collaboration at work.”

Colorado: Funding Rural Small Businesses

As a result of the economic downturn during the 

recession, the Colorado Mushroom Farm in Alamosa, 

Colorado was forced into Chapter 11 bankruptcy in 

2012 and had to close its doors in 2013, leaving the 

company’s 270 employees unemployed.

Baljit Nanda, the owner and operator of the farm, 

immediately began working with the Colorado Office 
4

of Economic Development and its partner, the Colorado Housing Finance Agency, to 

secure the necessary financing to reopen the farm. They determined it would take $3 

million in financing to save the farm, including $1 million in private financing. 

The challenge lay in obtaining the private financing; the farm did not have sufficient 

collateral to secure the loan, as the total value of the real estate and farm equipment 

had fallen sharply during the recession and had not yet returned to its previous value.

Using Colorado’s SSBCI Cash Collateral Support program to strengthen Nanda’s 

collateral position, First Southwest Bank was able to provide the $1 million loan, 

enabling Nanda to reopen the farm and begin rehiring laid-off employees. Within the 

next year, the Colorado Mushroom Farm projects that all 270 employees will be rehired, 

with the total company payroll injecting approximately $6 million into the region’s 

economy. 

Virginia: Financing Non-profit Social Services Providers

Since 2007, It’s About Time, Inc. has provided 

services to individuals diagnosed with intellectual 

disabilities in Roanoke, Virginia, teaching motor 

functions, communication skills, socialization 

capabilities, and self-care for daily living. When 

It’s About Time was seeking to purchase a 

commercial building to operate their business 

and expand their facility, they approached their community bank, Valley Bank, about a 

loan.

Due to a collateral shortfall, It’s About Time did not have sufficient resources for the 

$527,000 loan. Valley Bank turned to the Virginia Small Business Financing Authority’s

(VSBFA) SSBCI Cash Collateral Program to secure the additional credit enhancement 

needed to approve the loan. As a result of the partnership between Valley Bank and 

VSBFA, It’s About Time has been doubled its square footage and become a safer, more 

client-friendly facility. The company currently employs 76 people and will add 18 to 20 

jobs as a result of the expansion.

“The application process was easy and approval was provided within the week. I look 

forward to using the program in the future and helping small businesses get approved 

that may not otherwise have access to expansion loans,” said William Dixon, Valley 

Bank’s Vice President and Small Business Banking Officer.
5

Figure 1.

$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 December 31, 2014)

3rd Disbursement

2nd Disbursement

1st Disbursement

Disbursements of SSBCI 
6

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

$900,000,000

$1,000,000,000

$1,100,000,000

SSBCI Funds Deployed

(Cumulative through December 31, 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

$100,000,000

(Cumulative through December 31, 2014)

Recycled

Funds

Deployed

Allocation

Deployed

100% 100% 100%

99%

98%

97%

96%

95%

93%

92%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

(Cumulative through December 31, 2014)

Top 10 States by Percentage of SSBCI Funds Deployed*

Top 10 States by Dollars of SSBCI Funds Deployed
8

Figure 6.

Figure 7.

$53m

$230m

$233m

$452m

$489m

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

CAP

Collateral Support

Loan Guarantee

Venture Capital

Loan Participation

Millions

(As of December 31, 2014)

72%

65%

74%

60%

25%

5%

0.12%

7%

10%

0.01%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

Loan

Participation

Venture

Capital

Collateral

Support

Loan

Guarantee

CAP

Recycled

Funds

Deployed

Allocation

Deployed

Funds Allocated by Program Type

Percentage of SSBCI Funds Deployed by Program Type

(Cumulative through December 31, 2014)
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.

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

VT

ID

ND-M

SC

AR

NH

MT

MO

SD

MI

NC

AL

KS

WV

PR

CO

OR

TX

UT

HI

IL

MS

TN

WA

OK

AK-A

NJ

NY

FL

AZ

LA

NMMN

IA

IN

NE

ND-C

WY-L

VA

OH

GA

MA

CA

DE

PA

WI

GU

KY

NV

RI

ME

DC

MD

VI

MP

CT

AS

Millions

(As of December 31, 2014)

SSBCI Allocation Amount by State

10010010099 98 97 96 95 93 92 90 90 90 90 89 88 88

84 83 83 82

78 77 75 75 75 72 71 69 68 68 66 65 64 63 62 61 60 57 56 56 56 54 53 52

46 44

38

32 32 31 28 26 24

6 4 2

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

VT

ID

ND-M

SC

AR

NH

MT

MO

SD

MI

NC

AL

KS

WV

PR

CO

OR

TX

UT

HI

IL

MS

TN

WA

OK

AK-A

NJ

NY

FL

AZ

LA

NMMN

IA

IN

NE

ND-C

WY-L

VA

OH

GA

MA

CA

DE

PA

WI

GU

KY

NV

RI

ME

DC

MD

VI

MP

CT

AS

Percentage of SSBCI Allocation Deployed by State*

(As of December 31, 2014)
10

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

(As of 12/31/2014)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $0 $13,168,350 

2 Idaho 8/29/2011 $13,136,544 $13,101,438 100% $4,108,217 $17,209,655 

3 North Dakota, Mandan 8/31/2012 $9,734,641 $9,734,641 100% $1,336,087 $11,070,728 

4 South Carolina 7/6/2011 $17,990,415 $17,807,849 99% $4,096,811 $21,904,660 

5 Arkansas 10/31/2011 $13,168,350 $12,952,959 98% $793,426 $13,746,385 

6 New Hampshire 7/18/2011 $13,168,350 $12,783,076 97% $0 $12,783,076 

7 Montana 7/18/2011 $12,765,037 $12,314,084 96% $0 $12,314,084 

8 Missouri 5/23/2011 $26,930,294 $25,695,616 95% $0 $25,695,616 

9 South Dakota 9/22/2011 $13,168,350 $12,227,898 93% $0 $12,227,898 

10 Michigan 7/6/2011 $79,157,742 $72,779,826 92% $12,887,272 $85,667,098 

11 North Carolina 5/23/2011 $46,061,319 $41,459,491 90% $0 $41,459,491 

12 Alabama 8/24/2011 $31,301,498 $28,140,128 90% $15,369,908 $43,510,035 

13 Kansas 6/28/2011 $13,168,350 $11,910,934 90% $357,484 $12,268,418 

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

15 Puerto Rico 10/6/2011 $14,540,057 $12,989,708 89% $800,000 $13,789,708 

16 Colorado 10/11/2011 $17,233,489 $15,154,819 88% $0 $15,154,819 

17 Oregon 8/29/2011 $16,516,197 $14,562,492 88% $0 $14,562,492 

18 Texas 8/15/2011 $46,553,879 $39,279,098 84% $0 $39,279,098 

19 Utah 9/30/2011 $13,168,350 $10,975,708 83% $0 $10,975,708 

20 Hawaii 5/27/2011 $13,168,350 $10,968,925 83% $0 $10,968,925 

21 Illinois 7/26/2011 $78,365,264 $64,242,159 82% $0 $64,242,159 

22 Mississippi 8/24/2011 $13,168,350 $10,307,103 78% $67,750 $10,374,853 

23 Tennessee 10/4/2011 $29,672,070 $22,722,365 77% $0 $22,722,365 

24 Washington 10/31/2011 $19,722,515 $14,846,628 75% $250,000 $15,096,628 

25 Oklahoma 7/18/2011 $13,168,350 $9,939,232 75% $0 $9,939,232 

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

27 New Jersey 9/22/2011 $33,760,698 $24,257,304 72% $1,459,013 $25,716,317 

28 New York 9/26/2011 $55,351,534 $39,515,193 71% $0 $39,515,193 

29 Florida 8/24/2011 $97,662,349 $67,800,443 69% $17,040,065 $84,840,508 

30 Arizona 11/7/2011 $18,204,217 $12,428,664 68% $0 $12,428,664 

31 Louisiana 8/24/2011 $13,168,350 $8,921,508 68% $533,125 $9,454,633 

32 New Mexico 10/11/2011 $13,168,350 $8,662,166 66% $0 $8,662,166 

33 Minnesota 9/30/2011 $15,463,182 $10,083,649 65% $0 $10,083,649 

34 Iowa 8/30/2011 $13,168,350 $8,469,401 64% $0 $8,469,401 

35 Indiana 5/27/2011 $34,339,074 $21,707,602 63% $0 $21,707,602 

36 Nebraska 10/4/2011 $13,168,350 $8,166,140 62% $0 $8,166,140 

37 North Dakota, Carrington 9/28/2012 $3,433,709 $2,089,150 61% $0 $2,089,150 

38 Wyoming, Laramie 12/4/2012 $13,168,350 $7,966,380 60% $0 $7,966,380 

39 Virginia 8/15/2011 $17,953,191 $10,144,721 57% $0 $10,144,721 

40 Ohio 9/2/2011 $55,138,373 $30,638,214 56% $0 $30,638,214 

41 Georgia 12/13/2011 $47,808,507 $26,959,437 56% $377,000 $27,336,437 

42 Massachusetts 9/13/2011 $20,445,072 $11,545,101 56% $3,763,133 $15,308,234 

43 California 5/19/2011 $167,755,641 $90,091,388 54% $0 $90,091,388 

44 Delaware 7/18/2011 $13,168,350 $6,940,038 53% $0 $6,940,038 

45 Pennsylvania 10/6/2011 $29,241,232 $15,196,328 52% $495,352 $15,691,680 

46 Wisconsin 9/22/2011 $22,363,554 $10,361,018 46% $0 $10,361,018 

47 Guam 9/30/2011 $13,168,350 $5,856,234 44% $0 $5,856,234 

48 Kentucky 7/28/2011 $15,487,998 $5,900,577 38% $0 $5,900,577 

49 Nevada 9/30/2011 $13,803,176 $4,359,565 32% $1,137,381 $5,496,946 

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 $4,054,478 31% $0 $4,054,478 

52 District of Columbia 8/15/2011 $13,168,350 $3,678,928 28% $0 $3,678,928 

53 Maryland 6/2/2011 $23,025,709 $5,992,849 26% $0 $5,992,849 

54 Virgin Islands 10/4/2011 $13,168,350 $3,211,790 24% $0 $3,211,790 

55 Northern Mariana 3/14/2012 $13,168,350 $756,367 6% $0 $756,367 

56 Connecticut 7/14/2011 $13,301,126 $574,528 4% $0 $574,528 

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

TOTAL $1,457,591,353 $992,591,660 68% $65,222,615 $1,057,814,275 

*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 12/31/2014) 

# State Agreement 

Date 

Allocated 

Amount** 

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed 

Total Funds 

Deployed*** 

1 California 5/19/2011 $167,755,641 $90,091,388 54% $0 $90,091,388 

2 Michigan 7/6/2011 $79,157,742 $72,779,826 92% $12,887,272 $85,667,098 

3 Florida 8/24/2011 $97,662,349 $67,800,443 69% $17,040,065 $84,840,508 

4 Illinois 7/26/2011 $78,365,264 $64,242,159 82% $0 $64,242,159 

5 Alabama 8/24/2011 $31,301,498 $28,140,128 90% $15,369,908 $43,510,035 

6 North Carolina 5/23/2011 $46,061,319 $41,459,491 90% $0 $41,459,491 

7 New York 9/26/2011 $55,351,534 $39,515,193 71% $0 $39,515,193 

8 Texas 8/15/2011 $46,553,879 $39,279,098 84% $0 $39,279,098 

9 Ohio 9/2/2011 $55,138,373 $30,638,214 56% $0 $30,638,214 

10 Georgia 12/13/2011 $47,808,507 $26,959,437 56% $377,000 $27,336,437 

11 Missouri 5/23/2011 $26,930,294 $25,695,616 95% $0 $25,695,616 

12 New Jersey 9/22/2011 $33,760,698 $24,257,304 72% $1,459,013 $25,716,317 

13 Tennessee 10/4/2011 $29,672,070 $22,722,365 77% $0 $22,722,365 

14 Indiana 5/27/2011 $34,339,074 $21,707,602 63% $0 $21,707,602 

15 South Carolina 7/6/2011 $17,990,415 $17,807,849 99% $4,096,811 $21,904,660 

16 Pennsylvania 10/6/2011 $29,241,232 $15,196,328 52% $495,352 $15,691,680 

17 Colorado 10/11/2011 $17,233,489 $15,154,819 88% $0 $15,154,819 

18 Washington 10/31/2011 $19,722,515 $14,846,628 75% $250,000 $15,096,628 

19 Oregon 8/29/2011 $16,516,197 $14,562,492 88% $0 $14,562,492 

20 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $0 $13,168,350 

21 Idaho 8/29/2011 $13,136,544 $13,101,438 100% $4,108,217 $17,209,655 

22 Puerto Rico 10/6/2011 $14,540,057 $12,989,708 89% $800,000 $13,789,708 

23 Arkansas 10/31/2011 $13,168,350 $12,952,959 98% $793,426 $13,746,385 

24 New Hampshire 7/18/2011 $13,168,350 $12,783,076 97% $0 $12,783,076 

25 Arizona 11/7/2011 $18,204,217 $12,428,664 68% $0 $12,428,664 

26 Montana 7/18/2011 $12,765,037 $12,314,084 96% $0 $12,314,084 

27 South Dakota 9/22/2011 $13,168,350 $12,227,898 93% $0 $12,227,898 

28 Kansas 6/28/2011 $13,168,350 $11,910,934 90% $357,484 $12,268,418 

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

30 Massachusetts 9/13/2011 $20,445,072 $11,545,101 56% $3,763,133 $15,308,234 

31 Utah 9/30/2011 $13,168,350 $10,975,708 83% $0 $10,975,708 

32 Hawaii 5/27/2011 $13,168,350 $10,968,925 83% $0 $10,968,925 

33 Wisconsin 9/22/2011 $22,363,554 $10,361,018 46% $0 $10,361,018 

34 Mississippi 8/24/2011 $13,168,350 $10,307,103 78% $67,750 $10,374,853 

35 Virginia 8/15/2011 $17,953,191 $10,144,721 57% $0 $10,144,721 

36 Minnesota 9/30/2011 $15,463,182 $10,083,649 65% $0 $10,083,649 

37 Oklahoma 7/18/2011 $13,168,350 $9,939,232 75% $0 $9,939,232 

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% $1,336,087 $11,070,728 

40 Louisiana 8/24/2011 $13,168,350 $8,921,508 68% $533,125 $9,454,633 

41 New Mexico 10/11/2011 $13,168,350 $8,662,166 66% $0 $8,662,166 

42 Iowa 8/30/2011 $13,168,350 $8,469,401 64% $0 $8,469,401 

43 Nebraska 10/4/2011 $13,168,350 $8,166,140 62% $0 $8,166,140 

44 Wyoming, Laramie 12/4/2012 $13,168,350 $7,966,380 60% $0 $7,966,380 

45 Delaware 7/18/2011 $13,168,350 $6,940,038 53% $0 $6,940,038 

46 Maryland 6/2/2011 $23,025,709 $5,992,849 26% $0 $5,992,849 

47 Kentucky 7/28/2011 $15,487,998 $5,900,577 38% $0 $5,900,577 

48 Guam 9/30/2011 $13,168,350 $5,856,234 44% $0 $5,856,234 

49 Nevada 9/30/2011 $13,803,176 $4,359,565 32% $1,137,381 $5,496,946 

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 $4,054,478 31% $0 $4,054,478 

52 District of Columbia 8/15/2011 $13,168,350 $3,678,928 28% $0 $3,678,928 

53 Virgin Islands 10/4/2011 $13,168,350 $3,211,790 24% $0 $3,211,790 

54 North Dakota, Carrington 9/28/2012 $3,433,709 $2,089,150 61% $0 $2,089,150 

55 Northern Mariana 3/14/2012 $13,168,350 $756,367 6% $0 $756,367 

56 Connecticut 7/14/2011 $13,301,126 $574,528 4% $0 $574,528 

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

TOTAL $1,457,591,353 $992,591,660 68% $65,222,615 $1,057,814,275 

*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.