STATE SMALL BUSINESS

CREDIT INITIATIVE:

A 

2

SUMMAR

0

Y OF S

14

TATES’

ANNUAL REPORTS
DEPARTMENT OF THE TREASURY

WASHINGTON, D.C. 20220

June 30, 2015

We are pleased to present the Summary of States’ 2014 Annual Reports for the U.S. Treasury’s 

State Small Business Credit Initiative (SSBCI). SSBCI was created by the Small Business Jobs 

Act of 2010 to support private lending and investing in small businesses. From 2011 through 

2014, States reported that they had expended $864 million in SSBCI funds which, in turn, 

supported over 12,400 private sector loans or investments to small businesses totaling $6.4 

billion. 

The state-by-state data show how SSBCI programs operating in all 50 States, the District of 

Columbia and territories have expended their allocated funds to date. The States reported the 

following notable accomplishments:

• State SSBCI programs supported 3,900 loans or investments in 2014.

• State SSBCI programs supported $1.9 billion in new private sector loans or investments 

in 2014.

• Cumulatively, State SSBCI programs have supported $7.36 in private sector loans or 

investments for every $1 in SSBCI funds. Twelve States have already surpassed the goal 

of 10:1 private sector leverage by the end of the program.

• Business owners report that SSBCI funds will help create or save more than

140,000 jobs.

Treasury publishes States’ SSBCI performance data in Quarterly and Annual Reports. In 

addition, Treasury publishes Best Practices from SSBCI state managers, as well as independent 

reports on SSBCI loan programs and venture capital programs.

For more information about SSBCI, visit www.treasury.gov/ssbci. 

Jessica Milano Jeffrey Stout

Deputy Assistant Secretary Director

Small Business, Community Development State Small Business Credit Initiative

And Affordable Housing Policy
On September 27, 2010, President Obama signed into law the Small Business Jobs Act of 2010, creating the 

State Small Business Credit Initiative (SSBCI). 

SSBCI is an innovative program that awards funds to State agencies for lending and investing programs. The 

program allows each State to design its own small business support programs in response to local economic 

conditions. SSBCI programs fall into five categories: Capital Access Programs, Loan Participation Programs, 

Collateral Support Programs, Loan Guarantee Programs, and Venture Capital Programs. 

Through SSBCI, the U.S. Department of the Treasury awarded almost $1.5 billion to 47 states, the District of 

Columbia, five territories, and municipalities in three states to fund programs that support small businesses 

and small manufacturers. Each year Treasury releases a Summary of States’ Annual Report based on data 

submitted by the states in their Annual Reports as required by the statute.

Through the end of 2014, the program has supported over $6 billion in private loans or investments. 

SSBCI has already supported more than 12,400 small businesses 

across the country with loans or investments of $6.4 billion.

Puerto

Rico

American

Samoa Guam U.S. Virgin

Islands

Northern

Mariana Islands

$0 M - $10 M

$10 M - $50 M

$50 M - $100 M

Over $100 M

New Small Business Loans or Investments caused by SSBCI Funding

SSBCI: Summary of States’ 2014 Annual Reports iii
Table of 

Contents

SSBCI Program Types 

1

SSBCI Program Success Stories

4

SSBCI Allocations and Disbursements 

9

SSBCI Program Performance 

11

Appendix A-1: State-by-State Results 29

Appendix A-2: Participating Municipalities .

Appendix A-3: Participating Territories .

Appendix B: SSBCI Funds Expended by 

State .

Appendix C: SSBCI Funds Expended by 

Program Type, by State 62

Appendix D: Top 15 Lenders by Amount 

Loaned and by Number of Loans .

Appendix E: Top 15 Largest SSBCI CDFIs, 

by Number of Loans.  

Acknowledgements 68

• SSBCI funds have supported 

thousands of loans and 

investments that might not 

otherwise have been made 

to small businesses in a wide 

range of sectors. SSBCI financing 

reached small businesses in 

industries ranging from retail trade 

to manufacturing, hospitality, 

and many other types of services. 

Nearly two-thirds of all SSBCI loans 

or investments were for less

than $100,000.

• So far, small businesses have 

reported that SSBCI funds will 

help create or save over 140,000 

American jobs. The small business 

owners who received financing 

reported that they expect that the loans and investments they received will create 

over 48,000 jobs within two years and help retain over 92,000 jobs that were at risk of loss. 

• SSBCI funds support businesses with the highest potential to create new jobs. More than half of all 

SSBCI loans or investments went to businesses less than five years old, which economic research by the 

Kauffman Foundation suggests are more likely to create new jobs than similarly-sized businesses that are 

farther along in their development. In addition, nearly 80 percent of all SSBCI loans and investments went 

to businesses with 10 or fewer employees. 

• Forty-two (42) percent of SSBCI loans and 

investments were made to businesses in 

low- and moderate-income communities. 

SSBCI has been effective in supporting small 

businesses in areas that were hit hardest by the 

recession and where the need is greatest. 

• Through 2014, SSBCI operations have 

generated $7.36 in new small business 

lending or investing for every $1 of federal 

support. Private sector leverage is expected to 

increase before the program ends. 

• SSBCI has helped create more than 87 

new small business support programs. 

Through the availability of SSBCI funds, a new 

infrastructure of credit support programs has 

been created across the country. 

Distribution of SSBCI Loans and Investments by Size and Age of Business

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total Number of Loans or Investments 

0-1 year 

2-5 years 

6-10 years 

>10 years 

Age of Business

0-10 FTE 

11-50 FTEs 

51-100 FTEs 100-250 FTEs 

251-500 FTEs 

Number of Employees

Private Financing Leveraged 

$0.00 

$5.00 

$10.00 

$15.00 

$20.00 

$25.00 

$30.00 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Cumulative 

Amount of Financing Leveraged

by Program Per Dollar of SSBCI Funds

$24.51

$9.99

$6.59 $5.81 $5.19

$7.36

iv SSBCI: Summary of States’ 2014 Annual Reports
v

Table of Contents

SSBCI Program Types 1

SSBCI Program Success Stories 4

SSBCI Allocations and Disbursements 

SSBCI Program Performance 11

Appendix A-1: State-by-State Results 29

Appendix A-2: Participating Municipalities .

Appendix A-3: Participating Territories .

Appendix B: SSBCI Funds Expended by State 61

Appendix C: SSBCI Funds Expended by Program Type, by State .

Appendix D: Top 15 Lenders by Amount Loaned and by Number of Loans .

Appendix E: Top 15 Largest SSBCI CDFIs, by Number of Loans 67

Acknowledgements 68
vi
1

SSBCI PROGRAM TYPES

SSBCI was designed to give States the ability to create small business support programs suited to 

their own local market conditions. SSBCI funds have capitalized five types of programs: Capital 

Access Programs, Loan Participation Programs, Collateral Support Programs, Loan Guarantee 

Programs, and Venture Capital Programs.

Capital Access 

Programs 

Supporting nearly 7,800 small 

businesses 

Capital Access Programs (CAPs) support 

small business lending by creating a funded 

reserve account to cover a portion of losses 

on a portfolio of new small business loans. 

The lender and the borrower contribute two 

to seven percent of the loan amount to the 

lender’s reserve account which, in turn, is 

matched by a State’s SSBCI funds. Losses 

from the lender’s CAP portfolio are recovered 

from its reserve account until the account is 

depleted.

Key Facts

• CAPs operate in 24 States and supported 

the origination of nearly 7,800 new small 

business loans – the most of any SSBCI 

program type – totaling almost $400 million.

• Filling a significant gap in the small business 

lending landscape, the average CAP loan size 

stands at approximately $50,000. 

• According to small business owners who 

received financing, SSBCI CAPs have 

supported the creation of over 8,500 jobs and 

the retention of more than 37,500 jobs at risk 

of loss. 

Collateral Support 

Programs 

Helping businesses in the hardest 

hit communities 

Collateral Support Programs (CSPs) support 

small business lending by using SSBCI funds 

to fill a collateral gap for otherwise strong 

businesses. In evaluating a loan, lenders may 

find that the value of a business’s collateral is 

deficient, an occurrence common in markets 

where the economy has not fully recovered 

from the recession. Using funds from a CSP, 

a State makes a cash deposit at the financial 

institution lender to cover a portion of the 

collateral gap for the loan. 

Key Facts

• Michigan created the first CSP in 2009 with 

State appropriations.

• CSPs now operate in 17 States and supported 

862 loans totaling over $860 million through 

2014.

• The average total financing per small 

business for CSPs is $1.00 million. CSPs have 

leveraged $5.19 for every $1 in SSBCI funds.

• States have deployed 71 percent of the 

funding they received for CSPs, the highest 

percentage of funds deployed by any SSBCI 

program type.

PROGRAMS
2

Loan Participation 

Programs 

Creating and saving over 30,000

jobs with innovative financing 

Loan Participation Programs (LPPs) support 

small business lending by providing a portion 

of the capital for a financial institution’s 

small business loan. States can use SSBCI 

funds to purchase a portion of a financial 

institution’s loan. This is known as a purchase 

LPP. Alternatively, States can use SSBCI funds 

to make a direct loan, known as a companion 

LPP. In both cases, the portion funded with 

SSBCI funds is typically subordinate in its claim 

on collateral to a financial institution’s interest, 

providing a crucial boost for small business 

lending.

Key Facts

• LPPs operate in 39 States and supported 

nearly $2.2 billion in loans through 2014, the 

most of any SSBCI program type. 

• The average total financing per small 

business for LPPs is over $1.6 million. LPPs 

have leveraged $6.59 for every $1 in SSBCI 

funds.

• States have deployed 66 percent of the 

funding they received for LPPs, the second 

highest percentage of funds deployed by any 

SSBCI program type.

Venture Capital 

Programs 

Financing innovative new 

businesses to create new jobs 

Venture Capital Programs (VCPs) support small 

business investing by injecting equity in startups and other emerging businesses that might 

not otherwise obtain financing. States make 

direct equity investments or, alternatively, 

States invest in privately managed equity 

funds, which must attract other investors 

before investing in small businesses.

Most VCPs describe their programs as “earlystage financing” for businesses that are not yet 

established enough for traditional investors. 

To date, VCPs have targeted early stage 

companies with a median age of 3 years.

VCPs facilitate private sector investments by 

supplementing capital from private investors. 

In many cases, SSBCI supported VCPs are filling 

gaps in markets not served by the traditional 

venture capital industry and expect to 

stimulate private equity investing. 

Key Facts

• VCPs operate in 38 States and supported 

investments in 935 businesses, totaling $2.1 

billion through 2014. 

• The average total financing per small 

business for VCPs is $2.3 million. Through 

2014, VCPs have leveraged $10 for every $1 in 

SSBCI funds.

• 81% of SSBCI supported investments 

are in the Professional, Scientific, and 

Technical Services; Information; and 

Manufacturing Sectors.

PROGRAMS
3

Loan Guarantee 

Programs 

Sharing risk to increase small 

business lending

Loan Guarantee Programs (LGPs) support 

small business lending by sharing the lender’s 

risk of loss. The guarantees support loans to 

businesses that do not fit traditional lending 

criteria. State guarantees range from 50% 

-80% of a loan and states commonly work with 

small lenders who don’t participate in federal 

guarantee programs run by SBA and USDA. 

The State shares the lender’s loss in the event 

the borrower cannot repay the loan. 

Prior to SSBCI, state-funded LGPs operated 

successfully in California, Maryland, Oregon, 

and elsewhere, but were running out of funds. 

SSBCI not only re-started and ramped up these 

existing programs, but also funded new LGPs 

like the one in Florida.

Key Facts • SSBCI-funded LGPs operate in 19 States and 

supported 1,530 loans, totaling almost $800 

million through 2014.

• The average total financing per small 

business for LGPs is $521,000. Through 2014, 

LGPs have leveraged $5.81 for every $1 in 

SSBCI funds.

• Some States offer SSBCI loan guarantees to 

support bridge financing that is necessary 

before a project’s permanent loan is in place.
4

SSBCI PROGRAM SUCCESS STORIES

States use SSBCI funds to stimulate private financing of small businesses. The following success 

stories represent the wide range of small businesses, locations, and credit gaps addressed 

by SSBCI.

Virginia

Helping Small Businesses

Expand Opportunities

Since 2001, Kee World Trading Company, an 

established importer and wholesaler of Asian 

and Indian grocery goods in Stafford County, 

Virginia, has supplied regional and national 

grocery stores and wholesalers supporting U.S. 

military commissaries. Recently, the womanand minority-owned company obtained two 

sales contracts with the U.S. Department of 

Defense: one for dry goods and one for frozen 

goods. 

Due to the longer payment cycles associated 

with its federal contracts, Kee World Trading 

Company needed short-term working capital. 

Owner and President Jacqueline Klimek 

turned to the Virginia Small Business Financing 

Authority (VSBFA). VSBFA’s SSBCI Cash 

Collateral Program provided Kee World Trading 

Company with $240,000 to support a $600,000 

line of credit with Access National Bank. 

As a result of the financing, the company 

expects to create three new full-time jobs. 

Michigan

Investing in Local Jobs

Feyen Zylstra is an electrical contractor that 

specializes in complex industrial, commercial, 

and institutional electrical projects. The 

Michigan contractor serves clients across 

the country and has offices in Grand Rapids 

and Traverse City, Michigan, and Nashville, 

Tennessee. 

Anticipating future growth, the company 

was interested in upgrading its Grand Rapids 

headquarters by purchasing and renovating 

the former Kenowa Hills Elementary School. 

The company looked to Bank of America for 

assistance with securing financing for the 

acquisition and renovation of the elementary 

school. 

With a $1.32 million investment from the 

Michigan Strategic Fund’s Collateral Support 

Program, which is supported by SSBCI, Feyen 

Zylstra was able to secure an additional $3.72 

million investment from the private sector to 

pursue a new construction loan. Feyen Zylstra 

estimates it will increase its workforce by 58 

jobs over the next five years.
5

Florida

Flexibility to Diversify and Expand

Since its founding 17 years ago, Network Assets 

has offered broadband hardware, software, 

and services to telephone companies and 

internet service providers in the United States, 

Europe, Latin America, and the Caribbean.

Network Assets sought financing to expand 

and diversify the business, but volatile historic 

revenues were a barrier to bank financing. 

Network Assets’ revenues suffered during the 

recession and, as an exporter, because of 

currency fluctuations. Using SSBCI funds, the 

Florida Export Finance Corporation (FEFC) 

guaranteed a $1.5 million revolving line of 

credit with Mercantil Bank and arranged export 

credit risk insurance from the Export-Import 

Bank of the United States. The working capital 

guaranteed by FEFC allowed Network Assets to 

hire four new professionals. This new 

manpower will allow the company to diversify 

and expand its mid-size market product line to 

additional countries and new segments, which 

is projected to produce more than $5 million in 

additional annual sales.

Pennsylvania

Helping Renters Become Owners

Immersion Research, a leading maker of 

kayaking gear, was at risk of losing its building 

– a former school located along Pennsylvania’s 

Youghiogheny River. Kara and John Weld, the 

company’s owners, were able to access funding 

through the Progress Fund when they 

discovered their landlord no longer wanted to 

rent the property and was interested in selling. 

The Progress Fund, a CDFI, works to provide 

loans to businesses that face challenges in 

accessing loans from large financial 

institutions. 

Through the Progress Fund and the 

Pennsylvania Small Business Credit Initiative, 

the Welds secured a $250,000 loan to cover 

nearly the entire cost of buying and renovating 

their company’s now permanent home. 

Ownership has allowed the Welds to improve 

their building’s function, energy efficiency, and 

aesthetic appeal.

“People come from all over the world to kayak 

the Yough. Paddlers stop by to see where stuff 

is made and repaired. We’re well known in 

our sport and people love that we’re a local 

company and we’re right on the river,” said Kara 

Weld, co-owner of Immersion Research.
6

South Dakota

Making Small Business

Ownership a Reality

Good friendships, customer gratification, and 

small town hospitality brought Brian and Jessi 

Fromm back to Kadoka, South Dakota. When 

the Fromms heard that the owners of Hogan’s 

Hardware were selling their store after being 

in business for 67 years, they jumped at the 

chance to pursue their dream of owning a 

hardware store. With the help of the Governor’s 

Office of Economic Development (GOED), the 

Fromm family was able to turn their dream into 

a reality.

 “We told them what we needed and it was 

done. It was that easy. The GOED put us under 

their wing, sped up the process and got us 

through it,” said Brian Fromm. 

The Fromms received a $70,100 loan from 

South Dakota WORKS, the newest financing 

program in the GOED supported by the U.S. 

Treasury’s State Small Business Credit Initiative. 

The program provides South Dakota small 

businesses, like Fromm’s Hardware & Plumbing, 

with working capital funds. 

“If we hadn’t gotten the SD WORKS Loan and 

help from the GOED, Fromm’s Hardware would 

have been impossible to finance,” said Jessi 

Fromm.

The additional working capital from South 

Dakota WORKS has helped Fromm’s Hardware 

expand its inventory, provide additional 

services to its customers, and create new jobs.

Kentucky

Investing in Community Wellness

Grace Community Health Center, Inc. is a 

federally qualified health center (FQHC) 

headquartered in Gray, Kentucky with three 

additional locations throughout the state. 

Founded in 2008, Grace Community Health 

Center provides services to both insured 

and uninsured patients as a nonprofit health 

provider. 

Grace Community Health Center wanted 

to expand its footprint by acquiring 

Women’s Health Associates and Corbin 

Pediatric Associates. However, the process 

of transferring the Medicaid and Medicare 

certifications belonging to the practices to 

Grace Community Health Center would take six 

to nine months, delaying reimbursements for 

medical services rendered.

Grace Community Health Center partnered 

with Forcht Bank and the Kentucky Small 

Business Credit Initiative through the KY 

Collateral Support Program to secure a 

$600,000 line of credit to fund operating 

expenses incurred during the transitional 

period. The line of credit provided vital working 

capital to allow Grace Community Health 

Center to expand its health and wellness 

services to the community.
7

Washington

Helping a Veteran-Owned Business 

Upgrade Its Facilities

Serving more than 60,000 visitors each year, 

Sunbanks Resort sits on 197 acres and 5,000 

feet of waterfront on Banks Lake in Electric City, 

Washington, and is home to camping, lodging 

and marina facilities, along with a restaurant 

and general store.

To increase the number of summer guests, 

Sunbanks Resort owner Patrick Welton needed 

to replace its old wells with a reliable water 

source, upgrade its marina, and add more 

lodging. However, with the full-service resort 

operating as a seasonal business and residing 

on leased Department of Natural Resources 

land, traditional bank financing was difficult to 

obtain. 

Together, First Sound Bank and Craft3, using 

loans made possible through Washington’s 

Small Business Credit Initiative, were able to 

provide Welton the capital needed to install a 

3,000-foot water line from Electric City, and add 

new beach front units and a 50-slip marina. 

Welton was also able to leverage $5 million 

in additional public and private investments. 

Within the next year, Sunbanks Resort projects 

that 19 new full-time jobs will be created or 

retained as a result of financing.

California

Feeding the Hungry and Providing 

Job Training

After 24 years at the helm of the D.C. Central 

Kitchen, Robert Egger wanted to bring his 

pioneering “community kitchen” concept to Los 

Angeles. Through the creation of L.A. Kitchen, 

Egger would be able to expand his nationallyrecognized culinary training program for 

at-risk individuals that uses food donated by 

hospitality businesses and farms. 

As a nonprofit start-up, it was difficult for 

L.A. Kitchen to find conventional financing. 

This meant that the program and its future 

growth were in danger. However, through 

the California Small Business Loan Guarantee 

Program, an SSBCI-supported loan program 

administered by IBank, L.A. Kitchen was 

able to obtain $2 million in funding for a 

20,000-square-foot facility. 

“Unlike traditional charities, L.A. Kitchen is 

a social enterprise that will create jobs for 

hard-to-employ citizens and reinvest all our 

profit back into our community,” said Eggers. 

“Without visionary partners like the Small 

Business Financial Development Corporation 

of Orange County, the Nonprofit Finance Fund 

and IBank, programs like L.A. Kitchen would 

stay just that...a vision. Now, we’re about to 

open our doors, and start helping people get 

great jobs.” 

As a result of the loan, L.A. Kitchen will be 

able to retain all eight of its employees and 

create 52 additional jobs. The loan will also 

allow more than 100 students, primarily 

foster youth and previously incarcerated 

adults, to participate in the program annually. 

Continuing a cycle of giving back, graduates 

will leave the program with a culinary 

certification and job placement support, while 

the food produced will be given to various 

community programs.
8

Oklahoma

Helping Local Startups Go Global

WeGoLook was founded to help consumers 

verify online purchases. WeGoLook leverages 

a nationwide network of 18,000 field agents 

known as “Lookers” for on-site verification, 

inspection services, and custom tasking for 

businesses and individuals. 

“It didn’t take us very long to figure out that 

larger enterprise and corporate clients could 

utilize the service we offer with even larger 

repeat business bases,” co-founder Robin Smith 

said.

Riding the momentum of organic growth, 

WeGoLook was inspired to upgrade its 

proprietary mobile inspection technology 

to include instant uploads and geotagging. 

The company partnered with i2E, a nonprofit 

corporation that mentors startup companies 

and manages Oklahoma’s SSBCI funds, to take 

the next step towards fundraising.

In a market not well served by traditional 

venture capital, WeGoLook closed $1.75 million 

in equity investment during its first significant 

investment round. i2E led the round with a 

$325,000 investment. 

WeGoLook has since forged partnerships with 

companies like eBay Motors, JPMorgan Chase, 

and one of the nation’s largest insurance 

companies. Since its start in 2010, the startup 

has created more than 40 jobs for Oklahoma, 

and the company’s Looker network has 

stretched to the U.K., Canada, and Australia.

Oregon

Ramping up Production

Boneyard Brewery in Bend, Oregon was named 

after the “boneyard” of salvaged brewing 

equipment from which it was built. Tony 

Lawrence, head brewer of Boneyard Brewery 

and former keg washer and brewery 

equipment builder, pieced together Boneyard 

Brewery with refurbished brewing equipment 

from 13 different breweries from around the 

country. 

Given that Boneyard Brewery is an early 

stage company without a historical cash 

flow to service the proposed expansion 

loan, a guarantee was required to secure 

the financing. Business Oregon signed on to 

help Boneyard Brewery acquire equipment 

and grow into a 15,000 square foot plant 

in Northeast Bend. Using SSBCI funds, 

Business Oregon guaranteed 50 percent of 

an equipment loan from Columbia State Bank 

to Boneyard in early 2013, the final piece of 

financing for the expansion. 

According to Columbia State Bank, Oregon’s 

Credit Enhancement Fund, a loan guarantee 

program, “allowed us to rely more heavily 

on the projected future income and 

growth the borrower was experiencing. 

The guarantee allowed us to support the 

customer’s expansion before the borrower 

met conventional underwriting terms.” Less 

than three years after brewing its first keg of 

beer, Boneyard Brewery has grown to become 

Oregon’s 11th largest microbrewery, in a state 

with over 160 small craft breweries.
9

SSBCI Allocations and Disbursements

Amount of Allocations 

A formula in the Act determined the SSBCI allocation based on loss of jobs and unemployment levels 

per state1

. Each State received a minimum allocation of 0.9 percent of the total funding, equal to $13.2 

million (see Appendix A for specific allocation amounts).”

Figure 1: SSBCI Allocations

(Cumulative through 2014)

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Mariana Islands

Less than $15M allocated

$15M to $30M allocated

$30M to $60M allocated

More than $60M allocated

Note: AK, WY and ND did not apply for allocations. Treasury allocated funds to municipalities in those states.

1 Under the Small Business Jobs Act of 2010 (Act), the governor of each State designated an agency to apply for an SSBCI 

allocation. Municipalities could apply for an allocation if their state did not submit a notice of intent to apply for funds or 

complete an application prior to June 27, 2011. Treasury awarded allocations to municipalities in Alaska, North Dakota, and 

Wyoming. For simplicity, each participating entity will be referred to as a “State.”

ALLOCATIONS
10

Disbursements to States 

States draw down their allocations in three disbursements. States received their first disbursements 

after they signed their Allocation Agreements. States draw their second and third disbursements after 

they expend, obligate, or transfer 80 percent of the prior disbursement. Through 2014, 50 States have 

drawn their second disbursement and 30 States have drawn their third disbursement.

Figure 2: SSBCI Disbursements to States

(Through 2014)

Puerto

Rico

American

Samoa U.S. Virgin Guam

Islands

Northern

Mariana Islands

Initial Disbursement

2nd Disbursement

3rd Disbursement

Note: The Mandan, ND Consortium received its 3rd Disbursement and the Carrington, ND Consortium received its 2nd Disbursement.

ALLOCATIONS
11

SSBCI Program Performance

2014 marked the third full calendar year of operation for every State’s SSBCI program. This section 

highlights various measures of performance assembled from the States’ Annual Reports.2

Total Loans and Investments Made

Over 12,400 loans or investments were supported by SSBCI funds through 2014, resulting in nearly 

$6.4 billion of newly available capital for small businesses nationwide. This is the total value of 

financing provided to the borrower as a result of the SSBCI funds, or in the case of state venture capital 

programs, the total amount invested in the business as a result of the SSBCI funds. The cumulative 

amount of SSBCI funds expended reached $864 million through 2014. States recycled an additional 

$44 million that was repaid to support new loans and investments.

Figure 3: Number of SSBCI-Supported Loans or Investments,

SSBCI Funds Expended, and Amount Loaned or Invested 

(Annual and Cumulative)

0 

2,000 

4,000 

6,000 

8,000 

10,000 

12,000 

Number of Loans/Investments 

Number of Loans/ Investments 

Loan Participation 

Venture Capital 

Loan Guarantee 

Collateral Support 

CAP 

$45 M $0 M $0 M $3 M $40 M 

$44 M 

SSBCI Funds Expended 

Recycled Dollars 

SSBCI Funds 

Expended 

$387 M 

$2,037 M $2,077 M 

$6,357 M 

$ 0 

$1,000 

$2,000 

$3,000 

$4,000 

$5,000 

$6,000 

$7,000 

Millions of Dollars 

Amount Loaned/Invested 

157 303 384 

862 

372 480 567 

1,531 

215 331 364 

935 

444 

427 414 

1,340 

2011 

2012 2013 

2014 

2011 

2012 2013 

2014 

2011 

2012 

2013 

2014 

$1,855 M 

Cumulative 

Cumulative 

Cumulative 

941 2,335 2,294 2,183 7,753 $222 M $320 M $277 M $864 M 

2 The data throughout this report are based on 2014 Annual Reports and have not been independently verified or audited 

by Treasury.

PROGRAM PERFORMANCE
12

Allocations by Program Type

Each State has the authority to design a program suited to local conditions. LPPs and VCPs have the 

largest proportion of SSBCI funds allocated. 

Figure 4: Total SSBCI Funds Allocated by Program Type 

(Cumulative through 2014)

34% 

31% 

16% 

16% 

4% 

0% 10% 20% 30% 40% 

Loan Participation 

Venture Capital 

Loan Guarantee 

Collateral Support 

CAP 

Percent of Total Allocation ($1.46 billion)

PROGRAM PERFORMANCE
13

Private Financing Leveraged 

Through 2014, States leveraged $7.36 in private capital for each $1 of SSBCI funds.3 As loans are repaid 

and SSBCI funds return to the State, leverage will increase by recycling SSBCI funds into new loans or 

investments. SSBCI funds are not loans to a State; the SSBCI funds should continue to recycle until they 

are dissipated by loan losses.

Figure 5: Amount of Private Financing Leveraged

Per Dollar of SSBCI Funds Expended, by Program Type

(Cumulative through 2014)

Private Financing Leveraged 

$0.00 

$5.00 

$10.00 

$15.00 

$20.00 

$25.00 

$30.00 

Capital Access 

Loan Guarantee 

Collateral Support 

Venture Capital 

Loan Participation 

Cumulative 

Amount of Financing Leveraged

by Program Per Dollar of SSBCI Funds

$24.51

$9.99

$6.59 $5.81 $5.19

$7.36

Capital Access Programs (CAPs) had the highest leverage ratio with an average of $24.51 in private 

capital for every $1 of SSBCI funds. In CAPs, financial institution lenders and small business borrowers 

contribute a small percentage of the loan amount to a reserve account held by the lender, which is 

matched by States using SSBCI funds. Because the State contribution per loan is small, the leverage 

ratio for CAPs is significantly higher than for other credit support programs.

Loan Participation programs generally have a higher private capital leverage ratio relative to Loan 

Guarantee Programs and Collateral Support Programs. Participation programs are commonly used in 

larger projects. For further illustration please see Figure 9.

3 Private leverage calculations include SSBCI funds used for administrative expenses and exclude non-private sources.
14

Jobs Created and Retained

Business owners report that the expenditure of SSBCI funds will lead to the creation and retention 

of more than 140,000 jobs, with more than 48,000 jobs being created and more than 92,000 jobs 

retained. Business owners are asked to estimate the number of full-time jobs that will be created 

within 24 months or will be retained that were at risk of loss.4

Figure 6: Jobs Created and Retained 

(Annual and Cumulative)

3,464 

13,625 15,527 15,965 

48,581 

Number of Jobs 

Jobs Created 

7,611 

28,288 26,984 29,529 

92,412 

Jobs Retained 

11,075 

41,913 42,511 45,493 

140,992 

Jobs Created or Retained 

0 

20,000 

40,000 

60,000 

80,000 

100,000 

120,000 

140,000 

2011 2012 2013 2014 

Cumulative 

2011 2012 2013 2014 

Cumulative 

2011 2012 2013 2014 

Cumulative

4 Jobs Created include the number of new Full-Time Equivalent (FTE) jobs expected to be created as a direct result of the 

loan; according to the business owner, these jobs will materialize within two years from the date of the loan closing. Jobs 

Retained is the number of FTE jobs retained as a direct result of the loan that were at risk of loss. These numbers may 

duplicate job estimates for any loans reported under federal programs such as the SBA CDC/504 Loan Program. Treasury 

does not validate or audit these estimates.
15

Figure 7: Jobs Created and Retained by Program Type

(Cumulative through 2014)

Program Type Jobs Created Jobs Retained

Capital Access 8,570 37,662

Collateral Support 8,043 8,245

Loan Guarantee 9,063 23,435

Loan Participation 14,418 16,427

Venture Capital 8,487 6,643

Totals 48,581 92,412

Capital Access Programs had the highest total among SSBCI program types for jobs created and 

retained, including being credited for having retained more than 37,000 jobs at risk of loss through 

2014. Loan Participation Programs were credited with creating more than 14,000 new jobs through 

2014, the most among SSBCI program types. 
16

Loans or Investments Supported by Program Type

The number and dollar amounts of total loans or investments supported by SSBCI funds varied by 

program type.

Figure 8: Total Amount of Private Financing and

Number of Loans or Investments by Program Type

(Cumulative through 2014)

$2,178 M $2,131 M 

$863 M $798 M 

1,340 $387 M 

935 862 

1,531 

7,753 

0 

1,000 

2,000 

3,000 

4,000 

5,000 

6,000 

7,000 

8,000 

9,000 

$0 

$500 

$1,000 

$1,500 

$2,000 

$2,500 

Number of Loans/Investments

Millions of Dollars 

Loan Participation Venture Capital Collateral Support Loan Guarantee Capital Access 

Capital Access Programs made the largest cumulative number of loans or investments through 2014, 

with nearly 7,800. 

Loan Participation Programs accounted for the highest total dollar amount loaned or invested through 

2014, nearly $2.2 billion.
17

Average Total Amount of Private Financing by Program Type

States report the loan or investment amount supported by SSBCI funds. The average loan or 

investment amount directly supported by SSBCI was $369,000, leading to total private financing per 

small business of $512,000. This figure varied by program type.

Figure 9: Average Total Private Financing

Caused by SSBCI Funds, by Program Type

(Cumulative through 2014)

$50 K 

$1,001 K 

$521 K 

$1,626 K 

$2,279 K 

$512 K 

$.0 M 

$.5 M 

$1.0 M 

$1.5 M 

$2.0 M 

$2.5 M 

Millions of Dollars 

Capital Access Collateral Support Loan Guarantee Loan Participation Venture Capital Overall 

The average private financing amount caused by SSBCI funds for Venture Capital Programs was 

almost $2.3 million per business. The average total financing amount caused by SSBCI funds for Loan 

Participation Programs was $1.6 million per business. On the other end of the spectrum, Capital 

Access Programs supported average private financing of about $50,000 per small business. 
18

Distribution of Loans or Investments by Amount 

Two-thirds of the private financing caused by SSBCI funds are for amounts less than $100,000. 

Figure 10: Distribution of SSBCI-Supported Loans or Investments by Amount 

(Cumulative through 2014)

 < $100 K 

 $100 -$499 K 

 $500 -$999 K 

$1.0 - $4.9 M 

$5.0 - $9.9 M 

> $10.0 M 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

While loans and investments amounts under $100,000 account for four percent of the total dollar 

amount of SSBCI-supported loans or investments through 2014, they account for over 60 percent of all 

transactions. 

Total financings greater than half a million dollars represent 83 percent of the total dollar amount 

loaned or invested but represent just 16 percent of the total number of loans or investments made.
19

Loans or Investments Made in Low- and Moderate-Income Communities

More than four out of every ten SSBCI supported loans or investments were made to businesses in 

low- and moderate-income communities.5

 

Figure 11: Percent of SSBCI-Supported Loans or Investments (by Number) in

Low- and Moderate-Income Communities, by Program Type

(Cumulative through 2014)

46% 

31% 

34% 

32% 

38% 

42% 

0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 

CAP 

Collateral Support 

Loan Guarantee 

Loan Participation 

Venture Capital 

Overall 

Percent of Total Number of Loans or Investments 

All five program types made a substantial portion of their SSBCI-supported loans or investments in 

low- and moderate-income communities, with a high of 46 percent for Capital Access Programs.

5 Calculated from total number of loans or investments made in low- and moderate-income census tracts. The “Low and 

Moderate Income” categorizations are derived from income data from the Census Bureau. The SSBCI Annual Report 

transaction statistics are linked to 2010 data from the Census Bureau’s 5-year American Community Survey which is the 

successor to the decennial census for census tract level data for income and poverty data. “Low income” households earn 

less than 50 percent of area median income. “Moderate income” households earn between 50 percent and 80 percent of 

area median income.
20

Distribution for Loans or Investments, by Industry

Across industry sectors, manufacturing accounted for the largest share of total loans or investments 

caused by SSBCI funds by total dollar amount.6

Figure 12: SSBCI-Supported Loans or Investments, by Industry

(Cumulative though 2014)

Manufacturing 

Professional, Scientific, and 

Technical Services 

Information 

Accommodation and Food 

Services 

Retail Trade 

Wholesale Trade 

Health Care and Social Assistance 

Construction 

Real Estate and Rental and Leasing 

Other 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

Retail Trade, Manufacturing, and Accommodation & Food Services account for the largest number 

of SSBCI-supported loans or investments (excluding a diverse collection of industries grouped in the 

category of “Other”).

Manufacturing, Professional, Scientific & Technical Services, and Information (excluding a diverse 

collection of Other industries) accounted for large shares of SSBCI-supported loans or investments by 

total dollar amount.

6 “Other” category includes: Administrative and Support; Agriculture, Forestry, Fishing, and Hunting; Arts, Entertainment and 

Recreation; Educational Services; Finance and Insurance; Management of Companies and Enterprises; Mining, Quarrying 

and Oil and Gas Extraction; Public Administration; Real Estate and Rental and Leasing; Utilities; and Waste Management 

and Remediation Services.
21

Distribution for Loans or Investments, by Business Size

Nearly 80 percent of SSBCI-supported loans or investments were made to businesses with 10 or fewer 

employees.

Figure 13: SSBCI-Supported Loans or Investments, by Business Size 

(Cumulative through 2014)

 0-10 FTEs 

 11-50 FTEs 

 51-100 FTEs 

 101-250 FTEs 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

FTE = Full Time Equivalent

The large number of loans or investments made to very small businesses (0 – 10 FTEs) accounts for 

almost 40 percent of the total dollar amount of loans or investments. 

The proportion of SSBCI-supported loans or investments to small businesses with 50 or fewer 

employees represents 96 percent of the total number and 75 percent of the total dollar amounts.

SSBCI-supported loans or investments to companies with more than 50 employees accounted for 25 

percent (or more than one of every four dollars) of the total dollar amount loaned or invested.
22

Distribution for Loans or Investments, by Age of Business

Over half of all SSBCI-supported loans or investments were to businesses less than five years old.

Figure 14: SSBCI-Supported Loans or Investments, by Age of Business 

(Cumulative through 2014)

 0-1 year 

 2-5 years 

 6-10 years 

>10 years 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total 

Number of Loans/Investments Amount Loaned/Invested 

Likewise, over 47 percent of the total dollar amount loaned or invested with SSBCI support was 

directed to companies less than five years old. 
23

Lender Participation, by Size of Lender 

Most SSBCI-supported loans were made by lending institutions with less than $10 billion in assets.

Figure 15: SSBCI-Supported Loans by Assets of Lender 

(Cumulative through 2014)

92% 84% 

8% 16% 

0% 

20% 

40% 

60% 

80% 

100% 

Percent of Total Number of Loans

Banks with >

$10 B Assets 

Banks with <

$10 B Assets 

 

Number of Loans Amount Loaned or Invested

> $10 B Assets < $10 B Assets Overall

Average Amount Per Loan $ 611,812 $256,192 $283,189

Note: The average amount per loan excludes other private financing caused by SSBCI funds.

The great majority of lending institutions (92 percent) that made SSBCI-supported loans to small 

businesses are smaller banks, credit unions, or CDFIs with less than $10 billion in assests. 

These smaller institutions also account for more than 8 out of every 10 dollars (84 percent) of SSBCIsupported loans originated through 2014.

Based on assets, lending institutions with greater than $10 billion in assets made larger loans to small 

businesses, $612,000 on average, compared to $256,000 for banks with less than $10 billion in assets. 

The overall average SSBCI-supported loan was $283,000.
24

CDFI Participation in SSBCI Programs

CDFIs made more than 5,300 loans or investments supported by SSBCI funds, totaling $357 million, 

through 2014. The total loan or investment amount excludes other financing caused by SSBCI funds.

Figure 16: CDFI Participation in SSBCI Programs 

(Cumulative through 2014)

$357 M 5,386 

0 

1,000 

2,000 

3,000 

4,000 

5,000 

6,000 

$0 

$50 

$100 

$150 

$200 

$250 

$300 

$350 

$400 

Number of Loans/Investments

Millions of Dollars 
25

Figure 17: Amount Loaned or Invested by CDFIs 

(Top 9 States, Cumulative through 2014)

$97 M 

$73 M 

$42 M 

$33 M 

$23 M 

$13 M $12 M $11 M $10 M 

26% 

76% 

59% 62% 

40% 

77% 

87% 

46% 

26% 

0% 

20% 

40% 

60% 

80% 

100% 

$0 

$20 

$40 

$60 

$80 

$100 

$120 

GA CA PA WA MS NY MN AL WV 

(Top 9 States, Cumulative through 2014)

Total Number of State Loans or InvestmentsCDFI Loans or Investments as Percentage of 

Amount Loaned or Invested by CDFI in Millions 

Georgia and California made the largest dollar amounts of loans or investments through CDFIs, 

followed by Pennsylvania, Washington, and Mississippi as the top five States. 

As a percentage of all loans or investments caused by SSBCI funds in a State, CDFIs accounted for 87 

percent of the total in Minnesota, followed by New York, California, Washington, and Pennsylvania in 

the top five. 
26

SSBCI Performance by State

This section breaks down performance by State. The charts show the total private financing caused by 

SSBCI funds by State, the amount of SSBCI funds expended by State, and the SSBCI funds expended as 

a percent of that State’s allocation.

Figure 18: Amount of Financing Caused by SSBCI Program by State,

Ranked by Amount

(Cumulative through 2014)

$524.2 M 

$457.7 M 

$434.9 M 

$394.5 M 

$364.0 M 

$265.2 M 

$235.6 M 

$207.8 M 

$196.7 M 

$183.5 M 

$176.5 M 

$154.7 M 

$151.8 M 

$150.6 M 

$139.8 M 

$139.0 M 

$130.2 M 

$121.2 M 

$118.5 M 

$115.0 M 

$113.5 M 

$103.0 M 

$94.1 M 

$90.1 M 

$89.5 M 

$85.7 M 

$83.0 M 

$76.9 M 

$74.4 M 

$72.2 M 

$64.7 M 

$64.1 M 

$52.5 M 

$51.7 M 

$50.6 M 

$48.0 M 

$47.0 M 

$45.2 M 

$44.8 M 

$41.5 M 

$39.8 M 

$35.2 M 

$33.5 M 

$32.9 M 

$30.8 M 

$29.7 M 

$25.1 M 

$23.2 M 

$12.8 M 

$10.7 M 

$8.0 M 

$7.3 M 

$5.5 M 

$5.1 M 

$5.1 M 

$1.1 M 

0 

$0 $100 $200 $300 $400 $500 $600 

CA 

IL 

MI 

TX 

NC 

FL 

NY 

MD 

MO 

AR 

KS 

NH 

GA 

VT 

ID 

PA 

MN 

OR 

SC 

OH 

TN 

WA 

CO 

MA 

AL 

MT 

WV 

WI 

MS 

RI 

ND-M1

SD 

OK 

DE 

AZ 

NJ 

NE 

NM 

KY 

IA 

IN 

PR 

WY-L2

VA 

ME 

UT 

LA 

HI 

NV 

VI 

DC 

CT 

GU 

ND-C3

AK-A4

MP 

AS 

Dollars in Millions 

1 North Dakota - Mandan Consortium

2 Wyoming Consortium of Municipalities - Laramie

3 North Dakota - Carrington Consortium

4 Alaska - Anchorage
27

SSBCI Funds Expended by State

There is considerable variation in the dollar amount of SSBCI funds expended to support loans or 

investments. California expended $86 million, the most of any State. 

Figure 19: SSBCI Funds Expended by State, Ranked by Amount

(Cumulative through 2014)

$85.7 M 

$71.8 M 

$67.3 M 

$55.0 M 

$38.1 M 

$35.4 M 

$30.3 M 

$28.1 M 

$25.5 M 

$24.2 M 

$22.8 M 

$20.1 M 

$18.0 M 

$14.7 M 

$14.3 M 

$14.1 M 

$13.3 M 

$13.2 M 

$13.1 M 

$13.0 M 

$12.4 M 

$11.2 M 

$11.1 M 

$11.0 M 

$10.9 M 

$10.9 M 

$10.5 M 

$10.5 M 

$10.4 M 

$10.2 M 

$9.7 M 

$9.6 M 

$8.4 M 

$7.8 M 

$7.7 M 

$7.7 M 

$7.4 M 

$7.2 M 

$7.0 M 

$6.9 M 

$6.4 M 

$6.3 M 

$6.1 M 

$5.3 M 

$5.0 M 

$4.2 M 

$4.1 M 

$4.0 M 

$3.8 M 

$3.3 M 

$3.1 M 

$2.1 M 

$1.8 M 

$1.1 M 

$0.6 M 

$0.6 M 

$0.04 M 

$0 $10 $20 $30 $40 $50 $60 $70 $80 $90 

Dollars in Millions 

CA 

MI 

FL 

IL 

NC 

TX 

OH 

AL 

GA 

NY 

TN 

MO 

SC 

CO 

OR 

NJ 

VT 

WA 

ID 

PR 

AZ 

MT 

PA 

MA 

IN 

NH 

AR 

MS 

KS 

WV 

ND-M 

WI 

VA 

MN 

NM 

WY-L 

SD 

OK 

NE 

DE 

MD 

IA 

UT 

KY 

GU 

RI 

ME 

NV 

LA 

VI 

DC 

ND-C 

HI 

AK 

MP 

CT 

AS 
28

There is also considerable variation across the States in the percentage of SSBCI allocation expended 

to support loans or investments. 

Figure 20: SSBCI Funds Expended by State,

Ranked by Percent of Total Allocation

(Cumulative through 2014)

100% 

100% 

100% 

91% 

90% 

89% 

88% 

87% 

86% 

83% 

83% 

80% 

79% 

79% 

78% 

77% 

76% 

75% 

70% 

69% 

68% 

67% 

61% 

59% 

59% 

56% 

55% 

55% 

54% 

53% 

53% 

53% 

51% 

50% 

48% 

47% 

46% 

44% 

43% 

42% 

38% 

38% 

34% 

32% 

32% 

31% 

31% 

29% 

28% 

25% 

24% 

14% 

8% 

5% 

4% 

0% 20% 40% 60% 80% 100% 

Percent of Total Allocation 

VT 

ND-M 

ID 

SC 

MI 

AL 

PR 

MT 

OR 

CO 

NC 

NH 

AR 

MS 

KS 

WV 

TN 

TX 

MO 

IL 

FL 

AZ 

WA 

ND-C 

NM 

WY-L 

SD 

OK 

OH 

MA 

GA 

NE 

DE 

CA 

MN 

IA 

VA 

UT 

NY 

WI 

NJ 

GU 

PA 

KY 

IN 

RI 

LA 

ME 

NV 

MD 

VI 

DC 

HI 

AK 

MP 

CT 

AS 

100% 

<1% 
Appendix A-1: State-by-State Results

Alabama

Allocation Amount: $31,301,498

Designated Agency: Alabama Department of Economic and Community Affairs

Contractors: n/a

Approved State Programs: Alabama Capital Access Program

Alabama Loan Guarantee Program

Alabama Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $8,442,936 $14,157,790 $5,527,443

SSBCI dollars expended (cumulative) $0 $8,442,936 $22,600,726 $28,128,169

Total private financing (annual) $0 $18,136,510 $29,187,204 $42,216,711

Total private financing (cumulative) $0 $18,136,510 $47,323,714 $89,540,425

Jobs created or retained (cumulative) 0 563 1,282 2,491 

Number of loans or investments (cumulative) 0 33 112 245 

Arizona

Allocation Amount: $18,204,217

Designated Agency: Arizona Commerce Authority

Contractors: n/a

Approved State Program: Arizona Expansion Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $1,394,659 $6,214,627 $4,819,379

SSBCI dollars expended (cumulative) $0 $1,394,659 $7,609,286 $12,428,665

Total private financing (annual) $0 $3,180,000 $24,314,206 $23,133,777

Total private financing (cumulative) $0 $3,180,000 $27,494,206 $50,627,983

Jobs created or retained (cumulative) 0 121 1,648 2,250 

Number of loans or investments (cumulative) 0 4 19 37 

SSBCI: Summary of States’ 2014 Annual Reports APPENDIX A 29
Arkansas

Allocation Amount: $13,168,350

Designated Agency: Arkansas Development Finance Authority 

Contractors: n/a

Approved State Programs: Arkansas Capital Access Program

Arkansas Development Finance Authority Co-investment Fund

Bond Guaranty/ Loan Participation Program

Disadvantaged Business Enterprise/ Small Business Loan Guaranty Program

Risk Capital Matching Fund

Seed and Angel Capital Network

2011 2012 2013 2014

SSBCI dollars expended (annual) $395,075 $3,653,676 $3,568,126 $2,880,360

SSBCI dollars expended (cumulative) $395,075 $4,048,751 $7,616,877 $10,497,237

Total private financing (annual) $5,063,972 $127,598,247 $26,135,723 $24,676,099

Total private financing (cumulative) $5,063,972 $132,662,219 $158,797,943 $183,474,042

Jobs created or retained (cumulative) 10 256 832 1,235 

Number of loans or investments (cumulative) 3 39 97 179 

California

Allocation Amount: $167,755,641

Designated Agencies: California Pollution Control Financing Authority

Governor’s Office of Business and Economic Development

Contractors: n/a

Approved State Programs: California Capital Access Program 

California Small Business Loan Guarantee Program

California Collateral Support Program

California Property Assessed Clean Energy Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $7,000,130 $11,934,237 $29,914,178 $36,861,391

SSBCI dollars expended (cumulative) $7,000,130 $18,934,367 $48,848,545 $85,709,936

Total private financing (annual) $70,761,102 $94,479,854 $152,202,059 $206,735,671

Total private financing (cumulative) $70,761,102 $165,240,956 $317,443,015 $524,178,687

Jobs created or retained (cumulative) 6,560 19,074 31,520 47,678 

Number of loans or investments (cumulative) 851 2,246 3,934 5,561 

30 APPENDIX A SSBCI: Summary of States’ 2014 Annual Reports
31

Colorado

Allocation Amount: $17,233,489

Designated Agency: Colorado Economic Development Commission

Contractors: Colorado Housing and Finance Authority

Approved State Programs: Colorado Capital Access Program

Colorado Cash Collateral Support Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $541,025 $6,716,127 $7,485,652

SSBCI dollars expended (cumulative) $0 $541,025 $7,257,152 $14,742,804

Total private financing (annual) $0 $2,889,413 $56,467,450 $34,740,495

Total private financing (cumulative) $0 $2,889,413 $59,356,863 $94,097,358

Jobs created or retained (cumulative) 0 8 235 751 

Number of loans or investments (cumulative) 0 13 65 134 

Connecticut

Allocation Amount: $13,301,126

Designated Agency: Connecticut Department of Economic and Community Development

Contractors: Connecticut Innovations, Inc.

Approved State Programs: Connecticut Capital Access Program 

Seed and Early Stage Investment Fund (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $78,613 $35,452 $460,464

SSBCI dollars expended (cumulative) $0 $78,613 $114,065 $574,529

Total private financing (annual) $0 $2,484,496 $1,121,750 $3,706,425

Total private financing (cumulative) $0 $2,484,496 $3,606,246 $7,312,671

Jobs created or retained (cumulative) 0 333 393 494 

Number of loans or investments (cumulative) 0 21 28 36 
32

Delaware

Allocation Amount: $13,168,350

Designated Agency: Delaware Economic Development Office 

Contractors: Delaware Economic Development Authority 

Approved State Programs: Delaware Access Program

Delaware Strategic Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $63,400 $3,747,225 $644,348 $2,488,107

SSBCI dollars expended (cumulative) $63,400 $3,810,625 $4,454,973 $6,943,080

Total private financing (annual) $573,937 $20,177,426 $2,906,962 $28,004,873

Total private financing (cumulative) $573,937 $20,751,363 $23,658,324 $51,663,197

Jobs created or retained (cumulative) 24 425 785 1,060 

Number of loans or investments (cumulative) 6 43 78 92 

District of Columbia

Allocation Amount: $13,168,350

Designated Agency: Department of Insurance, Securities and Banking

Contractors: n/a

Approved State Program: District of Columbia Collateral Support Program

District of Columbia Loan Participation Program (Approved 2014)

Innovation Finance Program (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $5,853 $2,416,656 $704,896

SSBCI dollars expended (cumulative) $0 $5,853 $2,422,509 $3,127,405

Total private financing (annual) $0 $0 $5,135,000 $2,884,000

Total private financing (cumulative) $0 $0 $5,135,000 $8,019,000

Jobs created or retained (cumulative) 0 0 165 458 

Number of loans or investments (cumulative) 0 0 4 9 
33

Florida

Allocation Amount: $97,662,349

Designated Agency: Department of Economic Opportunity

Contractors: Enterprise Florida, Inc. 

Florida Export Finance Corporation

Approved State Programs: Direct Loan Program

Florida Export Support Program

Florida Capital Access Program

Loan Guarantee Program

Loan Participation Program

Venture Capital Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $20,148 $16,110,288 $26,621,871 $24,552,550

SSBCI dollars expended (cumulative) $20,148 $16,130,436 $42,752,307 $67,304,858

Total private financing (annual) $0 $58,767,897 $94,380,525 $112,036,497

Total private financing (cumulative) $0 $58,767,897 $153,148,422 $265,184,919

Jobs created or retained (cumulative) 0 856 1,706 2,569 

Number of loans or investments (cumulative) 0 19 61 113 

Georgia

Allocation Amount: $47,808,507

Designated Agency: Georgia Department of Community Affairs 

Contractors: Georgia Housing and Finance Authority

Approved State Programs: Georgia Capital Access Program

Georgia Funding for CDFIs

Georgia Small Business Credit Guarantee Program

Georgia Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $3,882,397 $13,654,321 $7,951,733

SSBCI dollars expended (cumulative) $0 $3,882,397 $17,536,718 $25,488,451

Total private financing (annual) $0 $26,209,312 $62,463,579 $63,116,727

Total private financing (cumulative) $0 $26,209,312 $88,672,891 $151,789,618

Jobs created or retained (cumulative) 0 285 1,257 2,314 

Number of loans or investments (cumulative) 0 34 155 242 
34

Hawaii

Allocation Amount: $13,168,350

Designated Agency: Hawaii Strategic Development Corporation (HSDC)

Contractors: n/a

Approved State Program: HSDC Venture Capital Investment Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $112,206 $150,000 $381,500 $1,154,993

SSBCI dollars expended (cumulative) $112,206 $262,206 $643,706 $1,798,699

Total private financing (annual) $250,000 $700,000 $10,805,000 $11,443,300

Total private financing (cumulative) $250,000 $950,000 $11,755,000 $23,198,300

Jobs created or retained (cumulative) 2 3 56 178 

Number of loans or investments (cumulative) 1 2 17 43 

Idaho

Allocation Amount: $13,136,544

Designated Agency: Idaho Department of Commerce

Contractors: Idaho Housing and Finance Administration 

Approved State Programs: Collateral Support Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $90,190 $5,106,361 $7,794,957 $143,429

SSBCI dollars expended (cumulative) $90,190 $5,196,551 $12,991,508 $13,134,937

Total private financing (annual) $372,000 $31,810,780 $62,234,497 $45,348,568

Total private financing (cumulative) $372,000 $32,182,780 $94,417,277 $139,765,845

Jobs created or retained (cumulative) 70 650 1,300 2,101 

Number of loans or investments (cumulative) 4 71 142 215 
35

Illinois

Allocation Amount: $78,365,264

Designated Agency: Illinois Department of Commerce and Economic Opportunity 

Contractors: n/a

Approved State Programs: Capital Access Program

Collateral Support Program

Conditional Direct Loan Program

Participation Loan Program

Venture Capital Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $746,964 $15,665,625 $19,763,658 $18,850,769

SSBCI dollars expended (cumulative) $746,964 $16,412,589 $36,176,247 $55,027,016

Total private financing (annual) $19,760,832 $141,898,890 $147,440,363 $148,625,770

Total private financing (cumulative) $19,760,832 $161,659,722 $309,100,085 $457,725,855

Jobs created or retained (cumulative) 61 1,265 2,247 3,333 

Number of loans or investments (cumulative) 4 67 132 187 

Indiana

Allocation Amount: $34,339,074

Designated Agency: Indiana Economic Development Corporation 

Contractors: Elevate Ventures, Inc.

Approved State Programs: Indiana Capital Access Program

State Venture Capital Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $8,750 $2,383,461 $3,526,556 $5,001,922

SSBCI dollars expended (cumulative) $8,750 $2,392,211 $5,918,768 $10,920,690

Total private financing (annual) $125,000 $9,479,999 $17,938,278 $12,210,489

Total private financing (cumulative) $125,000 $9,604,999 $27,543,277 $39,753,766

Jobs created or retained (cumulative) 6 378 776 1,021 

Number of loans or investments (cumulative) 2 46 98 151 
36

Iowa

Allocation Amount: $13,168,350

Designated Agency: Iowa Economic Development Authority 

Contractors: Iowa Business Growth Corporation 

Iowa Foundation for Microenterprise and Community Vitality 

VentureNet Iowa

Approved State Programs: Iowa Capital Access Program

Iowa Demonstration Fund Program

Iowa Small Business Loan Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $1,397 $2,324,686 $3,975,837 $0

SSBCI dollars expended (cumulative) $1,397 $2,326,083 $6,301,920 $6,301,920

Total private financing (annual) $0 $33,180,563 $8,278,550 $0

Total private financing (cumulative) $0 $33,180,563 $41,459,113 $41,459,113

Jobs created or retained (cumulative) 0 203 364 364 

Number of loans or investments (cumulative) 0 8 35 35 

Kansas

Allocation Amount: $13,168,350

Designated Agency: Kansas Department of Commerce

Contractors: NetWork Kansas

Approved State Programs: Kansas Capital Multiplier Loan Fund

Kansas Capital Multiplier Venture Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $794,920 $3,841,377 $2,707,960 $3,087,045

SSBCI dollars expended (cumulative) $794,920 $4,636,297 $7,344,257 $10,431,302

Total private financing (annual) $17,870,805 $77,289,023 $41,187,200 $40,114,028

Total private financing (cumulative) $17,870,805 $95,159,828 $136,347,028 $176,461,056

Jobs created or retained (cumulative) 59 735 1,063 1,412 

Number of loans or investments (cumulative) 6 29 46 64 
37

Kentucky

Allocation Amount: $15,487,998

Designated Agency: Kentucky Cabinet for Economic Development

Contractors: University of Louisville Foundation

Approved State Programs: Kentucky Capital Access Program

Kentucky Collateral Support Program

Kentucky Loan Participation Program

Kentucky Venture Capital Program (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $1,781,682 $1,192,942 $2,361,553

SSBCI dollars expended (cumulative) $0 $1,781,682 $2,974,624 $5,336,177

Total private financing (annual) $0 $15,182,606 $9,297,807 $20,269,762

Total private financing (cumulative) $0 $15,182,606 $24,480,413 $44,750,175

Jobs created or retained (cumulative) 0 165 413 673 

Number of loans or investments (cumulative) 0 14 32 62 

Louisiana

Allocation Amount: $13,168,350

Designated Agency: Louisiana Department of Economic Development

Contractors: Louisiana Economic Development Corporation 

Approved State Programs: Louisiana Seed Capital Program

Small Business Loan Guarantee Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $290,975 $1,034,130 $439,077 $2,047,568

SSBCI dollars expended (cumulative) $290,975 $1,325,105 $1,764,183 $3,811,751

Total private financing (annual) $1,500,000 $5,515,362 $2,805,000 $15,290,211

Total private financing (cumulative) $1,500,000 $7,015,362 $9,820,362 $25,110,573

Jobs created or retained (cumulative) 51 219 282 630 

Number of loans or investments (cumulative) 1 13 19 40 
38

Maine

Allocation Amount: $13,168,350

Designated Agency: Department of Economic and Community Development

Contractors: Finance Authority of Maine

Small Enterprise Growth Fund

Approved State Programs: Economic Recovery Loan Fund

Regional Economic Development Revolving Loan Program

Small Enterprise Growth Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $42,513 $1,678,731 $824,693 $1,508,542

SSBCI dollars expended (cumulative) $42,513 $1,721,244 $2,545,936 $4,054,479

Total private financing (annual) $50,000 $7,126,412 $11,350,365 $12,253,000

Total private financing (cumulative) $50,000 $7,176,412 $18,526,777 $30,779,777

Jobs created or retained (cumulative) 7 159 294 571 

Number of loans or investments (cumulative) 1 12 18 28 

Maryland

Allocation Amount: $23,025,709

Designated Agency: Maryland Department of Business and Economic Development 

Contractors: Department of Housing and Community Development (DHCD)

Meridian Management Group, Inc.

Maryland Venture Fund Management, LLC

Approved State Programs: DCHD - Neighborhood Business Works Subordinate Debt Program

Maryland Venture Fund IV

Maryland Industrial Development Financing Loan Guaranty

Maryland Small Business Development Financing Authority Loan Guaranty

2011 2012 2013 2014

SSBCI dollars expended (annual) $500,000 $3,055,890 $968,422 $1,828,299

SSBCI dollars expended (cumulative) $500,000 $3,555,890 $4,524,312 $6,352,611

Total private financing (annual) $19,769,883 $134,292,280 $22,671,895 $31,029,500

Total private financing (cumulative) $19,769,883 $154,062,163 $176,734,058 $207,763,558

Jobs created or retained (cumulative) 153 793 923 1,398 

Number of loans or investments (cumulative) 3 16 20 31 
39

Massachusetts

Allocation Amount: $20,445,072

Designated Agency: Executive Office of Housing and Economic Development 

Contractors: Massachusetts Business Development Corporation (MBDC)

Massachusetts Growth Capital Corporation (MGCC)

Approved State Programs: Capital Access Program

MBDC Loan Participation Program

MGCC Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $80 $6,476,822 $1,098,414 $3,409,880

SSBCI dollars expended (cumulative) $80 $6,476,902 $7,575,317 $10,985,196

Total private financing (annual) $0 $60,286,852 $8,904,136 $20,939,256

Total private financing (cumulative) $0 $60,286,852 $69,190,988 $90,130,244

Jobs created or retained (cumulative) 0 2,924 3,910 5,881 

Number of loans or investments (cumulative) 0 264 348 560 

Michigan

Allocation Amount: $79,157,742

Designated Agency: Michigan Strategic Fund

Contractors: n/a

Approved State Programs: Michigan Capital Access Program

Michigan Business Growth Fund -Collateral Support Program

Michigan Business Growth Fund - Loan Participation Program

Small Business Mezzanine Fund

Michigan Loan Guarantee Program (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $24,728,743 $17,298,298 $25,128,016 $4,661,279

SSBCI dollars expended (cumulative) $24,728,743 $42,027,041 $67,155,057 $71,816,336

Total private financing (annual) $126,365,109 $95,476,361 $135,069,426 $77,983,325

Total private financing (cumulative) $126,365,109 $221,841,470 $356,910,896 $434,894,221

Jobs created or retained (cumulative) 2,247 4,814 7,104 8,797 

Number of loans or investments (cumulative) 113 298 477 656 
40

Minnesota

Allocation Amount: $15,463,182

Designated Agency: Minnesota Department of Employment and Economic Development

Contractors: n/a

Approved State Programs: Capital Access Program

Emerging Entrepreneurs Fund

General Loan Guarantee Program

Angel Loan Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $3,549 $1,828,422 $2,600,012 $3,359,963

SSBCI dollars expended (cumulative) $3,549 $1,831,971 $4,431,983 $7,791,946

Total private financing (annual) $0 $34,054,622 $42,336,915 $53,785,446

Total private financing (cumulative) $0 $34,054,622 $76,391,537 $130,176,983

Jobs created or retained (cumulative) 0 891 1,791 2,591 

Number of loans or investments (cumulative) 0 45 103 169 

Mississippi

Allocation Amount: $13,168,350

Designated Agency: Mississippi Development Authority

Contractors: n/a

Approved State Program: Small Business Loan Guaranty Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $458,844 $4,608,054 $5,384,684

SSBCI dollars expended (cumulative) $0 $458,844 $5,066,899 $10,451,582

Total private financing (annual) $0 $4,641,022 $34,434,142 $35,327,487

Total private financing (cumulative) $0 $4,641,022 $39,075,163 $74,402,650

Jobs created or retained (cumulative) 0 20 296 843 

Number of loans or investments (cumulative) 0 9 57 105 
41

Missouri

Allocation Amount: $26,930,294

Designated Agency: Missouri Department of Economic Development 

Contractors: Missouri Technology Corporation

Approved State Programs: Grow Missouri Loan Fund

Missouri IDEA Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $5,435,272 $4,433,160 $3,251,667 $6,951,062

SSBCI dollars expended (cumulative) $5,435,272 $9,868,432 $13,120,100 $20,071,161

Total private financing (annual) $43,385,608 $103,385,281 $18,285,753 $31,628,852

Total private financing (cumulative) $43,385,608 $146,770,888 $165,056,642 $196,685,493

Jobs created or retained (cumulative) 212 627 726 1,209 

Number of loans or investments (cumulative) 11 33 46 70 

Montana

Allocation Amount: $12,765,037

Designated Agency: Governor’s Office of Economic Development

Contractors: Montana Department of Commerce

Approved State Program: Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $1,188,382 $6,582,794 $2,848,352 $584,701

SSBCI dollars expended (cumulative) $1,188,382 $7,771,176 $10,619,528 $11,204,229

Total private financing (annual) $2,488,963 $44,858,085 $37,285,860 $1,030,080

Total private financing (cumulative) $2,488,963 $47,347,048 $84,632,909 $85,662,989

Jobs created or retained (cumulative) 31 455 821 833 

Number of loans or investments (cumulative) 5 33 44 46 
42

Nebraska

Allocation Amount: $13,168,350

Designated Agency: Nebraska Department of Economic Development

Contractors: Invest Nebraska Corporation

Approved State Programs: Nebraska Progress Loan Fund

Nebraska Progress Seed Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $3,141,994 $2,454,307 $1,389,839

SSBCI dollars expended (cumulative) $0 $3,141,994 $5,596,301 $6,986,140

Total private financing (annual) $0 $26,632,725 $15,063,000 $5,272,000

Total private financing (cumulative) $0 $26,632,725 $41,695,725 $46,967,725

Jobs created or retained (cumulative) 0 140 201 235 

Number of loans or investments (cumulative) 0 12 20 30 

New Hampshire

Allocation Amount: $13,168,350

Designated Agency: New Hampshire Department of Resources and Economic Development

Contractors: New Hampshire Business Finance Authority 

Approved State Programs: Aid to Local Development Organizations Loan Participation Program

Capital Access Program

Collateral Shortfall Program

Loan Guarantee Reserves Program

Venture Capital Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $410,414 $4,942,111 $3,891,302 $1,633,123

SSBCI dollars expended (cumulative) $410,414 $5,352,526 $9,243,827 $10,876,951

Total private financing (annual) $2,989,652 $54,057,754 $71,136,440 $26,492,183

Total private financing (cumulative) $2,989,652 $57,047,407 $128,183,846 $154,676,030

Jobs created or retained (cumulative) 196 1,615 3,910 4,497 

Number of loans or investments (cumulative) 20 130 254 335 
43

New Jersey

Allocation Amount: $33,760,698

Designated Agency: New Jersey Department of the Treasury

Contractors: New Jersey Economic Development Authority 

Approved State Programs: New Jersey Credit Guarantee Program

New Jersey Direct Loan Program

New Jersey Loan Participation Program

New Jersey Venture Capital Fund Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $3,441,000 $3,350,202 $7,274,750

SSBCI dollars expended (cumulative) $0 $3,441,000 $6,791,202 $14,065,952

Total private financing (annual) $0 $13,983,000 $10,962,311 $23,045,750

Total private financing (cumulative) $0 $13,983,000 $24,945,311 $47,991,061

Jobs created or retained (cumulative) 0 144 542 689 

Number of loans or investments (cumulative) 0 6 16 29 

New Mexico

Allocation Amount: $13,168,350

Designated Agency: New Mexico Economic Develoment Department

Contractors: New Mexico Finance Authority 

Approved Program: New Mexico Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $2,456,000 $1,263,054 $4,024,050

SSBCI dollars expended (cumulative) $0 $2,456,000 $3,719,054 $7,743,104

Total private financing (annual) $0 $14,028,658 $10,735,372 $20,442,245

Total private financing (cumulative) $0 $14,028,658 $24,764,030 $45,206,275

Jobs created or retained (cumulative) 0 59 132 228 

Number of loans or investments (cumulative) 0 4 10 15 
44

Nevada

Allocation Amount: $13,803,176

Designated Agency: Governor’s Office of Economic Development 

Contractors: Nevada Microenterprise Initiative

University of Nevada Small Business Development Center 

Approved State Programs: Nevada Collateral Support Program

Nevada Microenterprise Initiative

Battle Born Growth Escalator 

2011 2012 2013 2014

SSBCI dollars expended (annual) $71,000 $1,038,000 $1,898,115 $952,100

SSBCI dollars expended (cumulative) $71,000 $1,109,000 $3,007,115 $3,959,215

Total private financing (annual) $0 $2,980,000 $5,438,495 $4,385,000

Total private financing (cumulative) $0 $2,980,000 $8,418,495 $12,803,495

Jobs created or retained (cumulative) 0 163 309 576 

Number of loans or investments (cumulative) 0 3 8 14 

New York

Allocation Amount: $55,351,534

Designated Agency: Department of Economic Development 

Contractors: New York State Urban Development Corporation dba Empire State 

Development 

Approved State Programs: New York Capital Access Program

Bonding Guarantee Assistance Program

Innovate New York Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $47,790 $2,245,612 $11,755,574 $10,155,192

SSBCI dollars expended (cumulative) $47,790 $2,293,402 $14,048,976 $24,204,168

Total private financing (annual) $0 $14,994,274 $132,175,195 $88,440,672

Total private financing (cumulative) $0 $14,994,274 $147,169,469 $235,610,142

Jobs created or retained (cumulative) 0 1,102 2,219 3,707 

Number of loans or investments (cumulative) 0 214 365 615 
45

North Carolina

Allocation Amount: $46,061,319

Designated Agency: North Carolina Department of Commerce

Contractors: Rural Economic Development Center

Approved State Programs: North Carolina Capital Access Program

North Carolina Loan Participation Program

North Carolina Venture Capital Fund-of-Funds Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $549,168 $15,435,467 $12,389,371 $9,726,140

SSBCI dollars expended (cumulative) $549,168 $15,984,634 $28,374,006 $38,100,146

Total private financing (annual) $7,777,300 $99,192,198 $132,650,927 $124,398,220

Total private financing (cumulative) $7,777,300 $106,969,497 $239,620,424 $364,018,644

Jobs created or retained (cumulative) 882 4,558 6,753 8,319 

Number of loans or investments (cumulative) 80 308 437 532 

Ohio

Allocation Amount: $55,138,373

Designated Agency: Ohio Development Services Agency 

Contractors: n/a

Approved State Programs: Ohio Capital Access Program

Small Business Collateral Enhancement Program

Targeted Investment Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $45,284 $3,795,182 $8,843,265 $17,609,862

SSBCI dollars expended (cumulative) $45,284 $3,840,466 $12,683,731 $30,293,593

Total private financing (annual) $0 $20,324,691 $36,836,643 $57,860,747

Total private financing (cumulative) $0 $20,324,691 $57,161,334 $115,022,082

Jobs created or retained (cumulative) 0 1,888 4,370 6,940 

Number of loans or investments (cumulative) 0 159 314 424 
46

Oklahoma

Allocation Amount: $13,168,350

Designated Agency: Oklahoma Department of Commerce

Contractors: i2e, Inc.

Approved State Program: Accelerate Oklahoma Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $250,000 $1,299,000 $3,203,143 $2,492,705

SSBCI dollars expended (cumulative) $250,000 $1,549,000 $4,752,143 $7,244,848

Total private financing (annual) $28,750,002 $6,356,600 $9,125,333 $8,278,293

Total private financing (cumulative) $28,750,002 $35,106,602 $44,231,935 $52,510,228

Jobs created or retained (cumulative) 5 102 257 430 

Number of loans or investments (cumulative) 1 6 21 32 

Oregon

Allocation Amount: $16,516,197

Designated Agency: Oregon Business Development Department

Contractors: n/a

Approved State Programs: Capital Access Program

Credit Enhancement Fund

Oregon Business Development Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $3,425,449 $6,265,123 $4,600,628

SSBCI dollars expended (cumulative) $0 $3,425,449 $9,690,572 $14,291,200

Total private financing (annual) $0 $19,763,363 $62,764,854 $38,717,947

Total private financing (cumulative) $0 $19,763,363 $82,528,217 $121,246,164

Jobs created or retained (cumulative) 0 519 992 1,308 

Number of loans or investments (cumulative) 0 86 162 210 
47

Pennsylvania

Allocation Amount: $29,241,232

Designated Agency: Department of Community and Economic Development

Contractors: Bridgeway Capital; The Progress Fund; Community First Fund; 

Northside Community Development Fund; Economic Opportunity Fund

Bradford Progress Authority; Altoona Blair Development Corporation; 

Philadelphia Industrial Development Corp; South Eastern Economic 

Development Co of PA; 

SEDA – Council of Governments; Ben Franklin Technology Partners of 

Southeastern PA; 

Ben Franklin Technology Center of Central and Northern PA; 

Ben Franklin Technology Partners of Northeastern PA; 

Innovation Works, Inc.; 

Life Sciences Greenhouse of Central Pennsylvania;

Biotechnology Greenhouse Corporation of Southeastern Pennsylvania; 

Pittsburgh Life Sciences Greenhouse 

Approved State Programs: Ben Franklin Technology Partners and Life Science Greenhouses Program

Machinery and Equipment Loan Fund

Pennsylvania Community Development Bank Program

Pennsylvania Economic Development Finance Authority Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $4,016,852 $2,638,377 $4,465,884

SSBCI dollars expended (cumulative) $0 $4,016,852 $6,655,230 $11,121,114

Total private financing (annual) $0 $66,519,283 $27,708,545 $44,743,318

Total private financing (cumulative) $0 $66,519,283 $94,227,828 $138,971,146

Jobs created or retained (cumulative) 0 591 1,459 2,473 

Number of loans or investments (cumulative) 0 55 86 136 
48

Rhode Island

Allocation Amount: $13,168,350

Designated Agency: Rhode Island Department of Administration

Contractors: Betaspring Fund 100, LLC

Slater Fund, Inc. 

Small Business Loan Fund Corporation

Approved State Programs: Betaspring Fund 100

Slater Technology Fund

Small Business Loan Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $91,603 $3,055,035 $1,023,160 $0

SSBCI dollars expended (cumulative) $91,603 $3,146,638 $4,169,798 $4,169,798

Total private financing (annual) $1,280,000 $60,188,593 $10,690,830 $0

Total private financing (cumulative) $1,280,000 $61,468,593 $72,159,423 $72,159,423

Jobs created or retained (cumulative) 9 175 228 228 

Number of loans or investments (cumulative) 1 36 64 64 

South Carolina

Allocation Amount: $17,990,415

Designated Agency: South Carolina Jobs and Economic Development Authority

Contractors: Business Development Corporation of South Carolina

Approved State Programs: South Carolina Capital Access Program

South Carolina Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $35,839 $5,807,602 $10,435,057 $1,709,538

SSBCI dollars expended (cumulative) $35,839 $5,843,441 $16,278,499 $17,988,037

Total private financing (annual) $622,929 $31,778,484 $47,077,253 $38,976,261

Total private financing (cumulative) $622,929 $32,401,413 $79,478,666 $118,454,927

Jobs created or retained (cumulative) 54 910 1,816 2,438 

Number of loans or investments (cumulative) 5 46 101 143 
49

South Dakota

Allocation Amount: $13,168,350

Designated Agency: Governor’s Office of Economic Development 

Contractors: n/a

Approved State Program: South Dakota Works Loan Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $652,907 $2,933,149 $3,460,569 $321,851

SSBCI dollars expended (cumulative) $652,907 $3,586,056 $7,046,625 $7,368,476

Total private financing (annual) $7,250,000 $21,350,000 $34,806,110 $656,000

Total private financing (cumulative) $7,250,000 $28,600,000 $63,406,110 $64,062,110

Jobs created or retained (cumulative) 59 319 622 666 

Number of loans or investments (cumulative) 1 6 12 14 

Tennessee

Allocation Amount: $29,672,070

Designated Agency: Tennessee Department of Economic and Community Development

Contractors: Tennessee Technology Development Corporation

Approved State Program: Tennessee INCITE Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $7,538,365 $12,479,650 $2,767,851

SSBCI dollars expended (cumulative) $0 $7,538,365 $20,018,015 $22,785,866

Total private financing (annual) $0 $28,531,594 $62,206,832 $22,771,739

Total private financing (cumulative) $0 $28,531,594 $90,738,426 $113,510,165

Jobs created or retained (cumulative) 0 382 859 1,068 

Number of loans or investments (cumulative) 0 19 47 64 
50

Texas

Allocation Amount: $46,553,879

Designated Agency: Texas Department of Agriculture

Contractors: n/a

Approved State Program: Jobs for Texas-Venture Capital Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $2,500 $11,543,182 $13,734,584 $10,108,399

SSBCI dollars expended (cumulative) $2,500 $11,545,682 $25,280,266 $35,388,665

Total private financing (annual) $0 $206,277,154 $138,314,962 $49,944,039

Total private financing (cumulative) $0 $206,277,154 $344,592,116 $394,536,155

Jobs created or retained (cumulative) 0 251 891 1,149 

Number of loans or investments (cumulative) 0 7 21 39 

Utah

Allocation Amount: $13,168,350

Designated Agency: Utah Division of Housing and Community Development 

Contractors: Utah Small Business Growth Initiative 

Approved State Programs: Utah Small Business Loan Guarantee Program

Utah Small Business Loan Participation Program

Equity Investment Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $22,974 $321,473 $2,204,475 $3,505,380

SSBCI dollars expended (cumulative) $22,974 $344,447 $2,548,922 $6,054,302

Total private financing (annual) $0 $435,000 $16,035,970 $13,258,905

Total private financing (cumulative) $0 $435,000 $16,470,970 $29,729,875

Jobs created or retained (cumulative) 0 62 323 958 

Number of loans or investments (cumulative) 0 3 17 25 
51

Vermont

Allocation Amount: $13,168,350

Designated Agency: Vermont Economic Development Authority

Contractors: n/a

Approved State Programs: Commercial Participation Program

Small Business Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $680,471 $2,524,095 $4,904,633 $5,219,212

SSBCI dollars expended (cumulative) $680,471 $3,204,566 $8,109,199 $13,168,350

Total private financing (annual) $30,648,569 $60,536,521 $31,359,930 $28,021,188

Total private financing (cumulative) $30,648,569 $91,185,090 $122,545,020 $150,566,208

Jobs created or retained (cumulative) 365 981 1,338 1,584 

Number of loans or investments (cumulative) 31 89 130 156 

Virginia

Allocation Amount: $17,953,191

Designated Agency: Virginia Small Business Financing Authority 

Contractors: Center for Innovative Technology (CIT)

Approved State Programs: Economic Development Loan Fund

Virginia Capital Access Program

Cash Collateral Program

CIT Gap Fund (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $69,895 $3,763,897 $4,516,532

SSBCI dollars expended (cumulative) $0 $69,895 $3,833,793 $8,350,325

Total private financing (annual) $0 $1,751,388 $12,724,859 $18,442,463

Total private financing (cumulative) $0 $1,751,388 $14,476,247 $32,918,709

Jobs created or retained (cumulative) 0 775 1,593 2,769 

Number of loans or investments (cumulative) 0 16 69 136 
52

Washington

Allocation Amount: $19,722,515

Designated Agency: Washington Department of Commerce 

Contractors: Craft3

W Fund Management, LLC 

Approved State Programs: Capital Access Program

Craft3 Fund

W Fund

Collateral Support Program (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $22,897 $8,173,573 $2,447,220 $2,544,302

SSBCI dollars expended (cumulative) $22,897 $8,196,470 $10,643,690 $13,187,992

Total private financing (annual) $0 $33,139,388 $30,346,630 $39,519,195

Total private financing (cumulative) $0 $33,139,388 $63,486,018 $103,005,213

Jobs created or retained (cumulative) 0 565 785 1,312 

Number of loans or investments (cumulative) 0 14 25 45 

West Virginia

Allocation Amount: $13,168,350

Designated Agency: West Virginia Office of the Governor 

Contractors: West Virginia Jobs Investment Trust Board 

West Virginia Department of Commerce

Approved State Programs: Seed Capital Co-Investment Fund

Subordinated Debt Program

Collateral Support Program

Loan Guarantee Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $4,291,397 $4,491,456 $1,442,193

SSBCI dollars expended (cumulative) $0 $4,291,397 $8,782,853 $10,225,046

Total private financing (annual) $0 $54,731,171 $24,575,577 $3,723,000

Total private financing (cumulative) $0 $54,731,171 $79,306,748 $83,029,748

Jobs created or retained (cumulative) 0 459 1,049 1,091 

Number of loans or investments (cumulative) 0 17 39 50 
53

Wisconsin

Allocation Amount: $22,363,554

Designated Agency: Wisconsin Department of Administration

Contractors: Wisconsin Housing and Economic Development Authority (WHEDA)

Approved State Programs: WHEDA Guarantee Program

Wisconsin Equity Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $262,326 $4,151,826 $3,517,716 $1,679,152

SSBCI dollars expended (cumulative) $262,326 $4,414,152 $7,931,868 $9,611,020

Total private financing (annual) $1,180,000 $43,235,642 $19,411,500 $13,110,420

Total private financing (cumulative) $1,180,000 $44,415,642 $63,827,142 $76,937,562

Jobs created or retained (cumulative) 12 566 941 1,071 

Number of loans or investments (cumulative) 1 11 31 47 
54
55

Appendix A-2: Participating Municipalities

Alaska, Anchorage

Allocation Amount: $13,168,350

Designated Agency: Anchorage Finance Department

Contractors: n/a

Approved State Program: 49th State Venture Fund

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $100,815 $574,134 $388,492

SSBCI dollars expended (cumulative) $0 $100,815 $674,949 $1,063,441

Total private financing (annual) $0 $0 $4,365,000 $719,500

Total private financing (cumulative) $0 $0 $4,365,000 $5,084,500

Jobs created or retained (cumulative) 0 0 15 31 

Number of loans or investments (cumulative) 0 0 3 6 

North Dakota, Carrington

Allocation Amount: $3,433,709

Designated Agency: North Dakota, City of Carrington

Contractors: Red River Corridor Fund

Praxis Strategy Group, LLC

Approved State Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $0 $694,156 $1,394,994

SSBCI dollars expended (cumulative) $0 $0 $694,156 $2,089,150

Total private financing (annual) $0 $0 $2,075,000 $3,010,211

Total private financing (cumulative) $0 $0 $2,075,000 $5,085,211

Jobs created or retained (cumulative) 0 0 27 71 

Number of loans or investments (cumulative) 0 0 3 12 
56

North Dakota, Mandan

Allocation Amount: $9,734,641

Designated Agency: City of Mandan Business Development & Communications Department

Contractors: Lewis and Clark Regional Development Corporation 

Approved State Program: Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $366,289 $3,919,746 $5,448,606

SSBCI dollars expended (cumulative) $0 $366,289 $4,286,035 $9,734,641

Total private financing (annual) $0 $840,650 $31,690,661 $32,181,500

Total private financing (cumulative) $0 $840,650 $32,531,311 $64,712,811

Jobs created or retained (cumulative) 0 8 266 504 

Number of loans or investments (cumulative) 0 1 15 30 

Wyoming, Laramie

Allocation Amount: $13,168,350

Designated Agency: City of Laramie, Wyoming

Contractors: Wyoming Smart Capital Network 

Developmental Capital Networks, LLC

Approved State Programs: Credit Guarantee Program

Seed Capital Network Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $0 $2,221,728 $5,507,152

SSBCI dollars expended (cumulative) $0 $0 $2,221,728 $7,728,880

Total private financing (annual) $0 $0 $17,283,980 $16,237,593

Total private financing (cumulative) $0 $0 $17,283,980 $33,521,573

Jobs created or retained (cumulative) 0 0 77 377 

Number of loans or investments (cumulative) 0 0 10 34 
57

Appendix A-3: Participating Territories

American Samoa

Allocation Amount: $10,500,000

Approved State Program: American Samoa Venture Fund (Approved 2014)

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $0 $0 $39,850

SSBCI dollars expended (cumulative) $0 $0 $0 $39,850

Total private financing (annual) $0 $0 $0 $0

Total private financing (cumulative) $0 $0 $0 $0

Jobs created or retained (cumulative) 0 0 0 0 

Number of loans or investments (cumulative) 0 0 0 0 

Guam

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor of Guam

Contractors: Guam Economic Development Authority 

Approved State Programs: Guam Capital Access Program

Guam Credit Guarantee Program

Guam Loan Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $43,101 $901,520 $2,635,721 $1,440,000

SSBCI dollars expended (cumulative) $43,101 $944,621 $3,580,342 $5,020,342

Total private financing (annual) $0 $1,085,896 $3,429,100 $960,000

Total private financing (cumulative) $0 $1,085,896 $4,514,996 $5,474,996

Jobs created or retained (cumulative) 0 82 236 464 

Number of loans or investments (cumulative) 0 10 25 30 
58

Northern Mariana Islands

Allocation Amount: $13,168,350

Designated Agency: Department of Commerce

Contractors: Commonwealth Development Authority

Michigan Economic Development Corporation 

Approved State Programs: Northern Mariana Islands Credit Support Program

Northern Mariana Islands Loan Purchase Participation Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $27,875 $33,114 $563,779

SSBCI dollars expended (cumulative) $0 $27,875 $60,989 $624,768

Total private financing (annual) $0 $0 $0 $1,130,000

Total private financing (cumulative) $0 $0 $0 $1,130,000

Jobs created or retained (cumulative) 0 0 0 56 

Number of loans or investments (cumulative) 0 0 0 5 

Puerto Rico

Allocation Amount: $14,540,057

Designated Agency: Puerto Rico Treasury Department

Contractors: Economic Development Bank

Approved State Programs: Loan Participation Program

Venture Capital Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $1,612,500 $4,200,000 $7,177,208

SSBCI dollars expended (cumulative) $0 $1,612,500 $5,812,500 $12,989,708

Total private financing (annual) $0 $3,225,000 $8,800,000 $23,176,752

Total private financing (cumulative) $0 $3,225,000 $12,025,000 $35,201,752

Jobs created or retained (cumulative) 0 341 909 2,230 

Number of loans or investments (cumulative) 0 1 5 16 
59

U.S. Virgin Islands

Allocation Amount: $13,168,350

Designated Agency: Office of the Governor

Contractors: Government Development Bank 

Approved State Programs: Collateral Support Program

Loan Guarantee Program

Performance, Surety, and Payment Bonding Program

2011 2012 2013 2014

SSBCI dollars expended (annual) $0 $377,850 $499,168 $2,378,979

SSBCI dollars expended (cumulative) $0 $377,850 $877,018 $3,255,997

Total private financing (annual) $0 $1,428,000 $2,729,390 $6,531,000

Total private financing (cumulative) $0 $1,428,000 $4,157,390 $10,688,390

Jobs created or retained (cumulative) 0 48 232 401 

Number of loans or investments (cumulative) 0 7 16 23 
60
Appendix B: SSBCI Funds Expended by State

U.S. States and Territories SSBCI Funds Expended to Support Loans and Investments

(Cumulative through 2014)

No. State/Territory Date of Allocation 

Agreement Allocation Amount SSBCI Funds Expended

SSBCI Funds 

Recycled

% of Allocation 

Expended

Total Amount Loaned/

Invested

1 Alabama August 24, 2011 $31,301,498 $28,128,169 $15,325,462 90% $89,540,425

2 Alaska - Anchorage February 14, 2012 $13,168,350 $1,063,441 $0 8% $5,084,500

3 American Samoa January 26, 2012 $10,500,000 $39,850 $0 <1% $0

4 Arizona November 7, 2011 $18,204,217 $12,428,665 $0 68% $50,627,983

5 Arkansas October 31, 2011 $13,168,350 $10,497,237 $381,732 80% $183,474,042

6 California May 19, 2011 $167,755,641 $85,709,936 $0 51% $524,178,687

7 Colorado October 11, 2011 $17,233,489 $14,742,804 $0 86% $94,097,358

8 Connecticut July 14, 2011 $13,301,126 $574,529 $0 4% $7,312,671

9 Delaware July 18, 2011 $13,168,350 $6,943,080 $0 53% $51,663,197

10 District of Columbia August 15, 2011 $13,168,350 $3,127,405 $0 24% $8,019,000

11 Florida August 24, 2011 $97,662,349 $67,304,858 $3,672,539 69% $265,184,919

12 Georgia December 13, 2011 $47,808,507 $25,488,451 $377,000 53% $151,789,618

13 Guam September 30, 2011 $13,168,350 $5,020,342 $0 38% $5,474,996

14 Hawaii May 27, 2011 $13,168,350 $1,798,699 $0 14% $23,198,300

15 Idaho August 29, 2011 $13,136,544 $13,134,937 $4,041,617 100% $139,765,845

16 Illinois July 26, 2011 $78,365,264 $55,027,016 $0 70% $457,725,855

17 Indiana May 27, 2011 $34,339,074 $10,920,690 $0 32% $39,753,766

18 Iowa August 30, 2011 $13,168,350 $6,301,920 $0 48% $41,459,113

19 Kansas June 28, 2011 $13,168,350 $10,431,302 $0 79% $176,461,056

20 Kentucky July 28, 2011 $15,487,998 $5,336,177 $0 34% $44,750,175

21 Louisiana August 24, 2011 $13,168,350 $3,811,751 $0 29% $25,110,573

22 Maine September 6, 2011 $13,168,350 $4,054,479 $0 31% $30,779,777

23 Maryland June 2, 2011 $23,025,709 $6,352,611 $0 28% $207,763,558

24 Massachusetts September 13, 2011 $20,445,072 $10,985,196 $2,061,670 54% $90,130,244

25 Michigan July 6, 2011 $79,157,742 $71,816,336 $12,441,403 91% $434,894,221

26 Minnesota September 30, 2011 $15,463,182 $7,791,946 $0 50% $130,176,983

27 Mississippi August 24, 2011 $13,168,350 $10,451,582 $0 79% $74,402,650

28 Missouri May 23, 2011 $26,930,294 $20,071,161 $0 75% $196,685,493

29 Montana July 18, 2011 $12,765,037 $11,204,229 $0 88% $85,662,989

30 Nebraska October 4, 2011 $13,168,350 $6,986,140 $0 53% $46,967,725

31 Nevada September 30, 2011 $13,803,176 $3,959,215 $0 29% $12,803,495

32 New Hampshire July 18, 2011 $13,168,350 $10,876,951 $0 83% $154,676,030

33 New Jersey September 22, 2011 $33,760,698 $14,065,952 $0 42% $47,991,061

34 New Mexico October 11, 2011 $13,168,350 $7,743,104 $0 59% $45,206,275

35 New York September 26, 2011 $55,351,534 $24,204,168 $0 44% $235,610,142

36 North Carolina May 23, 2011 $46,061,319 $38,100,146 $0 83% $364,018,644

37 North Dakota - Carrington September 28, 2012 $3,433,709 $2,089,150 $0 61% $5,085,211

38 North Dakota - Mandan August 31, 2012 $9,734,641 $9,734,641 $275,842 100% $64,712,811

39 Northern Mariana Islands March 14, 2012 $13,168,350 $624,768 $0 5% $1,130,000

40 Ohio September 2, 2011 $55,138,373 $30,293,593 $0 55% $115,022,082

41 Oklahoma July 18, 2011 $13,168,350 $7,244,848 $0 55% $52,510,228

42 Oregon August 29, 2011 $16,516,197 $14,291,200 $0 87% $121,246,164

43 Pennsylvania October 6, 2011 $29,241,232 $11,121,114 $493,139 38% $138,971,146

44 Puerto Rico October 6, 2011 $14,540,057 $12,989,708 $475,998 89% $35,201,752

45 Rhode Island September 6, 2011 $13,168,350 $4,169,798 $0 32% $72,159,423

46 South Carolina July 6, 2011 $17,990,415 $17,988,037 $3,905,550 100% $118,454,927

47 South Dakota September 22, 2011 $13,168,350 $7,368,476 $0 56% $64,062,110

48 Tennessee October 4, 2011 $29,672,070 $22,785,866 $0 77% $113,510,165

49 Texas August 15, 2011 $46,553,879 $35,388,665 $0 76% $394,536,155

50 U.S. Virgin Islands October 4, 2011 $13,168,350 $3,255,997 $0 25% $10,688,390

51 Utah September 30, 2011 $13,168,350 $6,054,302 $0 46% $29,729,875

52 Vermont May 23, 2011 $13,168,350 $13,168,350 $0 100% $150,566,208

53 Virginia August 15, 2011 $17,953,191 $8,350,325 $0 47% $32,918,709

54 Washington October 31, 2011 $19,722,515 $13,187,992 $20,000 67% $103,005,213

55 West Virginia November 18, 2011 $13,168,350 $10,225,046 $60,000 78% $83,029,748

56 Wisconsin September 22, 2011 $22,363,554 $9,611,020 $0 43% $76,937,562

57 Wyoming - Laramie December 4, 2012 $13,168,350 $7,728,880 $0 59% $33,521,573

Total $1,457,591,353 $864,166,250 $43,531,951 59% $6,359,440,814

SSBCI: SUMMARY OF STATES’ 2014 ANNUAL REPORTS APPENDIX B 61
Appendix C: SSBCI Funds Expended by Program Type, by State

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2014)

No. State/Territory Allocation Expended Recycled Percent Amount L/I Allocation Expended Recycled Percent Amount L/I

Loan Participation Capital Access

1 Alabama $1,870,000 $216,575 $0 12% $2,575,750 $1,870,000 $9,873 $0 1% $197,451

2 Alaska - Anchorage

3 American Samoa

4 Arizona $18,204,217 $11,769,213 $0 65% $50,627,983

5 Arkansas $4,690,312 $3,654,000 $0 78% $45,044,000 $41,522 $30,100 $0 72% $805,805

6 California $10,000,000 $19,574,379 $7,254,508 $0 37% $162,209,418

7 Colorado $0 $0 0% $0 $300,000 $9,986 $0 3% $496,463

8 Connecticut $200,000 $179,215 $0 90% $5,812,671

9 Delaware $12,168,350 $6,809,275 $0 56% $47,386,676 $1,000,000 $133,805 $0 13% $4,276,522

10 District of Columbia $6,341,582

11 Florida $32,162,349 $31,583,935 $2,876,863 98% $98,873,762 $2,000,000 $10,375 $0 1% $524,610

12 Georgia $28,000,000 $18,407,887 $377,000 66% $117,478,818 $2,000,000

13 Guam $4,608,923 $1,316,835 $0 $0 0% $0

14 Hawaii

15 Idaho $0 $0 0% $0

16 Illinois $70,592,764 $44,826,827 $0 64% $363,664,240 $50,000 $17,370 $0 35% $564,898

17 Indiana $1,500,000 $215,953 $0 14% $6,323,304

18 Iowa $3,168,350 $31,455 $0 1% $358,750 $1,000,000 $9,624 $0 1% $215,563

19 Kansas $9,217,845 $7,530,031 $0 82% $128,371,971

20 Kentucky $1,000,000 $271,029 $0 27% $6,195,147 $115,602 $3,102 $0 3% $105,306

21 Louisiana

22 Maine $8,851,515 $1,731,000 $0 20% $19,202,049

23 Maryland $1,500,000 $495,000 $0 33% $2,110,000

24 Massachusetts $18,945,072 $9,820,330 $2,061,670 52% $66,913,000 $1,500,000 $738,359 $0 49% $23,217,244

25 Michigan $25,148,889 $24,796,758 $2,135,000 99% $95,747,117 $2,200,000 $1,073,944 $0 49% $53,403,872

26 Minnesota $6,792,967 $4,296,143 $0 63% $50,331,773 $500,000 $305,839 $0 61% $22,995,459

27 Mississippi

28 Missouri $3,306,971 $1,868,000 $0 56% $14,428,000

29 Montana $12,765,037 $10,950,703 $0 86% $85,662,989

30 Nebraska $9,240,980 $5,840,000 $0 63% $45,045,725

31 Nevada $500,000 $100,000 $0 20% $200,000

32 New Hampshire $3,930,680 $3,542,828 $0 90% $26,763,465 $453,117 $454,887 $0 100% $14,169,520

33 New Jersey $22,010,698 $12,141,900 $0 55% $43,686,044

34 New Mexico $13,168,350 $7,480,820 $0 57% $45,206,275

35 New York $8,643,139 $1,047,144 $0 12% $20,512,913

36 North Carolina $34,000,000 $28,938,966 $0 85% $190,779,468 $1,761,319 $695,304 $0 39% $32,550,850

37 North Dakota - Carrington

38 North Dakota - Mandan $9,734,641 $9,495,593 $275,842 98% $64,712,811

39 Northern Mariana Islands $4,615,193 $152,000 $0 3% $380,000

40 Ohio $5,000,000 $510,868 $0 10% $13,952,536

41 Oklahoma

42 Oregon $3,500,000 $2,324,750 $0 66% $11,493,484 $1,016,197 $142,266 $0 14% $11,877,179

43 Pennsylvania $24,241,232 $7,954,382 $493,139 33% $68,470,381

44 Puerto Rico $12,540,057 $11,989,708 $475,998 96% $26,151,752

45 Rhode Island $2,168,350 $300,000 $0 14% $4,730,000

46 South Carolina $17,688,976 $17,688,976 $3,905,550 100% $112,329,940 $301,439 $118,873 $0 39% $6,124,987

47 South Dakota $13,168,350 $7,235,100 $0 55% $64,062,110

48 Tennessee

49 Texas

50 U.S. Virgin Islands

51 Utah $3,950,505 $612,000 $0 15% $4,910,000

52 Vermont $13,168,350 $ 13,168,350 $0 100% $150,566,208

53 Virginia $5,500,000 $500,000 $0 9% $3,000,000 $453,191 $184,428 $0 41% $6,180,262

54 Washington $9,944,357 $9,242,515 $20,000 93% $81,897,460 $300,000 $47,750 $0 16% $945,034

55 West Virginia $5,388,998 $4,653,000 $60,000 86% $39,426,483

56 Wisconsin

57 Wyoming - Laramie

Total $487,794,860 $322,419,050 $12,681,061 66% $2,178,783,629 $53,096,739 $13,193,572 $0 25% $387,461,867

Average $240,611 $1,629,606 $1,701 $49,950

62 APPENDIX C SSBCI: SUMMARY OF STATES’ 2014 ANNUAL REPORTS
63

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2014) Continued

No. State/Territory Allocation Expended Recycled Percent Amount L/I Allocation Expended Recycled Percent Amount L/I

Collateral Support Loan Guarantee

1 Alabama $27,561,498 $27,561,498 $15,325,462 100% $86,767,223

2 Alaska - Anchorage

3 American Samoa

4 Arizona

5 Arkansas $477,509 $477,509 $192,441 100% $978,500

6 California $54,700,000 $36,145,419 $0 66% $87,294,359 $83,481,263 $39,970,463 $0 48% $274,674,910

7 Colorado $16,933,489 $14,406,730 $0 85% $93,600,894

8 Connecticut

9 Delaware

10 District of Columbia $3,826,768 $2,986,177 $0 78% $8,019,000

11 Florida $20,000,000 $14,541,213 $795,676 73% $62,854,395

12 Georgia $17,808,507 $5,820,400 $0 33% $34,310,800

13 Guam $7,242,592 $4,045,885 $0 56% $5,474,996

14 Hawaii

15 Idaho $13,136,544 $12,689,037 $4,041,617 97% $139,765,845

16 Illinois $1,622,500 $1,622,500 $0 100% $16,626,215

17 Indiana

18 Iowa

19 Kansas

20 Kentucky $9,372,396 $4,998,319 $0 53% $38,449,722

21 Louisiana $8,000,000 $3,245,434 $0 41% $20,471,483

22 Maine

23 Maryland $ 6,000,000 $938,604 $0 16% $13,521,500

24 Massachusetts

25 Michigan $43,808,853 $43,808,853 $10,306,403 100% $282,518,232 $2,000,000 $5,000 $0 <1% $100,000

26 Minnesota $1,470,215 $1,397,115 $0 95% $39,703,319

27 Mississippi $13,168,350 $10,450,228 $0 79% $74,402,650

28 Missouri

29 Montana

30 Nebraska

31 Nevada $8,303,176 $3,072,115 $0 37% $10,243,495

32 New Hampshire $2,594,851 $2,594,851 $0 100% $31,380,195 $2,813,821 $2,813,820 $0 100% $40,995,807

33 New Jersey $3,450,000 $1,827,500 $0 53% $3,655,000

34 New Mexico

35 New York $10,405,173 $2,605,000 $0 25% $17,550,000

36 North Carolina

37 North Dakota - Carrington $2,651,445 $1,873,500 $0 71% $4,235,211

38 North Dakota - Mandan

39 Northern Mariana Islands $8,553,157 $375,000 $0 4% $750,000

40 Ohio $35,138,373 $21,904,320 $0 62% $86,132,095

41 Oklahoma

42 Oregon $12,000,000 $11,373,751 $0 95% $97,875,501

43 Pennsylvania

44 Puerto Rico

45 Rhode Island

46 South Carolina

47 South Dakota

48 Tennessee

49 Texas

50 U.S. Virgin Islands $3,770,387 $833,825 $0 22% $2,527,390 $9,397,964 $2,249,500 $0 24% $8,161,000

51 Utah $6,668,350 $4,142,047 $0 62% $16,082,305

52 Vermont

53 Virginia $10,000,000 $6,777,291 $0 68% $20,631,620

54 Washington $4,478,158 $284,473 $0 6% $1,815,219

55 West Virginia $827,601 $779,600 $0 94% $5,005,800 $151,734 $28,000 $0 18% $140,000

56 Wisconsin $1,363,554

57 Wyoming - Laramie $10,168,350 $7,381,235 $0 73% $33,521,573 $0 $0 0% $0

Total $229,886,048 $162,533,245 $14,348,020 71% $862,516,865 $233,460,529 $133,492,966 $16,313,579 57% $797,719,390

Average $188,554 $1,000,600 $87,250 $521,385

APPENDIX C
64

SSBCI Funds Expended by Program Type, by State

(Cumulative through 2014) Continued

No. State/Territory Allocation Expended Recycled Percent Amount L/I Administrative Expenses

Venture Capital

1 Alabama $340,223

2 Alaska - Anchorage $13,168,350 $672,250 $0 5% $5,084,500 $391,191

3 American Samoa $10,500,000 $39,850

4 Arizona $659,452

5 Arkansas $7,959,007 $6,011,172 $189,291 76% $136,645,736 $324,456

6 California $2,339,547

7 Colorado $326,088

8 Connecticut $13,101,126 $391,015 $0 3% $1,500,000 $4,299

9 Delaware $0

10 District of Columbia $3,000,000 $0 $0 0% $0 $141,228

11 Florida $43,500,000 $19,588,233 $0 45% $102,932,152 $1,581,102

12 Georgia $1,260,163

13 Guam $974,457

14 Hawaii $13,168,350 $1,639,774 $0 12% $23,198,300 $158,925

15 Idaho $445,900

16 Illinois $6,100,000 $6,051,000 $0 99% $76,870,502 $2,509,319

17 Indiana $32,839,074 $10,213,088 $0 31% $33,430,462 $491,649

18 Iowa $9,000,000 $6,100,000 $0 68% $40,884,800 $160,841

19 Kansas $3,950,505 $2,696,835 $0 68% $48,089,085 $204,436

20 Kentucky $5,000,000 $0 $0 0% $0 $63,727

21 Louisiana $5,168,350 $440,000 $0 9% $4,639,090 $126,317

22 Maine $4,316,835 $2,177,812 $0 50% $11,577,728 $145,667

23 Maryland $15,525,709 $4,539,085 $0 25% $192,132,058 $379,922

24 Massachusetts $426,507

25 Michigan $6,000,000 $681,000 $0 11% $3,125,000 $1,450,782

26 Minnesota $6,700,000 $1,504,900 $0 22% $17,146,432 $287,948

27 Mississippi $1,354

28 Missouri $23,623,323 $17,362,585 $0 73% $182,257,493 $840,576

29 Montana $253,526

30 Nebraska $3,927,370 $802,000 $0 20% $1,922,000 $344,140

31 Nevada $5,000,000 $600,000 $0 12% $2,360,000 $187,100

32 New Hampshire $3,375,881 $1,419,765 $0 42% $41,367,043 $50,800

33 New Jersey $8,300,000 $96,552 $0 1% $650,017 $0

34 New Mexico $262,284

35 New York $36,303,222 $19,894,825 $0 55% $197,547,229 $657,199

36 North Carolina $10,300,000 $6,904,398 $0 67% $140,688,327 $1,561,478

37 North Dakota - Carrington $782,264 $125,000 $0 16% $850,000 $90,650

38 North Dakota - Mandan $239,048

39 Northern Mariana Islands $97,768

40 Ohio $15,000,000 $6,843,725 $0 46% $14,937,450 $1,034,680

41 Oklahoma $13,168,350 $7,068,883 $0 54% $52,510,228 $175,965

42 Oregon $450,433

43 Pennsylvania $5,000,000 $2,929,654 $0 59% $70,500,765 $237,078

44 Puerto Rico $2,000,000 $1,000,000 $0 50% $9,050,000 $0

45 Rhode Island $11,000,000 $3,739,284 $0 34% $67,429,423 $130,514

46 South Carolina $180,187

47 South Dakota $133,376

48 Tennessee $29,672,070 $21,937,035 $0 74% $113,510,165 $848,832

49 Texas $46,553,879 $34,944,566 $0 75% $394,536,155 $444,100

50 U.S. Virgin Islands $172,672

51 Utah $2,549,495 $950,001 $0 37% $8,737,570 $350,254

52 Vermont $0

53 Virginia $2,000,000 $525,864 $0 26% $3,106,828 $362,742

54 Washington $5,000,000 $3,326,875 $0 67% $18,347,500 $286,379

55 West Virginia $6,800,017 $4,507,500 $0 66% $38,457,465 $256,946

56 Wisconsin $21,000,000 $9,142,096 $0 44% $76,937,562 $468,924

57 Wyoming - Laramie $3,000,000 $0 $0 0% $0 $347,645

Total $453,353,177 $206,826,770 $189,291 46% $2,132,959,064 $25,700,647

Average $221,205 $2,281,240
65

Appendix D: Top 15 Lenders by Amount Loaned and by Number 

of Loans

Top 15 Largest SSBCI Lenders, by Dollar Amount Loaned

(Cumulative through 2014)

Rank Lender Number of Loans Amount Loaned Average Amount Loaned

1 Fifth Third Bank (FL, IL, KY, MI, OH) 82 $98,539,366 $1,201,700 

2 Pacific Enterprise Bank (CA) 172 $75,715,940 $440,209 

3 Huntington National Bank (IN, KY, MI, OH) 342 $75,437,444 $220,577 

4 Yadkin Bank (NC) 69 $46,560,876 $674,795

5 Zions First National Bank (ID, UT) 61 $41,323,077 $677,427 

6 NewBridge Bank (NC) 69 $39,698,790 $592,519 

7 Opportunity Fund (CA) 3,466 $37,107,549 $10,706 

8 Columbia State Bank (OR) 43 $36,185,474 $841,523

9 TD Bank, N.A. (NH, NJ, VT) 14 $35,297,568 $2,521,255 

10 Wells Fargo Bank, NA (CA, NM, SD, VA) 12 $33,003,810 $2,750,318 

11 Craft3 (WA) 28 $32,859,079 $1,173,539

12 The Biltmore Bank of Arizona (AZ) 13 $31,561,706 $2,427,824

13 Amarillo National Bank (KS) 3 $30,685,569 $10,228,523 

14 Washington Trust Bank (ID) 38 $30,531,196 $803,453 

15 Access to Capital for Entrepreneurs (GA) 15 $28,132,635 $1,875,509 

TOTAL 4,425 $672,640,080 $152,009

Note: This chart does not include private lenders that are contractors for the State. 

APPENDIX D
66

Top 15 SSBCI Lenders by Number of Loans

(Cumulative through 2014)

Rank Lender Number of Loans Amount Loaned Average Amount Loaned

1 Opportunity Fund (CA) 3,466 $37,107,549 $10,706 

2 Murphy Bank (CA) 393 $10,379,461 $26,411 

3 Huntington National Bank (IN, KY, MI, OH) 342 $75,437,444 $220,577 

4 Accion San Diego (CA) 303 $4,860,065 $16,040 

5 Renaissance Economic Development Corporation (NY) 285 $8,162,000 $28,639 

6 Pacific Enterprise Bank (CA) 172 $75,715,940 $440,209 

7 Trade Credit Guarantee Corporation (GA) 132 $22,012,000 $166,758 

8 TMC Development Working Solutions (CA) 130 $2,506,770 $19,283 

9 Chemical Bank (MI) 124 $5,922,991 $47,766 

10 Business Outreach Center Capital Corporation (NY) 106 $2,867,694 $27,054 

11 Branch Banking & Trust Company (FL, NC, VA) 98 $9,775,446 $99,749 

12 United Bank (AL) 93 $8,911,013 $95,817 

13 Oakland Business Development Corporation (CA) 86 $2,217,520 $25,785 

14 First Citizens Bank & Trust Company (NC, SC, VA) 83 $14,528,024 $175,036 

15 Fifth Third Bank (FL, IL, KY, MI, OH) 82 $98,539,366 $1,201,700 

TOTAL 5,895 $378,943,282 $64,282 

Note: This chart does not include private lenders that are contractors for the State. 

APPENDIX D
67

Appendix E: Top 15 Largest SSBCI CDFIs, by Number of Loans

(Cumulative through 2014)

Rank Lender Number of Loans Amount Loaned Average Amount Loaned

1 Opportunity Fund Northern California (CA) 3,466 $37,107,549 $10,706

2 ACCION San Diego (CA) 313 $5,114,565 $16,340

3 Renaissance Economic Development Corporation (NY) 285 $8,162,000 $28,639

4 TMC Development Working Solutions (CA) 130 $2,506,770 $19,283

5 BOC Capital Corp. (NY) 106 $2,867,694 $27,054

6 United Bank (AL) 93 $8,911,013 $95,817

7 Fresno Community Development Financial Institution (CA) 79 $1,975,405 $25,005

8 Metropolitan Consortium of Community Developers (MN) 56 $2,333,680 $41,673

9 FORGE, Inc. (AR) 52 $519,300 $9,987

10 Opening Doors, Inc. (CA) 40 $340,480 $8,512

11 Northland Foundation (MN) 34 $4,913,293 $144,509

12 ACCION East, Inc. (NY) 33 $285,840 $8,662

13 California Coastal Rural Development Corporation (CA) 33 $1,135,000 $34,394

14 Arcata Economic Development Corporation (CA) 29 $1,885,868 $65,030

15 The Progress Fund (PA) 29 $12,177,110 $419,900

Total 4,778 $90,235,569 $18,886

APPENDIX E
68

Acknowledgements

In the last four years, the U.S. Treasury has supported the State Small Business Credit Initiative in 

partnership with state agencies and their contractors. The program benefited from the work of many 

talented and dedicated individuals. 

I would like to thank my colleagues at the State Small Business Credit Initiative: Relationship 

Managers James Clark, David Rixter, and Zakaria Shaikh; Compliance Manager Danielle Christensen 

and her team of Opal Moore, Karin Peabody, and Sarah Reed; Senior Policy Advisor Tim Colón; and 

Administrative Manager Anita Washington. I would also like to thank colleagues at the U.S. Treasury 

who work directly with SSBCI including Peter Bieger, Katherine Brandes, Daniel Cruz, Drew Colbert, 

Paula Jones, Moira Sullivan, and Robin Meigel (from Department of Agriculture). Ann Bowen from 

Printing and Graphics produced well-designed graphics.

SSBCI received valuable technical support from Terry Valladares of Federal Management Systems, as 

well as his colleagues John Alex, Dennis Downer, Kay Naar, and Somaree Taru. Christina Prevalsky and 

her colleagues from FI Consulting provided help with data analysis.

I would also like to thank our colleagues at the bank regulatory agencies who disseminated 

information about SSBCI, including the Office of the Comptroller of the Currency which hosted the 4th 

SSBCI national conference in Washington D.C. in 2015. 

Finally, thank you to Acting Assistant Secretary Amias Gerety, Deputy Assistant Secretary Jessica 

Milano, and to the former Director of SSBCI, Clifton Kellogg, for their leadership and support of SSBCI.

Jeffrey Stout 

Director, State Small Business Credit Initiative

ACKNOWLEDGEMENTS