1

AS OF June 30, 2014
2

Summary

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

2010 (P.L. 111-240) (the Act), creating the State Small Business Credit Initiative (SSBCI). 

SSBCI provides $1.5 billion to new and existing state programs that support privatesector lending to, and investment in, small businesses and small manufacturers. 

To be eligible for SSBCI funds, each State had to demonstrate a reasonable expectation 

that it would be able to leverage each federal $1 to generate $10 in new small business 

lending or investing.

In 2011 and 2012, Treasury approved applications on a rolling basis from 47 states, the 

District of Columbia, five territories and municipalities in three states (for simplicity each 

participating entity will be referred to as a “State”).1

 States could divide their allocation 

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

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

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

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

deployed.2

• Disbursements exceed $1 billion: As of June 30, 2014, $1,075,671,449 out of 

$1,457,591,353 or 74 percent of total allocated funds was disbursed to the States. 

All 57 States received their first disbursement; 47 States received their second 

disbursement; 20 States received their third disbursement. 

• SSBCI funds deployed exceed $923 million: Through June 30, 2014, states 

deployed a total of $923,417,775. Of this total, $891,269,456 was from original 

SSBCI allocations and $32,148,319 was from recycled3 SSBCI funds. These funds 

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

for administrative expenses related to the program.

 1 North Dakota and Wyoming did not apply for SSBCI funding, however, consortiums of municipalities in 

each state are participating. Alaska withdrew its application.

2 SSBCI funds deployed are those legally “expended, obligated, or transferred.” For clarification, SSBCI funds 

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

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

and for administrative expenses. SSBCI funds “transferred” are funds transferred to a contracting entity as 

reimbursement of expenses incurred or to fund a loan or investment. Funds “expended, obligated, or transferred” 

includes obligations to venture capital funds not yet linked to specific small business investments. 

As of 12/31/13, Venture Capital Programs reported that the amount of funds expended, obligated or transferred 

was 37% greater ($89.5 million) than the amount expended to small businesses. The variance was due to SSBCI 

dollars that were obligated for investment in a small business or to a fund but not yet expended to a specific small 

business.

3 When a loan or investment supported with SSBCI funds is repaid, the State may then recycle the funds into

another round of loans or investments. 
3

• Recycled SSBCI funds exceed $32 million:

4 Through June 30, 2014, twelve

States reported recycling $32,148,319 of their program dollars into new SSBCIsupported loans or investments.

• Funds deployed increased 5 percent in the second quarter of 2014: This 

figure increased from 27 percent of allocated funds in the second quarter of 2013

to 46 percent in the third quarter of 2013 to 51 percent in the fourth quarter of 

2013 to 56 percent in the first quarter of 2014 to 61 percent in the second 

quarter of 2014.

• 84 percent of States deployed more than$5 million: Nearly all of the states –

48 of 57 – expended, obligated or transferred more than $ five million of their 

SSBCI allocation. 

Figure 1.

 

4 "Recycled Funds" refers to the deployed funds (expended, obligated, or transferred) that came to the State in the 

form of program income, interest earned or principal repayments.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

$1,100,000,000

$1,200,000,000

Disbursements of SSBCI Allocations 

(Cumulative through June 30, 2014)

3rd Disbursement

2nd Disbursement

1st Disbursement
4

Figure 2.

Figure 3.

$0

$100,000,000

$200,000,000

$300,000,000

$400,000,000

$500,000,000

$600,000,000

$700,000,000

$800,000,000

$900,000,000

$1,000,000,000

SSBCI Funds Deployed

(Cumulative through June 30, 2014)

Recycled Funds Deployed

Allocation Deployed
5

Figure 4.

Figure 5.

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

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

$0

$10,000,000

$20,000,000

$30,000,000

$40,000,000

$50,000,000

$60,000,000

$70,000,000

$80,000,000

$90,000,000

Top 10 States by Dollars of 

SSBCI Funds Deployed 

(Cumulative through June 30, 2014)

Recycled Funds Deployed

Allocation Deployed

99% 98%

96% 95% 95% 94% 93% 92%

90%

80%

90%

100%

Top 10 States by Percentage of 

SSBCI Allocations Deployed*

(Cumulative through June 30, 2014) 100%
6

Figure 6.

Figure 7.

$94m

$225m

$234m

$443m

$462m

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

CAP

Collateral Support

Loan Guarantee

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type 

(As of June 30, 2014)

67% 63% 63%

50%

14%

2%

0% 4%

5%

0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

Loan

Participation

Venture

Capital

Collateral

Support

Loan

Guarantee

CAP

Percentage of SSBCI Funds 

Deployed by Program Type 

(Cumulative through June 30, 2014)

Recycled Funds Deployed

Allocation Deployed
7

Figure 8.

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

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

Figure 9.

100999896959594939290

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2625242421 1 1 0

0

10

20

30

40

50

60

70

80

90

100

ND-M

ID

MT

WV

SC

AR

NH

MO

MI

AL

HI

NC

IL

KS

OR

CO

WA

TN

TX

OK

VT

SD

IA

MS

FL

NM

IN

NY

NJ

NE

PR

AK

GA

MN

UT

AZ

DE

LA

WY

MA

PA

CA

OH

WI

GU

VA

KY

RI

ND-C

NV

VI

MD

ME

DC

NMI

CT

AS

Percentage of SSBCI Allocation

Deployed by State*

(As of June 30, 2014)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

ND-M

ID

MT

WV

SC

AR

NH

MO

MI

AL

HI

NC

IL

KS

OR

CO

WA

TN

TX

OK

VT

SD

IA

MS

FL

NM

IN

NY

NJ

NE

PR

AK

GA

MN

UT

AZ

DE

LA

WY

MA

PA

CA

OH

WI

GU

VA

KY

RI

ND-C

NV

VI

MD

ME

DC

NMI

CT

AS

Millions

SSBCI Allocation Amount by State 

(As of June 30, 2014)
8

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

(As of 6/30/2014)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed Total Funds Deployed***

1 North Dakota, M 8/31/2012 $9,734,641 $9,734,641 100% $976,124 $10,710,766 

2 Idaho 8/29/2011 $13,136,544 $13,023,457 99% $2,673,319 $15,696,776 

3 Montana 7/18/2011 $12,765,037 $12,515,540 98% $0 $12,515,540 

4 West Virginia 11/18/2011 $13,168,350 $12,586,134 96% $60,000 $12,646,134 

5 South Carolina 7/6/2011 $17,990,415 $17,130,137 95% $1,562,847 $18,692,985 

6 Arkansas 10/31/2011 $13,168,350 $12,446,978 95% $323,844 $12,770,822 

7 New Hampshire 7/18/2011 $13,168,350 $12,312,536 94% $0 $12,312,536 

8 Missouri 5/23/2011 $26,930,294 $24,920,622 93% $0 $24,920,622 

9 Michigan 7/6/2011 $79,157,742 $72,489,415 92% $8,778,112 $81,267,527 

10 Alabama 8/24/2011 $31,301,498 $28,283,283 90% $5,717,479 $34,000,762 

11 Hawaii 5/27/2011 $13,168,350 $10,891,421 83% $0 $10,891,421 

12 North Carolina 5/23/2011 $46,061,319 $37,808,240 82% $0 $37,808,240 

13 Illinois 7/26/2011 $78,365,264 $61,595,494 79% $0 $61,595,494 

14 Kansas 6/28/2011 $13,168,350 $10,333,501 78% $0 $10,333,501 

15 Oregon 8/29/2011 $16,516,197 $12,655,960 77% $0 $12,655,960 

16 Colorado 10/11/2011 $17,233,489 $12,795,486 74% $0 $12,795,486 

17 Washington 10/31/2011 $19,722,515 $14,314,792 73% $0 $14,314,792 

18 Tennessee 10/4/2011 $29,672,070 $21,417,947 72% $0 $21,417,947 

19 Texas 8/15/2011 $46,553,879 $33,208,631 71% $0 $33,208,631 

20 Oklahoma 7/18/2011 $13,168,350 $9,159,915 70% $0 $9,159,915 

21 Vermont 5/23/2011 $13,168,350 $8,986,733 68% $0 $8,986,733 

22 South Dakota 9/22/2011 $13,168,350 $8,796,124 67% $0 $8,796,124 

23 Iowa 8/30/2011 $13,168,350 $8,771,082 67% $0 $8,771,082 

24 Mississippi 8/24/2011 $13,168,350 $8,593,034 65% $67,951 $8,660,985 

25 Florida 8/24/2011 $97,662,349 $63,586,455 65% $7,398,506 $70,984,962 

26 New Mexico 10/11/2011 $13,168,350 $8,439,178 64% $0 $8,439,178 

27 Indiana 5/27/2011 $34,339,074 $21,600,625 63% $0 $21,600,625 

28 New York 9/26/2011 $55,351,534 $34,671,124 63% $0 $34,671,124 

29 New Jersey 9/22/2011 $33,760,698 $21,066,054 62% $0 $21,066,054 

30 Nebraska 10/4/2011 $13,168,350 $8,039,309 61% $0 $8,039,309 

31 Puerto Rico 10/6/2011 $14,540,057 $8,712,500 60% $0 $8,712,500 

32 Anchorage 1/26/2012 $13,168,350 $7,673,007 58% $0 $7,673,007 

33 Georgia 12/13/2011 $47,808,507 $27,810,487 58% $377,000 $28,187,487 

34 Minnesota 9/30/2011 $15,463,182 $8,776,686 57% $0 $8,776,686 

35 Utah 9/30/2011 $13,168,350 $7,267,966 55% $0 $7,267,966 

36 Arizona 11/7/2011 $18,204,217 $9,998,650 55% $0 $9,998,650 

37 Delaware 7/18/2011 $13,168,350 $6,944,013 53% $0 $6,944,013 

38 Louisiana 8/24/2011 $13,168,350 $6,529,879 50% $450,003 $6,979,881 

39 Wyoming, L 12/4/2012 $13,168,350 $6,229,067 47% $0 $6,229,067 

40 Massachusetts 9/13/2011 $20,445,072 $9,653,271 47% $3,763,133 $13,416,404 

41 Pennsylvania 10/6/2011 $29,241,232 $12,977,282 44% $0 $12,977,282 

42 California 5/19/2011 $167,755,641 $72,884,000 43% $0 $72,884,000 

43 Ohio 9/2/2011 $55,138,373 $23,825,612 43% $0 $23,825,612 

44 Wisconsin 9/22/2011 $22,363,554 $9,475,803 42% $0 $9,475,803 

45 Guam 9/30/2011 $13,168,350 $5,017,757 38% $0 $5,017,757 

46 Virginia 8/15/2011 $17,953,191 $6,372,887 35% $0 $6,372,887 

47 Kentucky 7/28/2011 $15,487,998 $5,063,790 33% $0 $5,063,790 

48 Rhode Island 9/6/2011 $13,168,350 $4,216,504 32% $0 $4,216,504 

49 North Dakota, C 9/28/2012 $3,433,709 $1,034,156 30% $0 $1,034,156 

50 Nevada 9/30/2011 $13,803,176 $3,620,993 26% $0 $3,620,993 

51 Virgin Islands 10/4/2011 $13,168,350 $3,241,218 25% $0 $3,241,218 

52 Maryland 6/2/2011 $23,025,709 $5,554,472 24% $0 $5,554,472 

53 Maine 9/6/2011 $13,168,350 $3,161,384 24% $0 $3,161,384 

54 District of Columbia 8/15/2011 $13,168,350 $2,717,001 21% $0 $2,717,001 

55 Northern Mariana 3/14/2012 $13,168,350 $190,307 1% $0 $190,307 

56 Connecticut 7/14/2011 $13,301,126 $146,913 1% $0 $146,913 

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

TOTAL $1,457,591,353* $891,269,456** 61% $32,148,319 $923,417,775 

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred”.

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

***Note: Includes funds Expended, Obligated, Transferred or used for Administrative Expenses.
9

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

(As of 6/30/2014)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation 

Deployed

Percent Recycled Funds 

Deployed Total Funds Deployed***

1 Michigan 7/6/2011 $79,157,742 $72,489,415 92% $8,778,112 $81,267,527 

2 California 5/19/2011 $167,755,641 $72,884,000 43% $0 $72,884,000 

3 Florida 8/24/2011 $97,662,349 $63,586,455 65% $7,398,506 $70,984,962 

4 Illinois 7/26/2011 $78,365,264 $61,595,494 79% $0 $61,595,494 

5 North Carolina 5/23/2011 $46,061,319 $37,808,240 82% $0 $37,808,240 

6 New York 9/26/2011 $55,351,534 $34,671,124 63% $0 $34,671,124 

7 Alabama 8/24/2011 $31,301,498 $28,283,283 90% $5,717,479 $34,000,762 

8 Texas 8/15/2011 $46,553,879 $33,208,631 71% $0 $33,208,631 

9 Georgia 12/13/2011 $47,808,507 $27,810,487 58% $377,000 $28,187,487 

10 Missouri 5/23/2011 $26,930,294 $24,920,622 93% $0 $24,920,622 

11 Ohio 9/2/2011 $55,138,373 $23,825,612 43% $0 $23,825,612 

12 Indiana 5/27/2011 $34,339,074 $21,600,625 63% $0 $21,600,625 

13 Tennessee 10/4/2011 $29,672,070 $21,417,947 72% $0 $21,417,947 

14 New Jersey 9/22/2011 $33,760,698 $21,066,054 62% $0 $21,066,054 

15 South Carolina 7/6/2011 $17,990,415 $17,130,137 95% $1,562,847 $18,692,985 

16 Idaho 8/29/2011 $13,136,544 $13,023,457 99% $2,673,319 $15,696,776 

17 Washington 10/31/2011 $19,722,515 $14,314,792 73% $0 $14,314,792 

18 Massachusetts 9/13/2011 $20,445,072 $9,653,271 47% $3,763,133 $13,416,404 

19 Pennsylvania 10/6/2011 $29,241,232 $12,977,282 44% $0 $12,977,282 

20 Colorado 10/11/2011 $17,233,489 $12,795,486 74% $0 $12,795,486 

21 Arkansas 10/31/2011 $13,168,350 $12,446,978 95% $323,844 $12,770,822 

22 Oregon 8/29/2011 $16,516,197 $12,655,960 77% $0 $12,655,960 

23 West Virginia 11/18/2011 $13,168,350 $12,586,134 96% $60,000 $12,646,134 

24 Montana 7/18/2011 $12,765,037 $12,515,540 98% $0 $12,515,540 

25 New Hampshire 7/18/2011 $13,168,350 $12,312,536 94% $0 $12,312,536 

26 Hawaii 5/27/2011 $13,168,350 $10,891,421 83% $0 $10,891,421 

27 North Dakota, M 8/31/2012 $9,734,641 $9,734,641 100% $976,124 $10,710,766 

28 Kansas 6/28/2011 $13,168,350 $10,333,501 78% $0 $10,333,501 

29 Arizona 11/7/2011 $18,204,217 $9,998,650 55% $0 $9,998,650 

30 Wisconsin 9/22/2011 $22,363,554 $9,475,803 42% $0 $9,475,803 

31 Oklahoma 7/18/2011 $13,168,350 $9,159,915 70% $0 $9,159,915 

32 Vermont 5/23/2011 $13,168,350 $8,986,733 68% $0 $8,986,733 

33 South Dakota 9/22/2011 $13,168,350 $8,796,124 67% $0 $8,796,124 

34 Minnesota 9/30/2011 $15,463,182 $8,776,686 57% $0 $8,776,686 

35 Iowa 8/30/2011 $13,168,350 $8,771,082 67% $0 $8,771,082 

36 Puerto Rico 10/6/2011 $14,540,057 $8,712,500 60% $0 $8,712,500 

37 Mississippi 8/24/2011 $13,168,350 $8,593,034 65% $67,951 $8,660,985 

38 New Mexico 10/11/2011 $13,168,350 $8,439,178 64% $0 $8,439,178 

39 Nebraska 10/4/2011 $13,168,350 $8,039,309 61% $0 $8,039,309 

40 Anchorage 1/26/2012 $13,168,350 $7,673,007 58% $0 $7,673,007 

41 Utah 9/30/2011 $13,168,350 $7,267,966 55% $0 $7,267,966 

42 Louisiana 8/24/2011 $13,168,350 $6,529,879 50% $450,003 $6,979,881 

43 Delaware 7/18/2011 $13,168,350 $6,944,013 53% $0 $6,944,013 

44 Virginia 8/15/2011 $17,953,191 $6,372,887 35% $0 $6,372,887 

45 Wyoming, L 12/4/2012 $13,168,350 $6,229,067 47% $0 $6,229,067 

46 Maryland 6/2/2011 $23,025,709 $5,554,472 24% $0 $5,554,472 

47 Kentucky 7/28/2011 $15,487,998 $5,063,790 33% $0 $5,063,790 

48 Guam 9/30/2011 $13,168,350 $5,017,757 38% $0 $5,017,757 

49 Rhode Island 9/6/2011 $13,168,350 $4,216,504 32% $0 $4,216,504 

50 Nevada 9/30/2011 $13,803,176 $3,620,993 26% $0 $3,620,993 

51 Virgin Islands 10/4/2011 $13,168,350 $3,241,218 25% $0 $3,241,218 

52 Maine 9/6/2011 $13,168,350 $3,161,384 24% $0 $3,161,384 

53 District of Columbia 8/15/2011 $13,168,350 $2,717,001 21% $0 $2,717,001 

54 North Dakota, C 9/28/2012 $3,433,709 $1,034,156 30% $0 $1,034,156 

55 Northern Mariana 3/14/2012 $13,168,350 $190,307 1% $0 $190,307 

56 Connecticut 7/14/2011 $13,301,126 $146,913 1% $0 $146,913 

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

TOTAL $1,457,591,353* $891,269,456** 61% $32,148,319 $923,417,775 

*Note: SSBCI funds deployed are those legally “expended, obligated, or transferred”.

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

***Note: Includes funds Expended, Obligated, Transferred or used for Administrative Expenses.