In 1
1

Summary

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

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

SSBCI provides $1.5 billion to new and existing programs in participating states, 

municipalities, and territories (States) that support private-sector lending to, and 

investment in, small businesses and small manufacturers. 

SSBCI allows each State to design its own small business support programs in response 

to local economic conditions. SSBCI programs fall into two general categories - credit 

support programs (e.g., loan guarantee or loan participation programs) and statesponsored venture capital programs. States receive funding in three equal 

disbursements based on cumulative funds deployed.1

• States have drawn 95 percent of available funding: As of March 31, 2016, 

$1,388,111,931 out of $1,456,685,731 or 95 percent of total allocated funds was 

disbursed to the States.

2

 All 57 States received their first disbursement; 55 States 

received their second disbursement; 47 States received their third disbursement.

• States have deployed over $1.3 billion to support small business financing: 

Through March 31, 2016, States deployed a total of $1,355,391,079. Of this total, 

$1,190,824,288 was from original SSBCI allocations and $164,566,791 was from 

recycled3 SSBCI funds. These funds support loans or investments to small 

businesses, including through financial institutions and intermediaries, and for 

administrative expenses related to the program.

• States generate over $8 in new financing for every $1 in federal support: 

Through 2015, SSBCI operations have generated $8.15 in new small business 

lending or investing for every $1 of federal support.4

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

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

entity as reimbursement of expenses incurred or to fund a loan or investment). This includes obligations to venture capital 

funds not yet linked to specific small business investments. As of 12/31/15, Venture Capital Programs reported that the 

amount of funds deployed was 21% greater ($71 million) than the amount expended to small businesses. The variance was due 

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

small business.

2 Treasury approved applications from 47 states, the District of Columbia, five territories, and municipalities in three states 

(collectively referred to as States).

3 “Recycled” funds refer to program income, interest earned, or principal repayments that States deploy to support new 

transactions.

4 States report to Treasury the total deployment of funds on a quarterly basis and transaction-level detail, including private 

financing, on an annual basis. 
2

SSBCI at Work: Featured Businesses 

California: Bringing a Unique Product to Wine Country

Bodkin Wines is a winery run by a two-person 

team, Andy Chambers and Chris Christensen, in 

Healdsburg, California. In 2011 they opened 

their doors, picking out the best grapes in the 

area and producing their signature sparkling 

Sauvignon Blanc wine. What started as a small 

operation, producing only 70 barrels of wine, 

quickly grew in to a thriving winery producing 

7,300 barrels. 

As a young company, Bodkin Wines lacked 

sufficient business history and collateral to 

secure financing from a traditional lender. This 

prevented them from expanding their business to keep up with their growing success. 

Through the California iBank Small Business Loan Guarantee Program, funded in part by SSBCI, 

Bodkin Wines was able to obtain a loan from a local non-profit lender for $350,000 to increase

production and distribution, and create a new website. 

Since receiving the loan, the company has created and retained five full-time positions, and 

continues to see growth and increased public recognition. “The SSBCI program allowed us to 

grow and expand to the next level in quantity and quality. After receiving the loan we were able 

to increase our sales from just California to 15 other states, and Japan,” said Chambers. 
3

Florida: Providing Advanced Cancer Treatment to Patients

Caribbean Radiation Oncology Center (CROC) is a premier medical facility for advanced 

radiation technology in Doral, 

Florida. The minority-owned 

business has operated in Puerto 

Rico since 2007, and decided to 

expand to Doral to meet the 

needs of its south Florida and U.S. 

clients. 

Although the owners were ready 

to expand, the business did not 

have adequate cash flow to 

support the necessary financing. Through its Minority and Small Business 

Entrepreneurial Capital (MaSBEC) division, Enterprise Florida, Inc. (EFI) partnered with 

Floridian Community Bank to provide a $1.9 million bridge loan through SSBCI. This 

loan made it possible for the owners of the facility to purchase land and start 

construction of the new facility. This SSBCI bridge loan also made CROC eligible for 

permanent financing through the U.S. Small Business Administration’s CDC/504 Loan 

Program. 

“With the help of SSBCI, we were able to complete the construction of our state of the 

art facility,” explains co-owner Carmen Bigles. The new 9,000 square-foot facility, made 

possible by SSBCI funds, will create 22 jobs and a capital investment of $8.35 million into 

the Doral community. 
4

New Jersey: Expanding Access to Childcare for a Community 

Little Red Robins is a daycare center run by 

Phylicia Robenolt in Barrington, New Jersey. 

As a home-based registered childcare 

provider, the daycare was limited to five or 

fewer unrelated children in the home at any 

given time. 

Robenolt wanted to expand her business, but 

a short history of cash flow and limited equity 

were obstacles to securing the funding she 

needed to purchase and transform a 

foreclosed building in the area into a daycare 

facility for the community. 

With support from SSBCI, the New Jersey 

Economic Development Authority has

partnered with local Community 

Development Financial Institutions (CDFIs) to

expand resources available for small 

businesses like Little Red Robins. As a result, 

Robenolt was able to secure a $150,000 loan from the Union County Economic 

Development Corporation, a statewide not-for-profit economic development 

corporation and certified CDFI. 

With four new employees and a renovated space, Little Red Robins now provides daily 

care to 30 children. “The loan provided by the UCEDC has enabled us to care for many 

more children and bring a vacant property back to life,” says Robenolt. “I am so grateful 

for the opportunity to be a trusted resource for so many more working parents.” 
5

Ohio: Revolutionizing the Eyewear Experience

Frameri is a startup focused on revolutionizing the experience individuals have with 

eyewear. The company, located in Cincinnati, Ohio, designs and produces boutiquequality, interchangeable frames and lenses that allow eyeglass wearers to use the same 

lenses with multiple frames to 

customize their look to different 

moods, situations, and 

prescriptions. 

Although eager to expand, the 

startup lacked sufficient 

business history to secure a 

traditional bank loan. With the 

help of the Ohio Development 

Services Agency, Frameri was 

able to secure a $750,000 

Targeted Investment Program 

(TIP) loan supported by SSBCI funds. The loan was also matched by an additional 

$750,000 in seed stage convertible debt in 2015, and in return Frameri also committed 

to creating 18 full-time jobs.

Founder Konrad Billetz said, “Every startup understands the importance of capital and 

few programs are more attractive to founders than the [SSBCI-supported] TIP loan 

program. For Frameri, it allowed us to grow our team, improve our product and supply 

chain, and build inventory that has enabled us to grow our business beyond what we 

could have imagined in such a short time.”

Since the initial funding the company has expanded its products, through a strategic 

partnership with EnChroma lenses, to include lenses that allow red-green color-blind 

people to see color. The loan has also paved the way for the company to work with a 

Tokyo-based global technology company to roll out its products into 500 independent 

eyeglass retailers across the U.S. this year. 
6

Figure 1.

Figure 2.

$0

$100

$200

$300

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$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

Millions

Disbursements of SSBCI Allocations

(Cumulative through March 31, 2016)

3rd Disbursement

2nd Disbursement

1st Disbursement

$0

$100

$200

$300

$400

$500

$600

$700

$800

$900

$1,000

$1,100

$1,200

$1,300

$1,400

Millions

SSBCI Funds Deployed

(Cumulative through March 31, 2016)

Allocation Deployed Recycled Funds Deployed
7

Figure 3.

Figure 4.

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

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

$0

$20,000,000

$40,000,000

$60,000,000

$80,000,000

$100,000,000

$120,000,000

$140,000,000

Recycled

Funds

Deployed

Allocation

Deployed

Top 20 States by Dollars of SSBCI Funds Deployed

(Cumulative through March 31, 2016)

100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

99% 99% 99%

98%

97% 97%

96% 96% 96%

80%

82%

84%

86%

88%

90%

92%

94%

96%

98%

100%

Top 20 States by Percentage of SSBCI Funds Deployed*

(Cumulative through March 31, 2016)
8

Figure 5.

Figure 6.

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

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

$0

$5,000,000

$10,000,000

$15,000,000

$20,000,000

$25,000,000

$30,000,000

$35,000,000

$40,000,000

$45,000,000

Allocation

and

Recycled

Funds

Deployed

Top 20 States Year Over Year Change 

by Dollars of SSBCI Funds Deployed

46% 45%

40%

35% 34% 33%

29% 29%

20% 19% 18% 17% 17% 17% 15% 15% 15% 14% 14% 14%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Top 20 States Year Over Year Change 

by Percentage of SSBCI Funds Deployed*
9

Figure 7.

Figure 8.

$45 m

$232 m

$264 m

$442 m

$474 m

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

CAP

Loan Guarantee

Collateral Support

Venture Capital

Loan Participation

Millions

Funds Allocated by Program Type 

(As of March 31, 2016)

85%

76%

85%

76%

43%

13%

0.3%

9%

34%

0.7%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

110%

Loan

Participation

Venture Capital Collateral

Support

Loan Guarantee CAP

Recycled

Funds

Deployed

Allocation

Deployed

Percentage of SSBCI Funds Depoyed by 

Program Type

(Cumulative through March 31, 2016)
10

Figure 9.

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

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

Figure 10.

100100100100100100100100100100100 99 99 99 98 97 97 96 96 96 95 94 94 93 93 93 92 87 87 87 83 83 80 78 77 77 77 76 75 73 72 71 70 69 68 66 65 65 64 62

54

48 47 45 44

28

5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

NC

TN

AZ

SC

OR

PR

VT

NH

AR

ID

ND-M

IL

HI

MT

VA

MO

OK

CO

KS

NE

WV

MA

UT

MI

AL

WY-L

TXKY

MI

ND-C

WA

IA

MN

FL

NY

GA

CT

CA

AK-A

VI

OH

LA

GU

SD

DE

NJ

PA

NV

IN

NM

WI

RI

ME

DC

MD

MP

AS

Percentage of SSBCI Allocation Deployed by State*

(As of March 31, 2016)

$0

$20

$40

$60

$80

$100

$120

$140

$160

$180

NC

TN

AZ

SC

OR

PR

VT

NH

AR

ID

ND-M

IL

HI

MT

VA

MO

OK

CO

KS

NE

WV

MA

UT

MI

AL

WY-L

TXKY

MI

ND-C

WA

IA

MN

FL

NY

GA

CT

CA

AK-A

VI

OH

LA

GU

SD

DE

NJ

PA

NV

IN

NM

WI

RI

ME

DC

MD

MP

AS

Millions

SSBCI Allocation Amount by State 

(As of March 31, 2016)
11

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

(As of 03/31/2016)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 North Carolina 5/23/2011 $46,061,319 $46,061,319 100% $3,819,943 $49,881,262 

2 Tennessee 10/4/2011 $29,672,070 $29,576,533 100% $0 $29,576,533 

3 Arizona 11/7/2011 $18,204,217 $18,204,217 100% $727,677 $18,931,894 

4 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $6,999,759 $24,990,174 

5 Oregon 8/29/2011 $16,516,197 $16,516,196 100% $393,121 $16,909,317 

6 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $5,070,559 $19,610,616 

7 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $5,104,609 $18,272,959 

8 New Hampshire 7/18/2011 $13,168,350 $13,168,350 100% $0 $13,168,350 

9 Arkansas 10/31/2011 $13,168,350 $13,154,412 100% $1,428,695 $14,583,107 

10 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $8,668,172 $21,804,716 

11 North Dakota, Mandan 8/31/2012 $9,734,641 $9,717,680 100% $4,013,733 $13,731,413 

12 Illinois 7/26/2011 $78,365,264 $77,278,012 99% $2,350,000 $79,628,012 

13 Hawaii 5/27/2011 $13,168,350 $13,064,113 99% $0 $13,064,113 

14 Montana 7/18/2011 $12,765,037 $12,677,094 99% $0 $12,677,094 

15 Virginia 8/15/2011 $17,953,191 $17,658,794 98% $922,072 $18,580,866 

16 Missouri 5/23/2011 $26,930,294 $26,166,668 97% $784,101 $26,950,770 

17 Oklahoma 7/18/2011 $13,168,350 $12,775,231 97% $0 $12,775,231 

18 Colorado 10/11/2011 $17,233,489 $16,629,137 96% $0 $16,629,137 

19 Kansas 6/28/2011 $13,168,350 $12,609,925 96% $1,093,123 $13,703,048 

20 Nebraska 10/4/2011 $13,168,350 $12,595,964 96% $626,768 $13,222,732 

21 West Virginia 11/18/2011 $13,168,350 $12,470,151 95% $650,591 $13,120,742 

22 Massachusetts 9/13/2011 $20,445,072 $19,183,080 94% $2,158,033 $21,341,113 

23 Utah 9/30/2011 $13,168,350 $12,325,785 94% $985,500 $13,311,285 

24 Michigan 7/6/2011 $79,157,742 $73,997,425 93% $16,530,271 $90,527,696 

25 Alabama 8/24/2011 $31,301,498 $29,050,033 93% $50,452,190 $79,502,223 

26 Wyoming, Laramie 12/4/2012 $13,168,350 $12,207,187 93% $0 $12,207,187 

27 Texas 8/15/2011 $46,553,879 $42,996,052 92% $0 $42,996,052 

28 Kentucky 7/28/2011 $15,487,998 $13,402,765 87% $0 $13,402,765 

29 Mississippi 8/24/2011 $13,168,350 $11,394,139 87% $67,750 $11,461,889 

30 North Dakota, 9/28/2012 $3,433,709 $2,975,774 87% $300,000 $3,275,774 

31 Washington 10/31/2011 $19,722,515 $16,465,087 83% $1,465,000 $17,930,087 

32 Iowa 8/30/2011 $13,065,020 $10,905,774 83% $0 $10,905,774 

33 Minnesota 9/30/2011 $15,463,182 $12,402,319 80% $75,270 $12,477,589 

34 Florida 8/24/2011 $97,662,349 $76,601,262 78% $32,177,822 $108,779,084 

35 New York 9/26/2011 $55,351,534 $42,629,217 77% $0 $42,629,217 

36 Georgia 12/13/2011 $47,808,507 $37,035,845 77% $3,159,250 $40,195,095 

37 Connecticut 7/14/2011 $13,301,126 $10,295,467 77% $0 $10,295,467 

38 California 5/19/2011 $167,755,641 $127,448,511 76% $11,181,655 $138,630,166 

39 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,981 75% $0 $9,931,981 

40 U.S. Virgin Islands 10/4/2011 $13,168,350 $9,608,178 73% $0 $9,608,178 

41 Ohio 9/2/2011 $55,138,373 $39,630,817 72% $0 $39,630,817 

42 Louisiana 8/24/2011 $12,366,058 $8,832,337 71% $1,192,880 $10,025,217 

43 Guam 9/30/2011 $13,168,350 $9,278,216 70% $0 $9,278,216 

44 South Dakota 9/22/2011 $13,168,350 $9,075,274 69% $0 $9,075,274 

45 Delaware 7/18/2011 $13,168,350 $8,916,538 68% $0 $8,916,538 

46 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $575,243 $22,857,304 

47 Pennsylvania 10/6/2011 $29,241,232 $18,977,602 65% $757,932 $19,735,533 

48 Nevada 9/30/2011 $13,803,176 $8,941,532 65% $0 $8,941,532 

49 Indiana 5/27/2011 $34,339,074 $21,952,676 64% $0 $21,952,676 

50 New Mexico 10/11/2011 $13,168,350 $8,168,350 62% $835,072 $9,003,422 

51 Wisconsin 9/22/2011 $22,363,554 $12,069,526 54% $0 $12,069,526 

52 Rhode Island 9/6/2011 $13,168,350 $6,287,383 48% $0 $6,287,383 

53 Maine 9/6/2011 $13,168,350 $6,149,510 47% $0 $6,149,510 

54 District of Columbia 8/15/2011 $13,168,350 $5,880,699 45% $0 $5,880,699 

55 Maryland 6/2/2011 $23,025,709 $10,102,047 44% $0 $10,102,047 

56 Northern Mariana 3/14/2012 $13,168,350 $3,688,497 28% $0 $3,688,497 

57 American Samoa 2/14/2012 $10,500,000 $576,178 5% $0 $576,178 

TOTAL $1,456,685,731 $1,190,824,288 82% $164,566,791 $1,355,391,079 

*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.
12

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

(As of 03/31/2016)

# State Agreement 

Date

Allocated 

Amount**

Original SSBCI 

Allocation Deployed Percent Recycled Funds Deployed

Total Funds 

Deployed***

1 California 5/19/2011 $167,755,641 $127,448,511 76% $11,181,655 $138,630,166 

2 Florida 8/24/2011 $97,662,349 $76,601,262 78% $32,177,822 $108,779,084 

3 Michigan 7/6/2011 $79,157,742 $73,997,425 93% $16,530,271 $90,527,696 

4 Illinois 7/26/2011 $78,365,264 $77,278,012 99% $2,350,000 $79,628,012 

5 Alabama 8/24/2011 $31,301,498 $29,050,033 93% $50,452,190 $79,502,223 

6 North Carolina 5/23/2011 $46,061,319 $46,061,319 100% $3,819,943 $49,881,262 

7 Texas 8/15/2011 $46,553,879 $42,996,052 92% $0 $42,996,052 

8 New York 9/26/2011 $55,351,534 $42,629,217 77% $0 $42,629,217 

9 Georgia 12/13/2011 $47,808,507 $37,035,845 77% $3,159,250 $40,195,095 

10 Ohio 9/2/2011 $55,138,373 $39,630,817 72% $0 $39,630,817 

11 Tennessee 10/4/2011 $29,672,070 $29,576,533 100% $0 $29,576,533 

12 Missouri 5/23/2011 $26,930,294 $26,166,668 97% $784,101 $26,950,770 

13 South Carolina 7/6/2011 $17,990,415 $17,990,415 100% $6,999,759 $24,990,174 

14 New Jersey 9/22/2011 $33,760,698 $22,282,061 66% $575,243 $22,857,304 

15 Indiana 5/27/2011 $34,339,074 $21,952,676 64% $0 $21,952,676 

16 Idaho 8/29/2011 $13,136,544 $13,136,544 100% $8,668,172 $21,804,716 

17 Massachusetts 9/13/2011 $20,445,072 $19,183,080 94% $2,158,033 $21,341,113 

18 Pennsylvania 10/6/2011 $29,241,232 $18,977,602 65% $757,932 $19,735,533 

19 Puerto Rico 10/6/2011 $14,540,057 $14,540,057 100% $5,070,559 $19,610,616 

20 Arizona 11/7/2011 $18,204,217 $18,204,217 100% $727,677 $18,931,894 

21 Virginia 8/15/2011 $17,953,191 $17,658,794 98% $922,072 $18,580,866 

22 Vermont 5/23/2011 $13,168,350 $13,168,350 100% $5,104,609 $18,272,959 

23 Washington 10/31/2011 $19,722,515 $16,465,087 83% $1,465,000 $17,930,087 

24 Oregon 8/29/2011 $16,516,197 $16,516,196 100% $393,121 $16,909,317 

25 Colorado 10/11/2011 $17,233,489 $16,629,137 96% $0 $16,629,137 

26 Arkansas 10/31/2011 $13,168,350 $13,154,412 100% $1,428,695 $14,583,107 

27 North Dakota, Mandan 8/31/2012 $9,734,641 $9,717,680 100% $4,013,733 $13,731,413 

28 Kansas 6/28/2011 $13,168,350 $12,609,925 96% $1,093,123 $13,703,048 

29 Kentucky 7/28/2011 $15,487,998 $13,402,765 87% $0 $13,402,765 

30 Utah 9/30/2011 $13,168,350 $12,325,785 94% $985,500 $13,311,285 

31 Nebraska 10/4/2011 $13,168,350 $12,595,964 96% $626,768 $13,222,732 

32 New Hampshire 7/18/2011 $13,168,350 $13,168,350 100% $0 $13,168,350 

33 West Virginia 11/18/2011 $13,168,350 $12,470,151 95% $650,591 $13,120,742 

34 Hawaii 5/27/2011 $13,168,350 $13,064,113 99% $0 $13,064,113 

35 Oklahoma 7/18/2011 $13,168,350 $12,775,231 97% $0 $12,775,231 

36 Montana 7/18/2011 $12,765,037 $12,677,094 99% $0 $12,677,094 

37 Minnesota 9/30/2011 $15,463,182 $12,402,319 80% $75,270 $12,477,589 

38 Wyoming, Laramie 12/4/2012 $13,168,350 $12,207,187 93% $0 $12,207,187 

39 Wisconsin 9/22/2011 $22,363,554 $12,069,526 54% $0 $12,069,526 

40 Mississippi 8/24/2011 $13,168,350 $11,394,139 87% $67,750 $11,461,889 

41 Iowa 8/30/2011 $13,065,020 $10,905,774 83% $0 $10,905,774 

42 Connecticut 7/14/2011 $13,301,126 $10,295,467 77% $0 $10,295,467 

43 Maryland 6/2/2011 $23,025,709 $10,102,047 44% $0 $10,102,047 

44 Louisiana 8/24/2011 $12,366,058 $8,832,337 71% $1,192,880 $10,025,217 

45 Alaska, Anchorage 1/26/2012 $13,168,350 $9,931,981 75% $0 $9,931,981 

46 U.S. Virgin Islands 10/4/2011 $13,168,350 $9,608,178 73% $0 $9,608,178 

47 Guam 9/30/2011 $13,168,350 $9,278,216 70% $0 $9,278,216 

48 South Dakota 9/22/2011 $13,168,350 $9,075,274 69% $0 $9,075,274 

49 New Mexico 10/11/2011 $13,168,350 $8,168,350 62% $835,072 $9,003,422 

50 Nevada 9/30/2011 $13,803,176 $8,941,532 65% $0 $8,941,532 

51 Delaware 7/18/2011 $13,168,350 $8,916,538 68% $0 $8,916,538 

52 Rhode Island 9/6/2011 $13,168,350 $6,287,383 48% $0 $6,287,383 

53 Maine 9/6/2011 $13,168,350 $6,149,510 47% $0 $6,149,510 

54 District of Columbia 8/15/2011 $13,168,350 $5,880,699 45% $0 $5,880,699 

55 Northern Mariana 3/14/2012 $13,168,350 $3,688,497 28% $0 $3,688,497 

56 North Dakota, 9/28/2012 $3,433,709 $2,975,774 87% $300,000 $3,275,774 

57 American Samoa 2/14/2012 $10,500,000 $576,178 5% $0 $576,178 

TOTAL $1,456,685,731 $1,190,824,288 82% $164,566,791 $1,355,391,079 

*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.