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Updates to SSBCI 2022

The NC Rural Center has been allocated an additional allotment of State Small Business Credit Initiative (SSBCI) funding by the US Treasury Department through the NC State Legislature’s recently passed budget. Please find specific information about this allotment below, and note that this page will be updated as new information becomes available.

 

What funding will be available?

This $201.8 million allocation is part of a second round of funding for SSBCI, an initiative first established by the Small Business Jobs Act of 2010 and funded by the U.S. Department of the Treasury that has since been managed by the NC Rural Center, and is now funded through the American Rescue Plan Act (ARPA). 

 

When will this funding be available?

While the recent State Budget passing did in fact allocate these funds for management to the Center, they will not be active until an official application for release of these funds is accepted and processed by the US Treasury Department. This federal process is expected to take until the spring, at which point we anticipate release of the funding to the Center. It is then that we will be able to begin providing funding to small businesses through our SSBCI programs.

 

What SSBCI programs does the NC Rural Center offer?

The Capital Access Program (CAP), the Loan Participation Program (LPP), and the NC Venture Capital Program are operated by the NC Rural Center. Information about these programs is currently being updated to include federal restrictions through ARPA, and the NC Rural Center will release it as soon as we are able. 

 

Can small businesses access funding directly?

No. The SSBCI funding and NC Rural Center programs partner with banks, credit unions, CDFIs, and equity fund managers to enhance small businesses ability to access the capital they need to grow their business. Small businesses cannot access SSBCI funds directly from the NC Rural Center. 

 

Are the original SSBCI programs still operational?

Yes. SSBCI 1.0 will continue to operate as it has since it’s inception in 2011. Thank you to all our bank, credit union, CDFI, and equity fund manager partners for your partnership and use of the programs.

 

How can I stay up-to-date on new information?

For more information about SSBCI, or when these funds will become available, we invite you to sign up for our newsletter, and follow us on Twitter.