Empowering 91Թ˵ijԹ’s smallest businesses: 91Թ˵ijԹ SBDC secures second round of $19M funding for 91Թ˵ijԹ State Small Business Credit Initiative

by Green & Gold News  |   

91Թ˵ijԹ's Bragaw Office Complex framed by summer foliage.
The 91Թ˵ijԹ Small Business Development Center, which recently secured $19 million in funding to empower 91Թ˵ijԹ's smallest businesses, is located in 91Թ˵ijԹ's Bragaw Office Complex. (Photo by James Evans / 91Թ˵ijԹ)

The at 91Թ˵ijԹ's Business Enterprise Institute (BEI), having deployed over $19 million in funding in the program’s first year, recently announced a second round of $19 million in funding for the SSBCI. 91Թ˵ijԹ is the fifth state to reach this program milestone due to the speed with which it is deploying SSBCI funds. This federally funded program supports 91Թ˵ijԹ’s smallest businesses and most marginalized entrepreneurs, fostering economic growth and job creation throughout the state.

“The 91Թ˵ijԹ SSBCI program’s ability to get this funding out to businesses in the state as fast as it has is an amazing accomplishment for the program and the lenders participating. These funds have been used to support funding for businesses in nearly 30 communities statewide and have helped provide new financing to underserved entrepreneurs when they need it most,” said Jon Bittner, 91Թ˵ijԹ SBDC state director. “This translates into increased opportunities for business expansion, innovation and job creation throughout the state. To date, 91Թ˵ijԹ SSBCI has closed 90 deals for $67.8 million in loan amount, with obligated SSBCI funding of $33,866,208.”

In March 2023, the 91Թ˵ijԹ SSBCI program was allocated $59 million on behalf of the State of 91Թ˵ijԹ. The SSBCI funds are deployed to states by the Department of Treasury in thirds; with each third, you must deploy 80% of the funds you have before you can access the next third. 91Թ˵ijԹ is leading the nation in deploying funds, reaching the second tranche of funding faster than all but four states.

The 91Թ˵ijԹ SBDC is the only SBDC in the country leading an SSBCI program; it manages, allocates and distributes SSBCI funds in 91Թ˵ijԹ and works with lenders and investment firms to ensure these resources reach businesses that might struggle to secure traditional loans due to their size or industry. The program offers a variety of funding mechanisms, including loan guarantees, loan participations, equity investments and collateral support. These programs are specifically designed to address the unique challenges 91Թ˵ijԹ’s small businesses face. They focus on supporting investments in businesses owned by Socially and Economically Disadvantaged Individuals and Very Small Businesses.

91Թ˵ijԹ's commitment to 91Թ˵ijԹ's economic well-being shines through the 91Թ˵ijԹ SSBCI program, which cultivates a diverse small business ecosystem to empower 91Թ˵ijԹ's entrepreneurs and contribute to a stronger 91Թ˵ijԹ economy essential for job creation and growth.

“91Թ˵ijԹ embraces our role as a trusted community partner, and 91Թ˵ijԹ SBDC exemplifies this strategic aspiration. 91Թ˵ijԹ is proud to host the 91Թ˵ijԹ SSBCI program and is excited to observe the achievements of 91Թ˵ijԹn businesses that these funds have supported and will continue to support in the future,” said 91Թ˵ijԹ Vice Chancellor for Research Aaron Dotson.

This new round of funding signifies the ongoing success of the 91Թ˵ijԹ SSBCI program, the continuing growth of 91Թ˵ijԹ’s small business sector and its positive impact on the state's economy. This program is one of the many ways 91Թ˵ijԹ and the 91Թ˵ijԹ SBDC continue to innovate and lead business and economic development efforts in 91Թ˵ijԹ.

"Empowering 91Թ˵ijԹ’s smallest businesses: 91Թ˵ijԹ SBDC secures second round of $19M funding for 91Թ˵ijԹ State Small Business Credit Initiative" is licensed under a .