October 8, 2024 | LINK TO ARTICLE
WASHINGTON – Today, the U.S. Department of the Treasury announced the full list of awardees receiving funding to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP) following recent announcements of several initial awards. SBOP is a $75 million competitive grant program that provides funding to connect underserved and very small businesses to the financing necessary to participate in key Investing in America supply chains, including electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, clean energy generation, and more.
As part of the Biden-Harris Administration’s economic agenda, the SBOP was designed to catalyze additional private sector investment by supporting small business in getting the legal, accounting, and financial advisory services they need and helping them to secure SSBCI-supported financing or other state and federal program support.
“By increasing access to capital and making historic investments in infrastructure, clean energy, and manufacturing, we have spurred record-breaking small business growth over the last three years,” said Vice President Kamala Harris. “Since taking office, I have been proud to work to expand access to opportunity by investing in the small businesses that are the backbone of our communities. This funding from the Small Business Opportunity Program will build on this momentum by allowing tens of thousands of entrepreneurs from historically underserved communities to access the technical assistance they need in order to hire more employees, grow their businesses, and advance innovation.”
“More than 19 million new small business applications have been filed during the Biden-Harris Administration and we’re working to support these entrepreneurs and connect them to the customers and capital they need to grow,” said Secretary of the Treasury Janet L. Yellen. “The Biden-Harris Administration has fueled major investments in key sectors of our economy, and these resources will support technical assistance that connects small businesses around the country to important supply chains and new opportunities.”
Overview of 14 SBOP Awardees:
- Arizona, $7.9 million: The Arizona Commerce Authority will expand three existing programs: DreamBuilder, Moonshot, and the Arizona Manufacturing Extension Partnership. These programs will target business owners in rural and mining communities, conduct pitch competitions, and will provide training and advisory services.
- California, $10 million: The California Office of the Small Business Advocate (CalOSBA) will create a new Procurement & Innovation Capital Leadership for Entrepreneurs (PINNACLE) program. This initiative will be supported by $16.25 million in matching funds from CalOSBA.
- Cherokee Nation, $2 million: Cherokee Nation Commerce Services will connect underserved small businesses in the 14 Cherokee Nation counties in Oklahoma with industry experts and foster collaboration with local financial institutions.
- Chickasaw Nation, $2 million: Chickasaw Nation will support businesses located in the Chickasaw Nation treaty territory, as well as Chickasaw-owned businesses across the U.S., with a focus on agriculture and construction businesses. Partners include Murray State College, the Ardmore Chamber of Commerce, and i2E, Inc. This initiative will be supported by $225,000 in matching funds by the Chickasaw Nation Community Development Endeavor.
- Hawaii, $1.6 million: The Hawaii Technology Development Corporation will build a one-stop marketplace of vetted technical assistance providers. The Chamber of Commerce Hawaii will be an implementation partner.
- Kansas, $2.6 million: The Kansas Department of Commerce Office of Small Business Development and Entrepreneurship will support the Kansas Launchpad program. Partners include the Kansas Office of Minority and Women Business Development, the Kansas Office of Innovation, the Kansas Office of Rural Prosperity, the Kansas Department of Agriculture, and NetWork Kansas.
- Louisiana, $5.3 million: The Louisiana Department of Economic Development (LED) will work with regional economic development organizations and accelerators to connect businesses to capital, particularly SSBCI-supported equity capital. This initiative will be supported by $2.4 million in matching funds from LED.
- Maryland, $10 million: The Maryland Technology Development Corporation will establish the Business Resource Information, Development, and Guidance Ecosystem (BRIDGE) to deliver services through a regional network of new and existing technical assistance providers, and will serve businesses in Maryland, Delaware, D.C., and Virginia. The University of Maryland, University of Maryland Baltimore, and Loaned Executives will be implementation partners. This initiative is supported by $2.2 million in matching funds by TEDCO and the University of Maryland.
- Michigan, $9.1 million: The Michigan Strategic Fund and the Michigan Economic Development Corporation will implement the Michigan Auto Supplier Transition Program which will serve businesses in their transition from the internal combustion engine auto supply chain to electric vehicle production or an adjacent industry. Partners include the Michigan Minority Supplier Development Council, the University of Michigan Economic Growth Institute, Automaton Alley, the Michigan Manufacturing Technology Center, and the Michigan Manufacturers Association. This initiative is supported by $500 million in matching funds from Michigan Infrastructure Office.
- Mississippi, $4.8 million: The Mississippi Development Authority will launch the Connect MS program, which will engage eight regional clusters and two program pathways to improve small businesses chances of a successful capital raise. Partners include the Mississippi Small Business Development Center network and Innovate Mississippi. This initiative is supported by $2.2 million in matching funds from Innovate Mississippi
- Nevada, $4.2 million: The Nevada Governor’s Office of Economic Development will deliver programming to startups, healthcare businesses, rural and Tribal businesses, and advanced manufacturing businesses, particularly those producing lithium batteries and other EV components. Partners include the Nevada Small Business Development Center, the Nevada Tech Hub, and National Science Foundation Engines grantees in Nevada.
- New York, $9.4 million: Empire State Development (ESD) will launch the Semiconductor Growth Access Program (SGAP) to help businesses grow in or pivot to the semiconductor supply chain in upstate New York. Key partners include NY Smart I-Corridor Tech Hub, Mohawk Valley Economic Development Growth Enterprises Corporation, and the Capital Region Center for Economic Growth. This initiative is supported by $1.5 million in matching funds from ESD.
- Oklahoma, $4.2 million: The Oklahoma Center of Science and Technology (OCAST) will launch Roadmap2Success, focused on businesses that safeguard Oklahoma’s telecommunications infrastructure from cyber threats and bolster biotechnology and advanced mobility industries. Partners include Oklahoma Biotech Innovation Cluster, Oklahoma Broadband Office, University of Tulsa’s Oklahoma Cyber Innovation Institute, and the Tulsa Regional Advanced Mobility Corridor. This initiative is supported by $384,000 in matching funds by OCAST.
- Rhode Island, $1.6 million: The Rhode Island Commerce Corporation will expand the RI Rebounds Technical Assistance Program focused on the construction, transportation, and renewable energy industries. Rhode Island’s Future will be an implementation partner.
A fact sheet summarizing all 14 SBOP awards can be found here.
Selected jurisdictions will build or expand technical assistance programs focused on connecting very small and underserved businesses to financing available through SSBCI, or other state or federal small business programs, including in infrastructure, manufacturing, clean energy, or climate resiliency. Jurisdictions have been selected based on their plans to create innovative, high-impact models of small business technical assistance delivery that demonstrate a vision to improve access to capital for historically overlooked businesses across the nation.
The American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. Through the SSBCI Capital Program, Treasury has approved plans for small business financing programs totaling over $8.7 billion and representing every state and territory, the District of Columbia, and 280 Tribal governments.
In addition to today’s announcement, Treasury has announced the approvals of SSBCI Technical Assistance grants allocated by formula to states, the District of Columbia, territories, and Tribal governments, representing $145 million for 48 jurisdictions. Treasury anticipates additional approvals of applications to follow. See the full list of approved programs here.
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