California Pollution Control Financing Authority

State Small Business Credit Initiative (SSBCI 2.0)

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Current Status

The U.S. Treasury has awarded $1.181 billion in SSBCI 2.0 funds to California, divided equally between CPCFA and IBank. IBank is the lead applicant and they have signed an allocation agreement with U.S. Treasury. CPCFA and IBank have signed an updated joint agreement to implement SSBCI 2.0.

The funds will be sent to California over a period of eight years, in three separate installments (tranches). The funds will be used to implement the five types of programs allowed under SSBCI 2.0.

Outreach to qualifying financial institutions, organizations serving small businesses, and community organizations has begun and will continue.

U.S. Treasury is in the process of accepting applications for SSBCI 2.0 Technical Assistance.

CPCFA’s SSBCI 2.0 Programs

IBank’s SSBCI 2.0 Programs

What Happens Next

  • CPCFA will carry out the rulemaking process to incorporate SSBCI 2.0 requirements and update forms as needed.
  • SSBCI 2.0 funds for the CalCAP for Small Business and CalCAP Collateral Support programs will be available within 90 days of the finalization of the allocation agreement.
    • SSBCI 2.0 funds will allow CalCAP for Small Business to increase its current loan loss reserve contribution per loan.
    • SSBCI 2.0 funds will allow CalCAP Collateral Support to pledge cash for more under-collaterized loans.
  • Technical Assistance for small businesses will be implemented by technical service providers after U.S. Treasury completes the application and award process.

Participation for Small Businesses and Financial Institutions

  • Small businesses can request financial institutions with which they have an existing business relationship to enroll, as well as contact financial institutions pre-enrolled in CPCFA’s SSBCI programs, and/or financial institutions pre-enrolled in IBank’s SSBCI programs.
  • Financial institutions will participate in SSBCI 2.0 by enrolling with CPCFA and/or enrolling with IBank.
  • Visit IBank for information on their programs and timeframes.

Support for Small Business Owners