State Small Business Credit Initiative (SSBCI 2.0)
Please send program inquiries to firstname.lastname@example.org
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
- First tranche: CalCAP for Small Business
- First tranche: CalCAP Collateral Support
- Within the second tranche: loan participation program
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
- Technical assistance resources are available for California small business owners.
- The California Office of the Small Business Advocate (CalOSBA) has small business technical support centers near you for no-cost or low-cost help.
- CalOSBA offers help in more than 20 languages to: apply for funding, get permits, address workforce issues, manage your finances, market your business, advise you on operations, and more.