State Small Business Credit Initiative (SSBCI 2.0)

Asset 27

SSBCI 2.0 (FundTN) supports and expands an inclusive continuum of access to capital for small businesses and entrepreneurs throughout Tennessee

The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. For SSBCI 2.0, Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse businesses become capital ready.

As part of the Discover Phase of the planning process, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey.  An overview of the results is here.

Note: These funds are not available in Tennessee, yet. While national media outlets have noted that the US Dept. of Treasury has released funds to some states/territories, it is a rolling process. Information and updates will be shared on this website. We encourage DBEs, small businesses, entrepreneurs, and those who serve them to check back periodically and/or sign-up for the newsletter for upcoming announcements.

SSBCI 2.0 funds were allocated as follows:

Funding Categories

U.S. Allocation

TN Allocation

Description

State Allocation

(See line 10)

$6 billion

$60,573,813

Based on 2020 unemployment figures

Technical Assistance

(See line 17)

$500 million

$3,848,992

Could be before or after loan or equity infusion, general assistance; to be allocated as a separate grant

Microenterprises (Very Small Businesses)

(See line 10)

$500 million

$4,816,620

Businesses with fewer than 10 employees

SEDI Business Allocation

(See line 19)

$1.5 billion

$33,612,467

Socially and Economically Disadvantaged Businesses (SEDI)

SEDI Business Incentives

(See line 11)

$1 billion

$17,926,649

Performance-based

Tribal Governments

(See line 8)

$500 million

N/A

Tennessee does not have any tribal governments

Total:

$10 billion

$116,929,549

 

Find a full list of allocations here.

Current status: Step 4—Application submitted Februarury 11, 2022, awating approval.

ssbci

If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources now,  visit the BERO website and/or TNSmartStart.com to get your personalized list of resources, build your own business model canvas, or locate resources near you.

Contact Information
Phone: (615) 741-1888
Email: ecd.SSBCI2.0@tn.gov