{"id":42114,"date":"2024-10-18T15:09:51","date_gmt":"2024-10-18T19:09:51","guid":{"rendered":"https:\/\/indianz.com\/News\/?p=42114"},"modified":"2024-10-18T15:25:09","modified_gmt":"2024-10-18T19:25:09","slug":"treasury-department-state-small-business-credit-initiative-technical-assistance-application-approvals","status":"publish","type":"post","link":"https:\/\/indianz.com\/News\/2024\/10\/18\/treasury-department-state-small-business-credit-initiative-technical-assistance-application-approvals\/","title":{"rendered":"Treasury Department: State Small Business Credit Initiative Technical Assistance Application Approvals"},"content":{"rendered":" \"Department<\/a>
The headquarters of the Department of the Treasury in Washington, D.C. Photo: Kevin Anderson<\/a><\/figcaption>\r\n
Treasury Department: State Small Business Credit Initiative Technical Assistance Application Approvals<\/div>\r\n
Friday, October 18, 2024<\/div>\r\n
Indianz.Com<\/div>\r\n

<\/P>\r\nThe following is a list of State Small Business Credit Initiative Technical Assistance Application Approvals released by the Department of the Treasury on October 17, 2024. The list is divided by month. It includes approvals for tribal as well as state governments. <\/em>\r\n

<\/p>\r\n \r\nAnnounced October 2024<\/strong>
\r\n1. Citizen Potawatomi Nation, Oklahoma: Citizen Potawatomi Nation, Oklahoma, approved for\r\n$677,005 in SSBCI Technical Assistance (TA) grant funding, has designated the Citizen\r\nPotawatomi Community Development Corporation (CPCDC) to implement the TA program.\r\nCPCDC, along with contractors, will provide legal and financial advisory services to support\r\nbusinesses participating in their Capital program. The Tribe will use the TA funding to assist with\r\nincreasing credit readiness, enhancing investment readiness, and increasing job creation and\r\nretention.

<\/P>\r\n2. Confederated Tribes of the Umatilla Reservation: Confederated Tribes of the Umatilla\r\nReservation (CTUIR), approved for $87,298 in technical assistance (TA) grant funding, will\r\nleverage the Nixyaawii Community Financial Services and other partnerships to provide legal,\r\naccounting, and financial advisory services. TA funds will be used in conjunction with CTUIR\u2019s\r\nSSBCI capital allocation to provide a level of capital access to create and drive business growth.\r\n3. Coushatta Tribe of Louisiana: Coushatta Tribe of Louisiana (Coushatta), approved for $70,755\r\nin technical assistance (TA) grant funding, will provide technical assistance to local businesses\r\nand Tribal enterprises that are participants in the Tribe\u2019s capital loan program. The TA program\r\nwill contract with third parties to provide a legal, accounting, and financial advisory\r\nservices. Coushatta will track the creation of new businesses and revenue growth for new and\r\nexisting businesses.

<\/P>\r\n4. Ketchikan Indian Community: Ketchikan Indian Community (KIC), approved for $119,722 in\r\ntechnical assistance grant funding, will provide financial advisory services with Spruce Root, a\r\nNative-run and staffed CDFI and a financing partner for Alaska’s Small Business Development\r\nCenter (SBDC) which may help finance the SBDC’s SSBCI loans. Through one-on-one coaching,\r\ncohort workshops, and classroom training, Spruce Root will provide primarily technical\r\nassistance in the form of financial advisory services to KIC Tribal members who own businesses.\r\nThe participants will be introduced to additional small business programs with the goal of\r\nincreasing the number of loans that participants apply for, and the number of new small\r\nbusinesses opened as a result leveraging the KIC technical assistance and collateral support\r\nprogram.

<\/P>\r\n5. The Lac Courte Oreilles Band of Lake Superior Chippewa Indians of Wisconsin: The Lac\r\nCourte Oreilles Band of Lake Superior Chippewa Indians of Wisconsin (The Lac Courte Oreilles\r\nBand), approved for $152,738 in technical assistance (TA) grant funding, will use contractors to\r\nprovide accounting, legal and financial advisory services to underserved and very small\r\nbusinesses. The Lac Courte Oreilles Band expects the TA providers to offer group courses and\r\none-on-one services with the recognition that the services may change depending on provider\r\nrecommendations and beneficiary needs. The performance metrics are directly related to the\r\nnumbers of businesses receiving assistance and the provision of TA to businesses who have a\r\ncurrent or potential connection to the SSBCI capital program.

<\/P>\r\n6. Lower Sioux Community Council: Lower Sioux Community Council (Lower Sioux) for Lower\r\nSioux Indian Community, approved for $ 72,399 in technical assistance grant funding, will\r\nprovide financial advisory services to small businesses. Lower Sioux will provide professional\r\n1:1 business counseling services, as well as providing training sessions for small groups of\r\nbusinesses in the areas of financial planning and accounting services.

<\/P>\r\n7. Mesa Grande Band of Diegueno Mission Indians: Mesa Grande Band of Diegueno Mission\r\nIndians, approved for $69,888 in technical assistance (TA) grant funding, will use contractors to\r\nprovide legal and financial advisory services to support one Tribal enterprise. This new company\r\nis a new Tribal enterprise and will use TA funding to assist with obtaining financing.\r\n8. Quechan Indian Tribe: Quechan Indian Tribe, approved for $93,337 in SSBCI Technical\r\nAssistance (TA) grant funding, will use contractors to implement the TA program. The Tribe will\r\nprovide TA services focusing on startup, legal, accounting, and financial advisory needs for\r\nunderserved businesses. The Tribe anticipates a 5-10% growth rate for Tribal businesses\r\nreceiving TA services over 3-5 years.

<\/P>\r\n9. Aleut Community of Saint Paul Island, a.k.a. Saint Paul Island: Aleut Community of Saint\r\nPaul Island, a.k.a. Saint Paul Island, approved for $76K in technical assistance grant funding, will\r\nuse contractors to provide legal and accounting services to the underserved businesses\r\nparticipating in the Tribe\u2019s SSBCI-supported direct equity program. The Tribe will track\r\nperformance by tracking progress made by beneficiaries in establishing the incorporation of new\r\nbusinesses in the first 12 months of operation.

<\/P>\r\n10. San Pasqual Band of Diegue\u00f1o Mission Indians of California: San Pasqual Band of Diegue\u00f1o\r\nMission Indians of California, approved for $64,769 in SSBCI Technical Assistance (TA) grant\r\nfunding, will contract with the Rural Community Assistance Corporation (RCAC), a nonprofit\r\norganization and CDFI, to implement the TA program. The RCAC Building Rural Economies\r\n(BRE) Program staff will deliver six three-hour virtual trainings and follow-up one-on-one TA\r\nsessions to an expected 10-15 underserved businesses or underserved entrepreneurs throughout\r\n12 months. RCAC anticipates 3-7 underserved businesses will access approximately $75,000 to\r\n$500,000 as a result of business coaching and TA. RCAC\u2019s BRE Program staff will enhance and\r\ncomplement the Tribe\u2019s loan participation program by providing TA to underserved Tribal\r\nbusinesses. Key indicators include the number of small businesses receiving assistance, the\r\nnumber of businesses retained or created, the number of jobs retained or created as well as new\r\nfinancial resources accessed.

<\/P>\r\n11. The Chickasaw Nation: The Chickasaw Nation, approved for $1.0 million in technical\r\nassistance (TA) grant funding, will implement the TA grant program directly through its own\r\nChickasaw Business Network (CBN). The proposed TA program will provide accounting,\r\nfinancial advisory, and legal services to small business owners participating in the Tribal capital\r\nprogram or other small business programs. The goals of the TA program are to provide services\r\nto 60-100 small businesses on accounting, tax, and legal matters, and engage 175-250 participants\r\nin business skills and education training through networking and consultation sessions.

<\/P>\r\n12. The Choctaw Nation of Oklahoma: The Choctaw Nation of Oklahoma, approved for $1.0\r\nmillion in technical assistance (TA) grant funding, will offer legal and financial advisory services\r\nto businesses participating in the Tribe\u2019s Capital program. The goal of the TA program is to\r\npromote growth and development of business operations and opportunities through Tribal\r\nentrepreneurs that are creating more economic impact, creating new jobs, and stimulating the\r\nlocal economies throughout the Tribe\u2019s reservation area.

<\/P>\r\n13. The Osage Nation: The Osage Nation, approved for $427,380 in technical assistance (TA) grant\r\nfunding, will use contractors to provide entrepreneurial workshops and TA to underserved and\r\nvery small businesses participating in the Tribe\u2019s capital program or seeking other Federal small\r\nbusiness support. The Osage Nation\u2019s goal is that 25% of the attendees of the entrepreneurial\r\nworkshops will successfully apply for business financing.

<\/P>\r\n14. Winnemucca Indian Colony of Nevada: Winnemucca Indian Colony of Nevada, approved for\r\n$63,751 in technical assistance (TA) grant funding, will provide legal services to the underserved\r\nand very small businesses participating in the Tribe\u2019s capital program. The proposed TA program\r\nwill support the Tribe\u2019s capital program by contracting with an experienced attorney to provide\r\nlegal assistance for the successful implementation of a nursery project and convenience store\r\nexpansion.

<\/P>\r\nAnnounced July 2024<\/strong>
\r\n1. Alabama: Alabama, approved for $3.1 million in technical assistance grant funding, will utilize\r\nthe Alabama Small Business Development Center (AL SBDC) at the University of Alabama to\r\nprovide accounting and financial advisory services to companies preparing to apply for support\r\nfrom state and\/or federal small business programs and connect companies directly with the state\u2019s\r\nSSBCI-supported capital programs. The AL SBDC will provide group training sessions and one-\r\non-one advising sessions to prepare underserved and very small businesses to apply for the state\r\nof Alabama\u2019s SSBCI-supported credit and equity capital programs.

<\/P>\r\n2. American Samoa: American Samoa, approved for $470,304 in technical assistance grant\r\nfunding, will administer the funding through the America Samoa Government Department of\r\nCommerce\u2019s partnership with the American Samoa Small Business Development Center (AS-\r\nSBDC) to provide business, legal, accounting, and financial advisory services to companies\r\npreparing to apply for support from territory and\/or federal small business programs and connect\r\ncompanies directly with its SSBCI-supported capital programs. The AS-SBDC anticipates that it\r\nwill serve 100 small businesses over the 3-year period of performance and that some of those\r\nsmall business will submit successful capital applications, resulting in up to $35 million\r\ninvestment in these businesses.

<\/P>\r\n3. Colorado: Colorado, approved for $2,447,924 in SSBCI Technical Assistance grant funding, will\r\nutilize the Colorado SBDC Network and its 14 service centers and contracted consultants to\r\nprovide legal, financial advisory, and accounting services to very small and underserved\r\nbusinesses. The Colorado SBDC Network will deliver TA services via training programs and\r\none-on-one consulting sessions for businesses needing specialized assistance. The Colorado\r\nSBDC Network will measure success of the program by tracking the number of submitted\r\napplications to the state\u2019s Capital Program.

<\/P>\r\n4. District of Columbia: District of Columbia (DC), approved for $793,268 in SSBCI Technical\r\nAssistance (TA) grant funding, will use its District Capitalized Hub Management System to\r\nimplement a TA program that provides legal, financial advisory, and accounting services for\r\nbusinesses that are preparing to apply for SSBCI-supported capital and other small business\r\nprograms. DC will engage targeted eligible beneficiaries, and use the District Capitalized Hub to\r\ncreate their customized funding-readiness action plans; refer them to group trainings, individual\r\nconsultations, and related support resources offered by DC and its partner TA providers; and\r\ntrack performance. DC will increase the readiness to apply and receive funding for over 150\r\nbusinesses during a three-year period.

<\/P>\r\n5. Hawaii: Hawaii, approved for $792,935 in SSBCI Technical Assistance grant funding, will\r\nutilize the Hawaii Technology Development Corporation (HTDC), along with contractors and\r\nsubrecipients, to provide legal, financial advisory, and accounting services to SEDI-owned\r\nbusinesses and VSBs. HTDC and its subrecipients will deliver TA services via workshops, events\r\nand one-on-one sessions for businesses needing specialized assistance. The HTDC will measure\r\nthe success of the program by tracking the number of submitted applications to the HI-CAP\r\nprogram and other loan programs by SEDI-owned businesses and VSBs.

<\/P>\r\n6. Levelock Village: Levelock Village, approved for $65,327 in technical assistance grant funding,\r\nwill use contractors to provide legal and financial advisory services to underserved and very small\r\nbusinesses participating in the Tribe\u2019s direct investment program or seeking other federal small\r\nbusiness support. The Tribe will track performance by tracking progress made by beneficiaries to\r\ninclude the number of permit and license approvals per year and increases in partners, investors,\r\nand funding sources.

<\/P>\r\n7. Minnesota: Minnesota, approved for $1,972,321 in SSBCI Technical Assistance (TA) grant\r\nfunding, will use the Minnesota Small Business Development Center (SBDC) statewide network\r\nwithin the Minnesota Department of Employment & Economic Development to implement the\r\nTA program. The SBDC lead center will coordinate with its nine regional SBDC offices around\r\nthe state, as well as other business service organizations to identify eligible beneficiaries. Under\r\nthe management of the SBDC, TA contractors will provide eligible legal and accounting services.\r\nAfter receiving TA services, Minnesota anticipates that 50% of eligible beneficiaries will\r\nsuccessfully apply to receive financing from its Capital Program or other state small business\r\nprogram.

<\/P>\r\n8. U.S. Virgin Islands: The U.S. Virgin Islands, approved for $521,109 in SSBCI Technical\r\nAssistance grant funding, will utilize the Virgin Islands Economic Development Authority to\r\nprovide Technical Assistance (TA) services to companies preparing to apply for its SSBCI-\r\nsupported capital programs. Virgin Islands Economic Development Authority will use contractors\r\nto conduct one-on-one counseling to perform needs\/ assessments, developing action plans and\r\nprovide specialized TA services for very small and underserved businesses. Virgin Islands\r\nEconomic Development Authority anticipates assisting up to 70 small businesses in its TA\r\nprogram and over 50% of those businesses will be successful in applying for capital funding.

<\/P>\r\nAnnounced March 2024<\/strong>
\r\n9. Guam: Guam, approved for $573,977 in SSBCI Technical Assistance grant funding, will utilize\r\nthe Guam Economic Development Authority (GEDA) to provide legal, financial advisory, and\r\naccounting services to companies, including those preparing to apply for its SSBCI-supported\r\ncapital programs. The GEDA will collaborate with colleges, universities and other partners to\r\nconduct training workshops in business basics for very small and underserved businesses. For\r\nbusinesses needing specialized assistance, they will utilize a series of providers to provide one-\r\non-one legal and accounting services. The GEDA anticipates building financial literacy and\r\nultimately increasing the number of SSBCI loan recipients by 50% over a five-year period.

<\/P>\r\n10. Illinois: Illinois, approved for $6.8 million in SSBCI Technical Assistance grant funding, will\r\nutilize the Illinois Department of Commerce and Economic Opportunity (DCEO) to provide\r\nlegal, accounting, and financial advisory services to companies preparing for support from state\r\nand\/or federal small business programs and to connect companies directly with its SSBCI-\r\nsupported capital programs. The Illinois DCEO will utilize its network of community navigators\r\nin seven regions across the state to support small businesses as they apply for capital with a multi-\r\ntiered approach designed to reduce barriers faced by underserved small businesses. The Illinois\r\nDCEO anticipates tracking progress with each of the seven providers to measure the impact of\r\nprojects that received TA services as compared those that did not, to determine if TA services\r\nresulted in impacts such as increased capital raised, jobs created and salary, and number of\r\ncustomers or users.

<\/P>\r\n11. Kansas: Kansas, approved for $1.3 million in technical assistance grant funding, will utilize the\r\nKansas Department of Commerce and NetWork Kansas to provide legal, accounting, and\r\nfinancial advisory services to companies preparing to apply for support from state and\/or federal\r\nsmall business programs and connect companies directly with its SSBCI-supported loan and\r\nequity capital programs. NetWork Kansas will utilize its existing statewide Partner and E-\r\nCommunity Partnership networks to identify underserved and very small businesses and match\r\nthose businesses with technical assistance resources pre- and post-funding. NetWork Kansas\r\nestimates that it will provide technical assistance to 300 small businesses over the 5-year grant\r\nperiod and that 150 of these businesses will subsequently attract capital.

<\/P>\r\n12. New Mexico: New Mexico, approved for $1.6 million in SSBCI Technical Assistance grant\r\nfunding, will utilize the Justice, Equity, Diversity, and Inclusion (JEDI) Office in the New\r\nMexico Economic Development Department (NMEDD) to contract with vendors to provide legal,\r\naccounting, and financial advisory services to companies preparing for support from state and\/or\r\nfederal small business programs and connect companies directly with its SSBCI-supported capital\r\nprograms, such as the VC Equity and Collateral Assistance Program (CAP). The NM JEDI Office\r\nwill utilize an online portal to match businesses with technical assistance opportunities that are\r\nspecific to their individual needs, while building a Community Navigator system to reach very\r\nsmall and underserved businesses in rural areas. The NM JEDI Office anticipates tracking\r\nprogress to measure the impact of projects that received TA services compared to those that did\r\nnot, to determine if TA services resulted in impacts such as growth in sales, employees, and net\r\nincome.

<\/P>\r\n13. New York: New York State Urban Development Corporation DBA Empire State Development\r\n(ESD), approved for $10.9 million in SSBCI technical assistance grant funding, will provide\r\ntechnical assistance to SEDI-owned and very small businesses in five areas: Capital Access,\r\nEntrepreneurship Assistance Centers (EAC), Manufacturing Extension Partnership (MEP),\r\nContractor Financing & Surety Bonding, and Venture. The ESD will select 5 contractors to\r\nprovide specific legal, accounting, and financial advisory services to SEDI-owned and very small\r\nbusinesses throughout the state, through one-on-one counseling. The ESD anticipates providing\r\nservices to 1000 small businesses, resulting in 250 new business starts, 500 businesses\r\nexpansions, and 800 total loans developed.

<\/P>\r\n14. Puerto Rico: Puerto Rico, approved for $3.8 million in SSBCI Technical Assistance grant\r\nfunding will utilize the Economic Development Bank of Puerto Rico (EDB) to provide legal,\r\naccounting, and financial advisory services to companies preparing to apply for support from\r\nstate and\/or federal small business programs and connect companies directly with its SSBCI-\r\nsupported capital programs. The EDB will conduct data analysis to understand small business TA\r\nneeds and continually evaluate desired program outcomes and will provide group training\r\nsessions, one-on-one counseling and online education to prepare small businesses to apply for\r\nfunding. The EDB anticipates measuring performance metrics such as number of businesses\r\nassisted, number of outreach activities, number of successful applications submitted, and the total\r\nnumber of jobs created through this funding.

<\/P>\r\n15. Vermont: Vermont, approved for $526,819 in SSBCI technical assistance grant funding, will\r\nutilize the Vermont Small Business Development Center (VTSBDC) to provide legal, accounting,\r\nand\/or financial advisory services to underserved and very small businesses applying for support\r\nfrom state and\/or federal small business programs, including connecting companies directly with\r\nits SSBCI-supported capital programs. The VTSBDC will provide training events, including a\r\nbootcamp style legal training program, and 1:1 advising to connect small businesses directly with\r\nsupport for the legal, accounting, and\/or financial advisory services that they need to successfully\r\napply for SSBCI and\/or other small business capital programs. The VTSBDC anticipates that it\r\nwill provide services to 175 small businesses, resulting in 40 capital applications submitted.

<\/P>\r\n16. West Virginia: West Virginia, approved for $1.5 million in Technical Assistance (TA) grant\r\nfunding, will work with Partner Community Capital, Inc. (PCAP) to administer its TA program to\r\napplicants and participants of the West Virginia Capital Access Program. PCAP, a leading\r\nCommunity Development Financial Institution serving small businesses in West Virginia, will\r\nprovide financial advisory services, one-on-one consulting and educational programs. It will also\r\ncontract TA providers to provide legal and accounting services. West Virginia anticipates that it\r\nwill serve 140 small businesses through the four-year program, including helping up to 10 start-\r\nup small businesses a year.

<\/P>\r\nAnnounced November 2023<\/strong>
\r\n17. Alaska: Alaska, approved for $654,712 in SSBCI allocation formula-based technical assistance\r\n(TA) grant funding, will work with the Alaska Small Business Development Center (Alaska\r\nSBDC) within the University of Alaska at Anchorage to provide legal, accounting, and financial\r\nadvisory services (TA services) to companies preparing to apply for support from state and\/or\r\nfederal small business programs, including connecting companies directly with the state\u2019s SSBCI-\r\nsupported loan and equity programs. The Alaska SBDC will provide mentorship, networking\r\nopportunities and one-on-one training, including multi-lingual services to meet the needs of\r\nunderserved businesses and VSBs and connect them directly with support for TA services. The\r\nAlaska SBDC anticipates assisting 250 companies through the TA grant program and estimates\r\nthat this will result in 210 applications for funding and 105 successfully funded applications.\r\n18. Arizona: Arizona Commerce Authority (ACA), approved for $3.8 million in technical assistance\r\ngrant funding, will provide legal, accounting, and financial advisory services to companies\r\npreparing to apply for support from state and\/or federal small business programs, including\r\nconnecting companies directly with its SSBCI-supported debt and equity capital programs. The\r\nACA will provide TA services through peer groups, group mentoring, and one-on-one support\r\nand will supplement these services through outreach events and assistance provided by partner\r\nCDFIs, ultimately connecting underserved businesses and VSBs directly with support for legal,\r\naccounting, and financial advisory services. The Arizona Commerce Authority anticipates\r\nassisting 400 companies through the technical assistance program and estimates that this will\r\nresult in 100 successfully funded applications.

<\/P>\r\n19. Arkansas: Arkansas, approved for $2.0 million in SSBCI allocation formula-based technical\r\nassistance (TA) grant funding, will utilize the Arkansas Small Business and Technology\r\nDevelopment Center (ASBTDC) based at the University of Arkansas at Little Rock to\r\nprovide legal, accounting, and financial advisory services (TA services) to companies preparing\r\nto apply for funding from state and\/or federal small business programs and connect companies\r\ndirectly with its SSBCI-supported capital programs. The ASBTDC will provide training\r\nevents for potential SSBCI loan applicants on topics such as business credit, financial literacy,\r\nand the capital acquisition process. These events will help the ASBTDC identify borrowers in\r\nneed of one-on-one consulting before submitting their application to a lender. The ASBTDC\r\nanticipates training 750 small businesses throughout the five-year program and\r\nproviding individual consulting to 875 small businesses, resulting in 230 applications to the\r\nstate\u2019s SSBCI capital programs.

<\/P>\r\n20. Idaho: Idaho, approved for $1,031,720 in SSBCI Technical Assistance grant funding, will work\r\nwith the Idaho SBDC at Boise State University to provide legal, accounting, and financial\r\nadvisory services to companies preparing to apply for support from state and\/or federal small\r\nbusiness programs, including connecting companies directly with its SSBCI-supported capital\r\nprograms. The technical assistance program will combine traditional in-person advising with an\r\nonline educational platform designed to educate underserved and VSBs on the SSBCI-funded\r\ncapital program and to connect them with legal, accounting, and\/or financial advisory services.\r\nThe Idaho SBDC anticipates meaningfully engaging nearly 800 small businesses and maintaining\r\na 90% client satisfaction score for the provision of these services.

<\/P>\r\n21. Indiana: Indiana Economic Development Corporation (IEDC), approved for $2.8 million in\r\nSSBCI allocation formula-based technical assistance (TA) grant funding, will provide legal,\r\naccounting, and financial advisory services (TA services) to companies preparing to apply for\r\nstate and\/or federal small business capital programs including connecting companies directly with\r\nthe IEDC\u2019s lending-based SSBCI capital programs. The TA services provided will specifically\r\nfocus on providing financial counseling and training to underserved and very small businesses\r\nsubmitting applications under the state\u2019s SSBCI capital programs. The IEDC anticipates that it\r\nwill serve 1,000+ businesses over the 5-year period of performance and plans to track the\r\napplications submitted to SSBCI and other capital programs with the goal of increasing the\r\nnumber of applicants and successful loan applications.

<\/P>\r\n22. Iowa: Iowa, approved for $1,396,269 in SSBCI allocation formula-based technical assistance\r\n(TA) grant funding, will work with America\u2019s Small Business Development Center (SBDC) Iowa\r\nto provide legal, accounting, and financial advisory (TA services) to companies preparing to\r\napply for support from state and\/or federal small business programs, including connecting\r\ncompanies directly with the state\u2019s SSBCI-supported loan participation and venture capital\r\nprograms. The SBDC will provide outreach and training events as well as one-on-one counseling\r\nto connect underserved and very small businesses directly with TA providers. America\u2019s SBDC\r\nIowa anticipates that it will provide training to 620 companies, engage 1315 clients in\r\none-one-one counseling, and assist 205 companies with the submission of applications to the\r\nstate\u2019s SSBCI capital programs.

<\/P>\r\n23. Louisiana: Louisiana, approved for $3.0 million in SSBCI allocation formula-based technical\r\nassistance (TA) grant funding, will utilize the Louisiana Department of Economic Development\r\n(LED) to provide TA services to companies preparing to apply for support from state and\/or\r\nfederal small business programs and connect companies directly with the state\u2019s SSBCI-\r\nsupported capital programs, particularly the collateral support, micro-lending, and loan guaranty\r\nprograms. LED will identify resource providers, programs, and events throughout the state in\r\norder to create a searchable listing of the small business ecosystem in the state to make these\r\nresources more accessible to its small businesses. LED will also build upon its multi-layered\r\napproach to assist small businesses based on development stage, with services including\r\nmentoring, classroom training and peer-to-peer roundtables, to work with small business support\r\norganizations across the state as partners in the delivery of TA services through training offerings,\r\nas well as direct one-on-one counseling. This assistance will focus on preparing underserved and\r\nvery small businesses to access capital to increase in the number of successful applications to the\r\nstate\u2019s SSBCI capital program, as well as improve the businesses\u2019 capacity for sustainability and\r\ngrowth.

<\/P>\r\n24. Maine: Maine, approved for $806,715 in SSBCI TA grant funding, will work with the Maine\r\nSmall Business Development Center (SBDC), within the University of Southern Maine, to\r\nprovide TA services to companies preparing to apply for support from state and\/or federal small\r\nbusiness programs, including connecting companies directly with its SSBCI-supported loan and\r\nequity capital programs. The Maine SBDC will provide business advising and training, in a group\r\nsetting and one-on-one, to meet the needs of underserved and very small businesses and connect\r\nthem directly with TA providers. The Maine SBDC anticipates that it will assist 850 small\r\nbusinesses, resulting in 160 applications to the state\u2019s SSBCI capital programs and\r\n105 successfully funded applications.

<\/P>\r\n25. Maryland: University of Maryland, Maryland Small Business Development Center (MD SBDC),\r\napproved for $3.3 million in TA grant funding will utilize the Maryland Business Opportunity\r\nCenter (MBOC) to provide legal, accounting, and financial advisory services to companies\r\npreparing to apply for support from state and\/or federal small business programs, including\r\nconnecting companies directly with its SSBCI-supported capital programs. The MBOC, which is\r\nmanaged by the MD SBDC, will connect underserved and very small businesses and VSBs with\r\nexisting academic, government, nonprofit, and business efforts that provide planning, financing,\r\nand other services to entrepreneurs, engage business owners to serve as mentors, and provide\r\nnetworking opportunities for underrepresented MD business owners.

<\/P>\r\n26. Michigan: Michigan, specifically the Michigan Economic Development Corporation (MEDC),\r\napproved for $5,290,360 in SSBCI technical assistance grant funding, will oversee the provision\r\nof local legal, accounting, and financial advisory services to companies preparing to apply for\r\nsupport from state and\/or federal small business programs, including connecting companies\r\ndirectly with its SSBCI-supported loan guarantee program. MEDC will work with nine technical\r\nassistance providers to deliver technical assistance, particularly in the areas of financial loan\r\npreparedness and the development of financial statements as well as wrap around support for\r\nborrowers, to support underserved businesses and VSBs. MEDC anticipates supporting 1,000\r\nsmall businesses, of which 500 will receive pre-loan technical assistance services and 500 will\r\nreceive post loan close technical assistance, 337 will be approved for loan funding, and 125 will\r\nincrease their personal or business credit score.

<\/P>\r\n27. Mississippi: University of Mississippi, Small Business Development Center (Mississippi SBDC),\r\napproved for $2.3 million in technical assistance grant funding, will provide legal, accounting,\r\nand financial advisory services to companies preparing to apply for support from state and\/or\r\nfederal small business programs and connect companies directly with its SSBCI-supported capital\r\nprograms. Mississippi SBDC will utilize 5 business counselors across the state to facilitate\r\noutreach, training, and individual business assistance, connecting small businesses directly with\r\nsupport from underserved legal, accounting, and\/or financial advisory service providers.\r\nMississippi SBDC anticipates assisting approximately 1540 small businesses over the five-year\r\nprogram with individual counseling, resulting in 240 completed capital applications.

<\/P>\r\n28. New Hampshire: Department of Business and Economic Affairs approved for $756,778 in\r\nSSBCI technical assistance grant funding, will utilize the New Hampshire Small Business\r\nDevelopment Center (NH SBDC) to provide legal, accounting, and financial advisory services to\r\ncompanies preparing to apply for support from state and\/or federal small business programs,\r\nincluding connecting companies directly with its SSBCI-supported capital programs. The NH\r\nSBDC will contract with local consulting small businesses (including attorneys, accountants, and\r\nfinancial consultants) to provide up to five hours of specialized consulting to underserved\r\nbusinesses and VSBs.

<\/P>\r\n29. North Dakota: North Dakota Department of Commerce approved for $572,143 in SSBCI\r\ntechnical assistance grant funding will utilize ILT Academy to provide legal, accounting, and\r\nfinancial advisory services to underserved and very small businesses preparing to apply for\r\nsupport from state and\/or federal small business programs, including connecting companies\r\ndirectly with its SSBCI-supported capital programs. ILT Academy will deliver intensive training,\r\neducation and one-on-one coaching while providing networking opportunities and direct\r\nintroductions to underserved businesses and VSBs. The ND Department of Commerce and ILT\r\nAcademy anticipate assisting beneficiary businesses with clarifying business concepts, creating\r\nfeasible and viable financial business models, and providing financial advisory support\r\nthroughout the program to maximize the chances of successful funding and growth.

<\/P>\r\n30. Pennsylvania: Pennsylvania Department of Community and Economic Development (DCED)\r\napproved for $5.5 million will utilize Kutztown University, which hosts the Pennsylvania Small\r\nBusiness Development Center, to provide legal, accounting, and financial advisory services to\r\ncompanies preparing to apply for support from state and\/or federal small business programs and\r\nconnect companies directly with its SSBCI-supported capital programs. The Pennsylvania DCED\r\nwill work with the SBDC and administer SSBCI TA services, to deliver in-person classroom and\r\none-on-one consulting. Advising, coaching and mentoring, no cost business legal services, for fee\r\naccounting, and\/or financial loan packaging services if the business requires more support than\r\nwhat the SSBCI TA team can deliver. The program will include new MasterMind peer-to-peer\r\nlearning groups that will be formed around common themes that members of the group come\r\ntogether monthly to resolve. The PA DCED anticipates serving 695 small businesses during the\r\n5-year program with individual consulting, resulting in 417 successful loan applications.

<\/P>\r\n31. Rhode Island: The state\u2019s Department of Administration will use $773,624 in SSBCI allocation\r\nformula-based technical assistance (TA) grant funding to support the Rhode Island Commerce\r\nCorporation (RI Commerce) in providing legal, accounting, and financial advisory services\r\n(TA services) to underserved and very small businesses preparing to apply for support from state\r\nand\/or federal small business programs, including connecting companies directly with the state\u2019s\r\nSSBCI-supported capital programs. RI Commerce will provide ongoing outreach to underserved\r\nand very small business and will contract with vendors as necessary to assist these businesses\r\ndirectly with TA services needed so that they can compete more successfully for federal, state,\r\nlocal government, and commercial contracts. RI Commerce anticipates that it will provide\r\ntechnical assistance to 242 underserved and very small businesses and that this will result in 121\r\nsuccessful applications to the state\u2019s SSBCI capital programs.

<\/P>\r\n32. South Carolina: South Carolina Jobs-Economic Development Authority (SC-JEDA) approved\r\nfor $3.1 million in SSBCI technical assistance grant program will engage the South Carolina\r\nSmall Business Development Center (SC-SBDC) hosted by the University of South Carolina to\r\nprovide legal, accounting, and\/or financial advisory services to underserved and very small\r\nbusinesses applying for support from state and\/or federal small business programs, including\r\nconnecting companies directly with its SSBCI-supported capital programs. The SC-SBDC will\r\noffer a series of training events throughout the state, networking opportunities with lenders, one-\r\non-one assessments with business consultants, who will connect businesses directly with support\r\nfor legal, accounting, and\/or financial advisory services, as needed. The SC-SBDC anticipates\r\nthat it will serve 560-618 small businesses through classroom training, provide counseling to\r\n2847 total small business clients, and that these services would result in 364 completed SSBCI\r\ncapital applications.

<\/P>\r\n33. Tennessee: Tennessee, approved for $3.8 million in SSBCI Technical Assistance grant funding\r\nwill utilize Middle Tennessee State University (MTSU) and it\u2019s Tennessee Small Business\r\nDevelopment Center network program who will work in cooperation with the university\u2019s Office\r\nof Research and Sponsored Programs to provide legal, accounting, and financial advisory services\r\nto companies preparing for support from state and\/or federal small business programs and\r\nconnect companies directly with its SSBCI-supported capital programs. MTSU will assess the\r\nneeds of very small and underserved businesses to refer them directly to legal, accounting, and or\r\nfinancial advisory services. MTSU anticipates that it will improve the closing rate of underserved\r\nand very small businesses applying to capital access and venture funding.

<\/P>\r\n34. Virginia: Virginia, approved for $4.1 million in SSBCI allocation formula-based technical\r\nassistance (TA) grant funding, will work with the Virginia Small Business Financing Authority\r\n(VSBFA) and its selected TA providers to offer legal, accounting, and financial advisory services\r\n(TA services) to small business owners preparing for capital support from small business\r\nprograms and connect companies directly with funding sources. The technical assistance\r\nproviders will offer one-on-one mentoring, workshops, webinars, job and resource fairs, and\r\ncommunity events to underserved businesses and very small. The VSBFA anticipates providing\r\nassistance to 1,000 beneficiaries through the TA grant program, resulting in 500 applications or\r\npitches submitted to the state\u2019s SSBCI capital programs and other federal programs.

<\/P>\r\n35. Washington: Washington, approved for $3.4 million in SSBCI Technical Assistance grant\r\nfunding will utilize the Washington Department of Commerce (DOC) to provide legal,\r\naccounting, and financial advisory services to companies preparing for support from state and\/or\r\nfederal small business programs and connect companies directly with its SSBCI-supported capital\r\nprograms specifically designed for businesses farthest from opportunity including lending circle\r\nprograms and loans with a zero percent interest rate. The Washington DOC will provide a\r\nconcierge style of supportive business assistance tools that are designed to prepare businesses to\r\napply for their suite of capital loan programs, based on individual business need. The\r\nWashington DOC anticipates assisting 120 underserved and very small businesses with technical\r\nassistance, education, mentorship, and training, resulting in successful applications to SSBCI and\r\nother federal capital programs.

<\/P>\r\n36. Wisconsin: Wisconsin, approved for $1.9 million in technical assistance grant funding, will\r\nutilize the Wisconsin Department of Administration and the Wisconsin Economic Development\r\nCorporation to make subawards to providers who will provide legal, accounting, and financial\r\nadvisory services to companies preparing to apply for support from state and\/or federal small\r\nbusiness programs, and will connect companies directly with SSBCI-supported capital programs.\r\nThese providers, including the University of Wisconsin Law & Entrepreneurship Clinic, who will\r\nprovide legal advice to advise underserved and very small businesses, and provide training and\r\noutreach events designed to identify borrowers in need of one-on-one counseling and supportive\r\nreferrals. Wisconsin anticipates that it will serve 1,150 small businesses through the five-year\r\nprogram, including helping 120 new small businesses form through the development of an on-\r\ndemand LLC formation tool.

<\/P>\r\nAnnounced August 2023<\/strong>
\r\n37. California: The California Office of the Small Business Advocate (CalOSBA), approved for up\r\nto $25.3 million in SSBCI technical assistance grant funding, will oversee the provision of\r\nregionally-based legal, accounting, and financial advisory services to help small businesses apply\r\nfor support from state and\/or federal small business programs, including connecting companies\r\ndirectly with its SSBCI-supported capital programs. The SSBCI Navigators Network Program\r\nwill utilize a technology platform and local outreach partners to connect underserved and very\r\nsmall businesses to a network of technical assistance providers while building the service\r\ncapacity of member organizations through a train-the-trainer curriculum. The CalOSBA\r\nanticipates bringing in 113,000 small businesses to engage with the services, resulting in 40,000\r\nloans received.

<\/P>\r\n38. Connecticut: The Connecticut Department of Economic & Community Development (DECD),\r\napproved for up to $1.9 million in SSBCI technical assistance grant funding, will work with\r\nConnecticut Innovations (CI) to provide legal, accounting and financial advisory services to help\r\nsmall businesses apply for assistance from state and\/or federal small business programs and\r\nconnect companies directly with its SSBCI-supported venture capital programs. CI will provide\r\ntechnical assistance seminars, webinars, and break-out sessions at sponsored events to connect\r\nunderserved and very small businesses directly with support from legal, accounting, and financial\r\nadvisory providers. CI anticipates assisting 120 companies through the TA program and estimates\r\nthat 75 percent of the companies benefiting from these services will go on to raise seed capital\r\nfrom angel investors, SSBCI, institutional investors and\/or follow-on investment from CI.

<\/P>\r\n39. Delaware: The Delaware Division of Small Business, approved for up to $724,423 in SSBCI\r\ntechnical assistance grant funding, will work with the University of Delaware \u2013 Small Business\r\nDevelopment Center (DSBDC) to provide accounting and financial advisory services to help\r\nsmall businesses apply for support from state and\/or federal small business programs, including\r\nconnecting companies directly with its SSBCI-supported capital programs. The Delaware Small\r\nBusiness Development Center will host outreach events and provide diverse programming,\r\nincluding classroom training and one-on-one counseling to meet the needs of underserved and\r\nvery small businesses and to connect them directly with support for legal, accounting, and\r\nfinancial advisory services. DSBDC anticipates that it will assist at least 280 small businesses\r\nwithin two years, resulting in at least 30 completed credit applications.

<\/P>\r\n40. Georgia: Department of Community Affairs (DCA), approved for $6,212,315 in SSBCI technical\r\nassistance grant funding, will work with The University of Georgia Research Foundation, Inc.\r\n(UGARF) \/ University of Georgia Small Business Development Center (UGA SBDC). UGA\r\nSBDC will provide legal, accounting, and financial advisory services to companies preparing to\r\napply for support from state and\/or federal small business programs, including connecting\r\ncompanies directly with its SSBCI-supported lending programs. Technical assistance will be\r\nprovided through a multi-faceted approach involving topical programs, group training events and\r\nindividual counseling to connect underserved and very small businesses directly with support for\r\nlegal, accounting, and financial advisory services. UGA SBDC anticipates that it will provide\r\nservices to 5850 individuals throughout its five-year program, resulting in 702 loan applications\r\nand $105,300,000 in loans generated.

<\/P>\r\n41. Nebraska: The Nebraska Department of Economic Development, approved for up to $922,515 in\r\nSSBCI technical assistance grant funding, will work with subrecipients to provide legal,\r\naccounting, and financial advisory services to help small businesses apply for support from state\r\nand\/or federal small business programs, including connecting companies directly with its SSBCI-\r\nsupported loan participation and equity\/venture capital financing programs. Nebraska and its\r\nsubrecipients will provide support focused on the needs of early-stage founders and tech\r\nentrepreneurs, to assist underserved and very small businesses and to connect them directly with\r\nsupport for legal, accounting, and financial advisory services. Through the SSBCI TA program,\r\nNebraska and its subrecipients anticipate that they will assist 110 small businesses, resulting in 88\r\nfunded applications, and, ultimately, in 1,844 new jobs.

<\/P>\r\n42. Nevada: The Nevada Governor\u2019s Office of Economic Development, approved for up to $2.0\r\nmillion in SSBCI technical assistance grant funding, will work with the Nevada Small Business\r\nDevelopment Center (Nevada SBDC) to provide legal, accounting, and financial advisory\r\nservices to help small businesses apply for support from state and\/or federal small business\r\nprograms, including connecting companies directly with its SSBCI-supported loan participation\r\nand venture capital programs. The Nevada SBDC will provide training, including a 10-week\r\nbootcamp, and networking opportunities as well as one-on-one counseling to connect underserved\r\nand very small businesses directly with support for legal, accounting, and financial advisory\r\nservices. The Nevada SBDC anticipates assisting 1,155 companies through the technical\r\nassistance grant program and estimates that this will create 1,100 jobs.

<\/P>\r\n43. New Jersey: The New Jersey Department of the Treasury, approved for up to $4.3 million in\r\nSSBCI technical assistance grant funding, will work with New Jersey Small Business\r\nDevelopment Centers Network (NJSBDC), within Rutgers Business School, the State University\r\nof New Jersey-Newark, to provide legal, accounting, and financial advisory services to small\r\nbusinesses, including connecting companies directly with its SSBCI-supported capital programs\r\nand utilizing data of target small business needs to inform programming. NJSBDC will utilize\r\nextensive outreach partners to recruit underserved and very small businesses and connect them\r\ndirectly with support for legal, accounting and financial advisory services that meet the individual\r\nbusiness needs, including in-person and hybrid offerings. NJSBDC anticipates that it will create a\r\nmulti-faceted approach to technical assistance that addresses the needs of the small businesses it\r\nserves by focusing on implementing solutions to the problems faced by these eligible\r\nbeneficiaries.

<\/P>\r\n44. North Carolina: The North Carolina Department of Commerce, approved for up to $6.2 million\r\nin SSBCI technical assistance grant funding, will work with the Rural Economic Development\r\nCenter, Inc. (The Rural Center) to provide legal, accounting, and financial advisory services to\r\nhelp small businesses apply for support from state and\/or federal small business programs,\r\nincluding connecting companies directly with its SSBCI-supported venture capital and loan\r\nparticipation programs. The Rural Center and its partners will provide outreach events and\r\ntraining, both one-on-one and in a group setting, to meet the needs of underserved and very small\r\nbusinesses and to connect them directly with legal, accounting, and financial advisory services.\r\nThe Rural Center and its partners anticipate that they will assist 2,198 small businesses, resulting\r\nin 1,789 successfully funded applications.

<\/P>\r\n45. Ohio: The Ohio Department of Development, approved for up to $5.2 million in SSBCI technical\r\nassistance grant funding, will provide legal, accounting, and financial advisory services to help\r\nsmall businesses apply for support from state and\/or federal small business programs, including\r\nconnecting companies directly with its SSBCI-supported capital programs. The Minority\r\nBusiness Development Division (MBDD) will work with seven regional assistance centers in\r\nOhio to provide access to regional financial advisory, accounting, and\/or legal services to connect\r\nunderserved and very small businesses with traditional and non-traditional financing sources,\r\nincluding the state\u2019s SSBCI-funded capital programs. By the fourth year of the program, the\r\nMBDD anticipates reaching up to 360 businesses annually to provide these services.

<\/P>\r\n46. Oklahoma: The Oklahoma Center for the Advancement of Science and Technology (OCAST),\r\napproved for up to $2.0 million in SSBCI technical assistance grant funding, will work to provide\r\nlegal and financial advisory services to help small businesses apply for support from state and\/or\r\nfederal small business programs, including connecting companies directly with its SSBCI-\r\nsupported capital programs. OCAST will host outreach and training events and provide\r\nmentoring and coaching services to meet the needs of underserved and very small businesses and\r\nconnect them directly with legal, accounting, and financial advisory services. OCAST anticipates\r\nthat it will reach 5,000 program participants and deliver 8,000 hours of technical assistance\r\nservices throughout the grant program.

<\/P>\r\n47. Oregon: The Oregon Business Development Department (Business Oregon), approved for up to\r\n$2.1 million in SSBCI technical assistance grant funding, will provide legal, accounting and\r\nfinancial advisory services to help small businesses. Business Oregon will contract with service\r\nproviders to offer one-on-one technical assistance to underserved and very small businesses.\r\nTechnical assistance will include legal, accounting, and financial advisory services to support\r\nbusinesses applying for funding from Oregon\u2019s SSBCI-supported Credit Enhancement Fund,\r\nOregon Royalty Fund, Business Oregon Relender Program, Business Oregon Venture Direct\r\nProgram, or Business Oregon Venture Fund Program. Business Oregon anticipates assisting 120\r\nunderserved businesses through the TA program.

<\/P>\r\n48. South Dakota: The South Dakota Governor\u2019s Office of Economic Development, approved for up\r\nto $661,542 in SSBCI technical assistance grant funding, will work with its robust Small\r\nBusiness Development Center (SDBC) network and other partners to provide legal, accounting\r\nand financial advisory services to connect with SSBCI and help small businesses apply for state\r\nand\/or other federal small business programs. The SD SBDC and others will employ a one-on-\r\none approach to provide education, coaching and consulting services to underserved and very\r\nsmall businesses, including in underserved communities throughout the state. South Dakota\r\nanticipates assisting 400 eligible businesses each year and estimates that 75% of the companies\r\nreceiving services will be able to move forward and be eligible to apply for financing.","protected":false},"excerpt":{"rendered":"The Department of the Treasury released a list of State Small Business Credit Initiative Technical Assistance Application Approvals through October 2024.","protected":false},"author":1,"featured_media":42120,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_vp_format_video_url":"","_vp_image_focal_point":[],"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10],"tags":[71,454,2782,89],"class_list":["post-42114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-economic-development","tag-grants","tag-ssbci","tag-treasury","no-wpautop"],"jetpack_shortlink":"https:\/\/wp.me\/pcoJ7g-aXg","jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/indianz.com\/News\/wp-content\/uploads\/2024\/10\/18\/departmentofthetreasury.jpg","_links":{"self":[{"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/posts\/42114","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/comments?post=42114"}],"version-history":[{"count":3,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/posts\/42114\/revisions"}],"predecessor-version":[{"id":42122,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/posts\/42114\/revisions\/42122"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/media\/42120"}],"wp:attachment":[{"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/media?parent=42114"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/categories?post=42114"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indianz.com\/News\/wp-json\/wp\/v2\/tags?post=42114"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}