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April 07, 2024 | Tom Ballard

How are states using their “State Small Business Credit Initiative”?

The State Science and Technology Institute has the answer for 44 states. the District of Columbia, and the U.S. Virgin Islands.

Wonder how other states are using their allocation of federal funds under the “State Small Business Credit Initiative,” commonly referred to as SSBCI 2.0? The State Science and Technology Institute (SSTI) has the answer.

The national picture of how 44 states, Washington, D.C., and the U.S. Virgin Islands chose to allocate $7.6 billion approved so far by the U.S. Treasury to spend through the nation’s second iteration of the SSBCI program is getting clearer. Equity and venture capital programs — often important financing tools for high growth and innovation-oriented companies — have garnered approximately $2.8 billion, across 77 equity/venture capital programs, based on a Treasury-generated list of all programs and allocations. The remainder of the total approved is distributed across 107 credit support programs.

In its recent analysis, SSTI says that every state except Connecticut, North Dakota, and Wyoming has at least one credit support program, while four states (Idaho, Montana, South Dakota, and Texas), Washington, DC, and the U.S. Virgin Islands have no equity/venture capital programs.

You can find the analysis here.

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