There’s a good deal of interest in the entrepreneurial and investment community in what is referred to as SSBCI 2.0. If you are a regular reader of teknovation.biz, you are aware of that interest.
Officially known as the “State Small Business Credit Initiative,” the newest version of the program was authorized and funded under the “American Rescue Plan Act of 2021.” It provided $10 billion to states, the District of Columbia, territories, and Tribal governments for programs that help small businesses access capital.
Yesterday, the U.S. Department of the Treasury issued the SSBCI Interim Final Rule. It can be found here for those interested in the details. The State Science and Technology Institute also issued an analysis that can be found here.
Tennessee’s allocation of the $10 billion is a little more than $110 million, so this program is a big deal for start-ups.