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October 04, 2022 | Tom Ballard

U.S. Treasury seeks input for $200 million in funding available under SSBCI 2.0

The State Science and Technology Institute (SSTI) reports that the U.S. Department of the Treasury has released clarifications and a request for information (RFI) related to its $500 million pool for State Small Business Credit Initiative (SSBCI) technical assistance.

The new FAQs relate to the $200 million the department allocated to the states and for which applications are due October 14. Under SSBCI 2.0, these funds can be used to provide legal, accounting and financial advisory services to small businesses, and services can be provided with a contract to a “legal, accounting or financial advisory firm.”

The article in the most recent SSTI Digest notes that one new FAQ defines these firms as an entity that: (1) makes providing these services a primary purpose; (2) markets itself as providing these services; or (3) has at least 25 percent of its revenues or staff time related to these services. The other new FAQ clarifies that states can make sub-awards to a subdivision of the state.

Regarding the RFI, the Department is seeking input on how the $200 million in technical assistance funds it is holding could best be used to help small businesses. The key questions in the request ask about: (1) gaps in available technical assistance; (2) effective service deployment methods; (3) considerations for grant or contracting processes; and (4) how Treasury could leverage non-federal funding. Responses are due by October 20.

Tennessee officials are still awaiting approval of the plan that it submitted for use of an estimated $117 million.

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