U.S. Department of the Treasury, State Small Business Credit Initiative: "Small Business Opportunity Program (SBOP) Awardee Fact Sheet"
Summary
A Treasury State Small Business Credit Initiative fact sheet on the Small Business Opportunity Program (SBOP), stating that in September 2024 SSBCI announced awards totaling $75 million for 12 states and two Tribal governments to build or expand technical assistance programs. Awards range from $1.6 million to $10 million, and the programs will engage at least 34 partners. The fact sheet states that SSBCI provides nearly $10 billion to support small businesses and that the SBOP awards complement $8.7 billion in approved plans for the SSBCI Capital Program. An overview of awardees describes programs such as the California Office of the Small Business Advocate's PINNACLE program and the Semiconductor Growth Access Program of Empire State Development.
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“U.S. Department of the Treasury, State Small Business Credit Initiative: ‘Small Business Opportunity Program (SBOP) Awardee Fact Sheet.’”
Original at home.treasury.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/u-s-department-of-the-treasury-state-small-business-credit-initiative-8c3f4157dd/
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O
ENT F THE
M Treasury Department
E DEPA State Small Business Credit Initiative
EA
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Investing in America Small Business Opportunity Program (SBOP)
1789 Fact Sheet
In September 2024, the Treasury Department’s State Small Business Credit Initiative (SSBCI) announced awards totaling
$75 million in funding for 12 states and two Tribal governments to build or expand upon technical assistance programs
focused on connecting small and underserved businesses to financing available through SSBCI, or other state or federal
small business programs, including businesses in targeted sectors. SBOP awards range from $1.6 million to $10 million.
SBOP programs will provide legal, accounting, and financial advisory services to small businesses, and will engage at least
34 partners for program deployment. Individual program activity will include one-on-one counseling, online and in-person
trainings, cohorts with dedicated curriculum, and pitch competitions, and programs will engage small businesses on topics
including financial literacy, building credit, procurement and contracting, and bonding. SBOP programs will both strengthen
existing state and regional small business ecosystems and launch new small business supports.
SBOP programs will serve businesses in a wide range of industries, including agriculture, construction, cybersecurity,
health care, mining, technology, transportation, and manufacturing, including biomanufacturing, EV manufacturing, and
semiconductor manufacturing.
The State Small Business Credit Initiative
SSBCI provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest
in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments
to promote American entrepreneurship, support small business ownership, and democratize access to capital across the
country, including in underserved communities. The SBOP awards complement $8.7 billion in approved plans for the SSBCI
Capital Program, the $145 million in approved Technical Assistance Grant Program awards, and additional awards funded
by a $125 million transfer from Treasury to the Minority Business Development Agency for the Capital Readiness Program.
Map of SBOP Awardees
Represents a Tribal Government
The State Small Business Credit Initiative was reauthorized and expanded by the American Rescue Plan, a key part of
President Biden’s Investing in America agenda, which he signed into law in March 2021.
Visit the Treasury Department website to learn more about the State Small Business Credit Initiative
and read the full SBOP notice of funding opportunity (NOFO)
Overview of 14 SBOP Awardees
Jurisdiction Award Program
The Arizona Commerce Authority will launch three technical assistance programs that will
Arizona $7.9 million target rural and mining communities, conduct pitch competitions, and train and advise
manufacturers.
The California Office of the Small Business Advocate will create a new
California $10 million Procurement & Innovation Capital Leadership for Entrepreneurs (PINNACLE) program.
This initiative will be supported by $16.25 million in matching funds.
Cherokee Nation Commerce Services will connect underserved small businesses
Cherokee
$2 million in the 14 counties of the Cherokee Nation in Oklahoma with industry experts and foster
Nation
collaboration with local financial institutions.
Chickasaw Nation will support businesses located in the Chickasaw Nation
Jurisdictional Area, as well as Chickasaw-owned businesses across the U.S., with a focus
Chickasaw
$2 million on agriculture and construction businesses. Partners include Murray State College, the
Nation
Ardmore Chamber of Commerce, and i2E, Inc. This initiative will be supported by $225,000
in matching funds.
The Hawaii Technology Development Corporation will build a one-stop marketplace
Hawaii $1.6 million of vetted technical assistance providers. The Chamber of Commerce Hawaii will be an
implementation partner.
The Kansas Department of Commerce Office of Small Business Development
and Entrepreneurship will support the Kansas Launchpad program. Partners include
Kansas $2.6 million the Kansas Office of Minority and Women Business Development, the Kansas Office of
Innovation, the Kansas Office of Rural Prosperity, the Kansas Department of Agriculture,
and NetWork Kansas.
The Louisiana Department of Economic Development will work with regional
economic development organizations and accelerators to connect businesses to capital,
Louisiana $5.3 million
particularly SSBCI-supported equity capital. This initiative will be supported by $2.4
million in matching funds.
The Maryland Technology Development Corporation will establish the Business
Resource Information, Development, and Guidance Ecosystem (BRIDGE) to deliver services
through a regional network of new and existing technical assistance providers, and will
Maryland $10 million
serve businesses in Maryland, Delaware, D.C., and Virginia. The University of Maryland,
University of Maryland Baltimore, and Loaned Executives will be implementation partners.
This initiative is supported by $2.2 million in matching funds.
The Michigan Strategic Fund and the Michigan Economic Development
Corporation will implement the Michigan Auto Supplier Transition Program which will
serve businesses in their transition from the internal combustion engine auto supply
chain to electric vehicle production or an adjacent industry. Partners include the Michigan
Michigan $9.1 million Minority Supplier Development Council, the University of Michigan Economic Growth
Institute, Automaton Alley, the Michigan Manufacturing Technology Center, and the Michigan
Manufacturers Association. This initiative is supported by $500 million in matching funds.
Visit the Treasury Department website to learn more about the State Small Business Credit Initiative
and read the full SBOP notice of funding opportunity (NOFO)
Jurisdiction Award Program
The Mississippi Development Authority will launch the Connect MS program,
which will engage eight regional clusters and two program pathways to improve small
Mississippi $4.8 million businesses chances of a successful capital raise. Partners include the Mississippi Small
Business Development Center network and Innovate Mississippi. This initiative is
supported by $2.2 million in matching funds.
The Nevada Governor’s Office of Economic Development will deliver
programming to startups, healthcare businesses, rural and Tribal businesses, and
Nevada $4.2 million advanced manufacturing businesses, particularly those producing lithium batteries and
other EV components. Partners include the Nevada Small Business Development Center,
the Nevada Tech Hub, and the National Science Foundation Engines.
Empire State Development will launch the Semiconductor Growth Access Program
(SGAP) to help businesses grow in or pivot to the semiconductor supply chain in upstate
New York $9.4 million New York. Key partners include NY Smart I-Corridor Tech Hub, Mohawk Valley Economic
Development Growth Enterprises Corporation, and the Capital Region Center for Economic
Growth. This initiative is supported by $1.5 million in matching funds.
The Oklahoma Center of Science and Technology will launch Roadmap2Success,
focused on businesses that safeguard Oklahoma’s telecommunications infrastructure from
cyber threats and bolster biotechnology and advanced mobility industries. Partners include
Oklahoma $4.2 million
Oklahoma Biotech Innovation Cluster, Oklahoma Broadband Office, University of Tulsa’s
Oklahoma Cyber Innovation Institute, and the Tulsa Regional Advanced Mobility Corridor.
This initiative is supported by $384,000 in matching funds.
The Rhode Island Commerce Corporation will expand the RI Rebounds Technical
Rhode
$1.6 million Assistance Program focused on the construction, transportation, and renewable energy
Island
industries. Rhode Island’s Future will be an implementation partner.
Learn more about SSBCI at www.treasury.gov/ssbci
For program inquiries, please email ssbci_information@treasury.gov
For press inquiries, please email yoatzin.roblesperez@treasury.gov.
Visit the Treasury Department website to learn more about the State Small Business Credit Initiative
and read the full SBOP notice of funding opportunity (NOFO)
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