SSBCI Resources
Jointly produced by NVCA and Venture Forward, this site is intended to provide resources related to the State Small Business Credit Initiative (SSBCI).
We have segmented this site for the two key audiences for SSBCI:
- Program applicants (i.e., VC investors, fund managers, emerging managers)
Important program information for VC fund managers, including list of approved state VC programs and contact information for applicants. - Program implementors (i.e., state economic development agencies and other program leaders)
Information on venture capital for state SSBCI program administrators.
Please contact Jonas Murphy for additional questions or to submit a resource. To be notified of upcoming SSBCI-related programming, please sign up for NVCA communications here.
What is SSBCI?
The State Small Business Credit Initiative (SSBCI) was recently reinstated with $10 billion in funding as part of the American Rescue Plan that can be used either for debt or equity investment programs. The program will provide capital to small businesses and startups in underrepresented regions and communities. This is a substantial increase from the original iteration of the program, which was first created in 2010 and funded with $1.5 billion.
SSBCI has the potential to unlock significant capital for VC investment across direct, co-investment, and fund investing strategies, particularly in emerging ecosystems and underrepresented communities. This capital is intended to help solve for inefficiencies and financing gaps inherent in many emerging ecosystems, and ultimately lead to greater investment opportunities in these communities.
SSBCI for Program Applicants
How to Apply
States are opening their application processes on a rolling basis as Treasury approves state programs in batches. So far, a number of states have already been approved by Treasury to begin implementing their SSBCI programs (more information below), and we expect additional tranches of states to be approved soon. We will continue to update this page as we receive word of additional approvals.
VC funds will be able to submit applications through the implementing agency in their state once that state’s program is approved by the Treasury Department. See here for a contact list of all of the applicable offices by state.
SSBCI Education Videos & Resources
- SSBCI Policy Guidelines
Regulations governing the program nationally - SSBCI Fact Sheet
Treasury fact sheet on SSBCI 2.0 - Sample certifications to comply with SSBCI requirements
Template to help investors understand and gather required certifications under the program - SSBCI 2.0 Venture Capital Programs
NVCA & Venture Forward webinar on SSBCI 2.0 equity programs (from March 2022)
Treasury FAQs
Treasury FAQs
Treasury responses to SSBCI FAQs
Approved States
SSBCI for Program Implementors
SSBCI Capital Program Sample Certifications
The SSBCI Capital Program Policy Guidelines (as they may be amended from time to time, the Guidelines) require certifications in various circumstances from lenders, investors, and small business borrowers and investees participating in SSBCI capital programs of participating jurisdictions. Click here to view sample certifications.
VC Education Videos & Resources
- VC Fund Structure & Economics
Panel discussion with VC general partners on issues around fund formation, investment strategy, expenses, and reporting to assist state officials implementing SSBCI equity programs. - Venture 101
This presentation provides an overview of the venture capital investment model for SSBCI equity program implementers. - VC University ONLINE
The definitive online certificate course in venture finance, produced jointly by NVCA, Venture Forward, and UC Berkeley. - Venture Deals
Techstars co-founder Brad Feld and Techstars mentor Jason Mendelson offer a free course on venture capital. Brad and Jason are renowned venture capitalists, founding partners at the Foundry Group, and authors of Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist. - How VC Investors Make Decisions
- Models for Equity Investing in Startups Through VC Structures
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- Fund Investing – Limited partners invest through a closed-ended, pooled investment vehicle managed by a general partner. The general partner retains liability for the actions of the partnership and makes investment decisions.
- Direct Investing – An investor invests directly in a company. The investment is not structured through a venture fund.
- Co-Investing – An investor invests alongside a general partner directly in a portfolio company. Co-investing is a subset of direct investing.
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VC Trends, Data & Impact
- NVCA Yearbook
Annual report on U.S. VC trends and activity. Includes detailed geographic analysis of VC assets, fundraising, and investment by state. View an in-depth glossary of VC terms and definitions in the NVCA 2021 Yearbook, starting on page 54.
- PitchBook-NVCA Venture Monitor
Quarterly publication with VC industry data and insights. Each quarter, PitchBook and NVCA also produce a free webinar to unpack the latest trends.
VC Books & Newsletters
VC Books:
- Venture Deals: Be Smarter Than Your Lawyer and Venture Capitalist
- Secrets of Sand Hill Road
- Seed to Harvest: A Simple Explanation of Venture Capital
- The Third Wave: An Entrepreneur’s Vision of the Future
- How to Raise a Venture Capital Fund
- The Business of Venture Capital: The Art of Raising a Fund, Structuring Investments, Portfolio Management, and Exits
VC Newsletters:
Treasury FAQs
Treasury FAQs
Treasury responses to SSBCI FAQs
Acknowledgements
Our work in supporting and implementing the SSBCI program would not be possible without the support of the NVCA SSBCI Working Group. We convened NVCA members who are interested in SSBCI to facilitate communication between the industry and policymakers and provide education for our members. The NVCA worked to develop recommendations and best practices for program implementation, submitted comments and met with Treasury Department officials regarding implementation of the program, and hosted several thought leadership events to discuss the VC model in the context of the SSBCI program. This included a joint NVCA/Venture Forward outreach session with state economic development agencies to provide a 101-level overview of venture capital and equity investment.
