SSBCI Resources

Jointly produced by NVCA and Venture Forward,

This page provides insights for the two key audiences involved in State Small Business Credit Initiative (SSBCI):

  • Program applicants (i.e., VC investors, fund managers, emerging managers) – Important program information, 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.

NVCA and Venture Forward are also proud partners of the Initiative for Inclusive Entrepreneurship (IIE). IIE.VC‘s goal is to promote equity and inclusion in the U.S. VC industry by aiding diverse fund managers in raising over $6 billion in AUM by 2025. View this SSBCI FAQ video series and access the SSBCI solutions desk.

Please contact Jonas Murphy for additional questions or to submit a resource.

What is SSBCI?

As part of the 2021 American Rescue Plan, the State Small Business Credit Initiative (SSBCI) was reinstated with $10 billion in funding that can be used for debt or equity investment programs.

The main idea: The program provides capital to small businesses and startups in underrepresented regions and communities. The original iteration of the program in 2010, which was funded with $1.5 billion.

Impact on VC: 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 inefficiencies and financing gaps in many emerging ecosystems, and ultimately lead to greater investment opportunities in these communities.

SSBCI Applicants

How to apply: States are opening their applications on a rolling basis as Treasury approves state programs in batches. So far, a number of states have already to begin implementing their SSBCI programs (more information below). Stay tuned to this page for updates as more states are approved.

VC funds will be able to submit applications through the implementing agency in their state once the program is approved by the Treasury. See here for a contact list of all of the applicable offices by state.

SSBCI Resources

Treasury FAQs

Treasury FAQs
Take a look at the Treasury’s responses to SSBCI FAQs

Approved States

SSBCI Implementors

The SSBCI Capital Program Policy 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 Resources

VC 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. These renowned venture capitalists are the , 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 
      • 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. 

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.

Treasury FAQs

Treasury FAQs
Treasury responses to SSBCI FAQs


NVCA’s work in supporting and implementing the SSBCI program would not be possible without the support of the NVCA SSBCI Working Group, comprised of NVCA members.


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.