State Small Business Credit Initiative (SSBCI 2.0)
Fund Tennessee (SSBCI 2.0) supports and expands an inclusive continuum of access to capital for small businesses and entrepreneurs throughout Tennessee
The U.S. Department of Treasury (Treasury) is administering a second installment of the State Small Business Credit Initiative (SSBCI 2.0) as part of the American Jobs Plan. SSBCI 1.0 was passed in 2010 and ran from 2011 to 2017. For SSBCI 2.0, Treasury has allocated $10 billion to provide funding for (1) small business financing, and (2) technical assistance to help small and diverse businesses become capital ready. Tennessee's SSBCI 2.0 program, called Fund Tennessee, is comprised of InvestTN, the equity component, LendTN, the debt program, and AssistTN, the technical assistance components. Fund Tennessee is expecting to launch in the first part of 2023.
Note: These funds are not available in Tennessee, yet. While national media outlets have noted that the US Dept. of Treasury has released funds to some states/territories, it is a rolling process. Information and updates will be shared on this website. We encourage those interested in Tennessee's SSBCI program to check back periodically and/or sign-up for the newsletter for upcoming announcements.
SSBCI 2.0 funds were allocated as follows:
Funding Categories |
U.S. Allocation |
TN Allocation |
Description |
|---|---|---|---|
|
(See line 10) |
$6 billion |
$60,573,813 |
Based on 2020 unemployment figures |
|
(See line 17) |
$500 million |
$3,848,992 |
Could be before or after loan or equity infusion, general assistance; to be allocated as a separate grant |
Microenterprises (Very Small Businesses) (See line 10) |
$500 million |
$4,816,620 |
Businesses with fewer than 10 employees |
|
(See line 19) |
$1.5 billion |
$33,612,467 |
Socially and Economically Disadvantaged Businesses (SEDI) |
|
(See line 11) |
$1 billion |
$17,926,649 |
Performance-based |
|
(See line 8) |
$500 million |
N/A |
Tennessee does not have any tribal governments |
Total: |
$10 billion |
$116,929,549 |
|
Find a full list of allocations here.
In Step 1, as part of the Discover Phase, small and diverse business, ESOs (entrepreneur support organizations), lenders/funders to small and diverse businesses and stakeholders completed a public survey. An overview of the results is here.
Current status: Step 4
- Application submitted Februarury 11, 2022, awating final approval. (updated January 18, 2023)
- LendTN: The submission period for its Intent to Participate is open to non-depository CDFIs and MDIs that serve Tennessee from January 9 to February 8, 2023. For more information, refer to the pre-Intent to Apply presentation here.
If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources now, visit the BERO website and/or TNSmartStart.com to get your personalized list of resources, build your own business model canvas, or locate resources near you.
Contact Information
Phone: (615) 741-1888
Email: ecd.SSBCI2.0@tn.gov