State Small Business Credit Initiative (SSBCI 2.0)
Fund Tennessee connects business owners and entrepreneurs with the right resources at the right time.
Fund Tennessee 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, encompasses the technical assistance components. Fund Tennessee launch in mid-2023. Learn more about Fund Tennessee here.
Note: We encourage those interested in Fund Tennessee (SSBCI 2.0) to sign-up for TNECD’s weekly newsletter and especially for small business and entrepreneurs, visit FundTennessee.
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.
Current status: Deploy
The application was submitted February 11, 2022 and final approval was announced by Treasury on February 27, 2023.
LendTN — The right infusion of funds at the right time
- Lenders are selected and will be posted on Fund Tennessee
- Completed the submission period for the Intent to Participate for non-depository CDFIs and MDIs that serve Tennessee is closed. Refer to the pre-Intent to Apply presentation here.
- Note to interested new lenders: check back periodically and sign-up for the newsletter for updates. Refer to the pre-Intent to Apply presentation here.
InvestTN — Equitable access to capital
- Visit InvestTN here to learn about accessing equity investments.
AssistTN — Resources to get businesses capital-ready
- The Tennessee Small Business Development Center (TSBDC) is the designated Technical Assistance partner for the SSBCI Capital Access Program. Status: Application approval pending by Treasury.
- Look for angel capital network development and training to come in late 2023 into 2024.
If you are a future, new, or existing DBE, small business owner, or entrepreneur looking for more resources, visit the BERO website and/or TN SmartStart to get your personalized list of resources, build your own business model canvas, or locate resources near you.
Contact Information
Website: Fund Tennessee
Phone: (615) 741-1888
Email: ecd.SSBCI2.0@tn.gov
updated: July 12, 2023