New York State Small Business Credit Initiative (SSBCI)

Over $500M in New Funding to Help New York Small Business Recovery

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ESD Programs will Include Unprecedented Access to Capital for Loans, Equity and Technical Assistance for Small Businesses

On August 19, Governor Kathy Hochul announced New York State has been awarded $501.5 million in federal funding through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, with a focus on recovery from the economic effects of COVID-19 and allowing traditionally disadvantaged small businesses the opportunity to succeed in the post-pandemic economy.  

New York’s $501.5 million in SSBCI funding includes a main allocation of $377.1 million, as well as $124.4 million for socially and economically advantaged (SEDI) businesses.

Empire State Development will establish SSBCI-related programs — including new programs and expansion of existing programs — to include: 

  • Access to capital  
  • Loan guarantees  
  • Loan participation 
  • Collateral support 
  • Seed venture funding
  • Funding for emerging and regional venture funds
  • Accelerator support
  • Technical assistance 

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Details of New York State's SSBCI programs are being finalized.