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, including socially and economically disadvantaged individuals (SEDI) -owned businesses and very small businesses (VSB), to recover from the economic effects of COVID-19 and allow them 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. 

State Small Business Credit Initiative (SSBCI) Programs


Learn about the following SSBCI programs that Empire State Development has established to help your business thrive in New York State.

Capital Project Loan Fund

$106 million in SSBCI funding to provide direct loans for the growth of manufacturing and other eligible businesses within New York State, by assisting in financing a portion of the cost for long-term capital investments.
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New York State Small Business Revolving Loan Fund Round 2

$55.5 million in SSBCI funding for federally allocated State Small Business Credit Initiative (SSBCI) funds for shorter-term financing needs for small businesses.
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Capital Access Program

$29.4 million in SSBCI funding to expand the program and provide matching funds to financial institutions for loan loss reserves as an incentive to increase small business lending.
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New York State Surety Bond Assistance Program

$22 million in SSBCI funding to expand the program and provide technical and financial assistance to help contractors secure surety bonding.
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New York State Contractor Financing Program

$22 million in SSBCI funding for loan loss reserves to incentivize lending intermediaries to create access to capital to support New York State contractors.
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Emerging and Regional Partner Program Fund

$102 million in SSBCI funding to support the growth and establishment of diverse and emerging private sector and regional fund managers.
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Community and Regional Partner Program Fund

$52 million in SSBCI funding, providing up to $5 million in matching funds to accelerators, venture studios, and/or incubators providing structured programmatic support to New York State entrepreneurs with high growth potential.
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Pre-seed and Seed Matching Fund Program

$30 million in SSBCI funding to support high growth start-up companies at the earliest stages of their growth and development.
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New York State Innovation Venture Capital Fund

An additional $35 million in SSBCI funding New York Ventures will allocate to invest directly in qualifying, successful applicants.
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Details of some SSBCI programs, including the New York Forward Loan Fund, are being finalized.

Questions about SSBCI Programs?

Send an email to our Small Business and Technology Development Division team.