{ "id": "R42581", "type": "CRS Report", "typeId": "R", "number": "R42581", "active": true, "source": "CRSReports.Congress.gov, EveryCRSReport.com, University of North Texas Libraries Government Documents Department", "versions": [ { "source_dir": "crsreports.congress.gov", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "retrieved": "2022-08-23T04:03:32.471821", "id": "R42581_51_2022-07-25", "formats": [ { "filename": "files/2022-07-25_R42581_c5c014962dccb89850a6ac481722a0e7bc3faf4c.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R42581/51", "sha1": "c5c014962dccb89850a6ac481722a0e7bc3faf4c" }, { "format": "HTML", "filename": "files/2022-07-25_R42581_c5c014962dccb89850a6ac481722a0e7bc3faf4c.html" } ], "date": "2022-07-25", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R42581", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "retrieved": "2022-08-23T04:03:32.471105", "id": "R42581_50_2022-04-13", "formats": [ { "filename": "files/2022-04-13_R42581_7a63cd50e74216ba95a8bda2fd648cb6e6d5bede.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R42581/50", "sha1": "7a63cd50e74216ba95a8bda2fd648cb6e6d5bede" }, { "format": "HTML", "filename": "files/2022-04-13_R42581_7a63cd50e74216ba95a8bda2fd648cb6e6d5bede.html" } ], "date": "2022-04-13", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R42581", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "retrieved": "2022-08-23T04:03:32.469535", "id": "R42581_48_2021-04-20", "formats": [ { "filename": "files/2021-04-20_R42581_71056ddd2da07fe4e40fcd16a9869cb120c536da.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R42581/48", "sha1": "71056ddd2da07fe4e40fcd16a9869cb120c536da" }, { "format": "HTML", "filename": "files/2021-04-20_R42581_71056ddd2da07fe4e40fcd16a9869cb120c536da.html" } ], "date": "2021-04-20", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R42581", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "retrieved": "2022-08-23T04:03:32.468964", "id": "R42581_47_2021-03-23", "formats": [ { "filename": "files/2021-03-23_R42581_e8b69c3673a0cb99d5945c6f85bcf32107be9287.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R42581/47", "sha1": "e8b69c3673a0cb99d5945c6f85bcf32107be9287" }, { "format": "HTML", "filename": "files/2021-03-23_R42581_e8b69c3673a0cb99d5945c6f85bcf32107be9287.html" } ], "date": "2021-03-23", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R42581", "type": "CRS Report" }, { "source_dir": "crsreports.congress.gov", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "retrieved": "2022-08-23T04:03:32.467462", "id": "R42581_45_2021-03-01", "formats": [ { "filename": "files/2021-03-01_R42581_5fcedf17175a52ed2e053ded9a7fb0b185e90a7f.pdf", "format": "PDF", "url": "https://crsreports.congress.gov/product/pdf/R/R42581/45", "sha1": "5fcedf17175a52ed2e053ded9a7fb0b185e90a7f" }, { "format": "HTML", "filename": "files/2021-03-01_R42581_5fcedf17175a52ed2e053ded9a7fb0b185e90a7f.html" } ], "date": "2021-03-01", "summary": null, "source": "CRSReports.Congress.gov", "typeId": "R", "active": true, "sourceLink": "https://crsreports.congress.gov/product/details?prodcode=R42581", "type": "CRS Report" }, { "source": "EveryCRSReport.com", "id": 584741, "date": "2018-04-23", "retrieved": "2018-09-12T23:04:19.618206", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish and administer a $1.5 billion State Small Business Credit Initiative (SSBCI). Treasury\u2019s role in administrating the program ended on September 27, 2017.\nThe SSBCI provided funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2016, 98% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 56 had received at least two tranches, and 53 had received their third and final tranche.\nSSBCI participants were expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. As of December 31, 2016, SSBCI participants had leveraged $8.95 in new financing for every $1 in SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Obama Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285), the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672), and the 115th Congress (S. 1897). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). 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They also indicate that Treasury\u2019s program oversight could have been improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "a5ce627a79d8541dcbc5b9f4d5463eb8455440f0", "filename": "files/20180423_R42581_a5ce627a79d8541dcbc5b9f4d5463eb8455440f0.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "2dc734dc27cec713282b650309cbabeed09905fd", "filename": "files/20180423_R42581_2dc734dc27cec713282b650309cbabeed09905fd.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 574569, "date": "2017-10-19", "retrieved": "2017-10-24T13:14:03.258744", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish and administer a $1.5 billion State Small Business Credit Initiative (SSBCI). Treasury\u2019s role in administrating the program ended on September 27, 2017.\nThe SSBCI provided funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2016, 98% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 56 had received at least two tranches, and 53 had received their third and final tranche.\nSSBCI participants were expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. As of December 31, 2016, SSBCI participants had leveraged $8.95 in new financing for every $1 in SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming participate in the program.\nThe Obama Administration had recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Obama Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285), the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672), and the 115th Congress (S. 1897). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants generally met the statute\u2019s requirements but that there were some compliance problems. They also indicate that Treasury\u2019s oversight of the program could have been improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "005fd3067ad62f176dea38c1ba92a681416dec46", "filename": "files/20171019_R42581_005fd3067ad62f176dea38c1ba92a681416dec46.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "c71ad7d04af56e776b418f4c684722dbf24f6c38", "filename": "files/20171019_R42581_c71ad7d04af56e776b418f4c684722dbf24f6c38.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 465317, "date": "2017-09-11", "retrieved": "2017-10-02T22:29:35.394695", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish and administer a $1.5 billion State Small Business Credit Initiative (SSBCI). Treasury\u2019s role in administrating the program will end on September 27, 2017.\nThe SSBCI provided funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2016, 98% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 56 had received at least two tranches, and 53 had received their third and final tranche.\nSSBCI participants were expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. As of December 31, 2016, SSBCI participants had leveraged $8.95 in new financing for every $1 in SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming participate in the program.\nThe Obama Administration had recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Obama Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants generally met the statute\u2019s requirements but that there were some compliance problems. They also indicate that Treasury\u2019s oversight of the program could have been improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "a9581c7931d536efd3e362cf243e28a975501f82", "filename": "files/20170911_R42581_a9581c7931d536efd3e362cf243e28a975501f82.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "a68c2fb84648ce09b227e0ca8da9d81a78754f4b", "filename": "files/20170911_R42581_a68c2fb84648ce09b227e0ca8da9d81a78754f4b.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 460453, "date": "2017-04-13", "retrieved": "2017-08-22T15:09:25.079499", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2016, 98% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 56 had received at least two tranches, and 53 had received their third and final tranche.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Obama Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "303710f5f5abc42a23ea86b09dd744f752cf8141", "filename": "files/20170413_R42581_303710f5f5abc42a23ea86b09dd744f752cf8141.html", "images": {} }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "420dd1b031dd6621fe960e98487bb6a69716018c", "filename": "files/20170413_R42581_420dd1b031dd6621fe960e98487bb6a69716018c.pdf", "images": {} } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 458458, "date": "2017-01-26", "retrieved": "2017-02-03T19:11:50.860087", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of September 30, 2016, 97% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 56 had received at least two tranches, and 50 had received their third and final tranche.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Obama Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "9e2b833eaccf1f6066638a3c7b31989f9bd1d8c6", "filename": "files/20170126_R42581_9e2b833eaccf1f6066638a3c7b31989f9bd1d8c6.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "25eff6f91c8e8c98375752c20f98145c57f8fce5", "filename": "files/20170126_R42581_25eff6f91c8e8c98375752c20f98145c57f8fce5.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 456546, "date": "2016-10-19", "retrieved": "2016-10-24T14:48:56.677163", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some, including President Obama, have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of March 31, 2016, 95% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 55 had received at least two tranches, and 47 had received their third and final tranche.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "9de745d44a8f871c7c91c145f9b7602544e9e1c7", "filename": "files/20161019_R42581_9de745d44a8f871c7c91c145f9b7602544e9e1c7.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "3df30a78cee70000650a1fad042f0b6daa65d703", "filename": "files/20161019_R42581_3df30a78cee70000650a1fad042f0b6daa65d703.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 454361, "date": "2016-07-20", "retrieved": "2016-10-17T19:43:13.974347", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to start, continue, or expand operations and create jobs. Some, including President Obama, have argued that the federal government should provide additional resources to assist small businesses. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of March 31, 2016, 95% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 55 had received at least two tranches, and 47 had received their third and final tranche. The remaining states are expected to receive their third and final tranche by the end of FY2016.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and the 114th Congress (S. 1901, H.R. 5144, and H.R. 5672). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "e0870a3b34ec128fabfcd27b4b0f9b6b7f06e550", "filename": "files/20160720_R42581_e0870a3b34ec128fabfcd27b4b0f9b6b7f06e550.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "212139b52f3e3914a0db1f8373bba43fec3e52d7", "filename": "files/20160720_R42581_212139b52f3e3914a0db1f8373bba43fec3e52d7.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 4832, "name": "Small Business" } ] }, { "source": "EveryCRSReport.com", "id": 452538, "date": "2016-05-16", "retrieved": "2016-05-24T19:07:32.184941", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to create and retain jobs and assist in the economic recovery. Some, including President Obama, have argued that the federal government should provide additional resources to assist small businesses in acquiring capital necessary to start, continue, or expand operations and create jobs. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2015, 95% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 55 had received at least two tranches, and 46 had received their third and final tranche. The remaining states are expected to receive their third and final tranche by the end of FY2016.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and has been introduced during the 114th Congress (S. 1901 and H.R. 5144). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "e44adf420a20c5e0ea17522626a7589d7de5d78c", "filename": "files/20160516_R42581_e44adf420a20c5e0ea17522626a7589d7de5d78c.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "d0595bc1031a2b40b3d82527144f2bdacc712c06", "filename": "files/20160516_R42581_d0595bc1031a2b40b3d82527144f2bdacc712c06.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" }, { "source": "IBCList", "id": 3199, "name": "Community and Regional Economic Development" } ] }, { "source": "EveryCRSReport.com", "id": 450858, "date": "2016-03-17", "retrieved": "2016-03-24T16:51:44.388492", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "Congressional interest in small business access to capital has increased in recent years because of concerns that small businesses might be prevented from accessing sufficient capital to enable them to create and retain jobs and assist in the economic recovery. Some, including President Obama, have argued that the federal government should provide additional resources to assist small businesses in acquiring capital necessary to start, continue, or expand operations and create jobs. Others worry about the long-term adverse economic effects of spending programs that increase the federal deficit. They advocate business tax reduction, reform of financial credit market regulation, and federal fiscal restraint as the best means to assist small businesses and create jobs.\nDuring the 111th Congress, P.L. 111-240, the Small Business Jobs Act of 2010, provided the Small Business Administration (SBA) additional funding and enhanced several SBA lending programs in an effort to assist small businesses access capital. The act also authorized the Secretary of the Treasury to establish a $1.5 billion State Small Business Credit Initiative (SSBCI).\nThe SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs. In most instances, the initial round of funding (called a tranche) took place in FY2011. Most states received their second tranche during FY2013. As of December 31, 2015, 95% of total allocated funding had been disbursed to the states and all 57 participants had received their first tranche, 55 had received at least two tranches, and 46 had received their third and final tranche. The remaining states are expected to receive their third and final tranche by the end of FY2016.\nSSBCI participants are expected to leverage their SSBCI funds to generate new small business lending that is at least 10 times the amount of their SSBCI funds. Forty-seven states; American Samoa; the District of Columbia; Guam; the Northern Mariana Islands; Puerto Rico; the U.S. Virgin Islands; Anchorage, Alaska; two consortiums of municipalities in North Dakota; and a consortium of municipalities in Wyoming currently participate in the program.\nThe Obama Administration recommended in its FY2015, FY2016, and FY2017 budget requests that another $1.5 billion round of funding take place, with $1 billion competitively awarded to states and $500 million awarded \u201cby a need-based formula based on economic factors such as job losses and pace of economic recovery.\u201d Legislation with provisions similar to the Administration\u2019s proposal was introduced during the 113th Congress (H.R. 4556 and S. 2285) and has been introduced during the 114th Congress (S. 1901). \nThis report examines the SSBCI and its implementation, including Treasury\u2019s response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury\u2019s Office of Inspector General (OIG). These initial audits suggest that SSBCI participants are generally complying with the statute\u2019s requirements but that some compliance problems exist. They also indicate that Treasury\u2019s oversight of the program could be improved and that performance measures are needed to assess the program\u2019s efficacy.", "type": "CRS Report", "typeId": "REPORTS", "active": true, "formats": [ { "format": "HTML", "encoding": "utf-8", "url": "http://www.crs.gov/Reports/R42581", "sha1": "56d3575da8138b33440d01713cbccfaec853a349", "filename": "files/20160317_R42581_56d3575da8138b33440d01713cbccfaec853a349.html", "images": null }, { "format": "PDF", "encoding": null, "url": "http://www.crs.gov/Reports/pdf/R42581", "sha1": "26891ae632b8c73f9c95255b0880eb482037ced8", "filename": "files/20160317_R42581_26891ae632b8c73f9c95255b0880eb482037ced8.pdf", "images": null } ], "topics": [ { "source": "IBCList", "id": 2636, "name": "Small Business Policy" }, { "source": "IBCList", "id": 3199, "name": "Community and Regional Economic Development" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc817790/", "id": "R42581_2015Apr23", "date": "2015-04-23", "retrieved": "2016-03-19T13:57:26", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20150423_R42581_ff0fde344360952dfba631b8a9502c27f47a6fa8.pdf" }, { "format": "HTML", "filename": "files/20150423_R42581_ff0fde344360952dfba631b8a9502c27f47a6fa8.html" } ], "topics": [] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc491393/", "id": "R42581_2014Oct16", "date": "2014-10-16", "retrieved": "2015-01-27T19:40:46", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": "This report examines the State Small Business Credit Initiative (SSBCI) and its implementation, including Treasury's response to initial program audits conducted by the U.S. Government Accountability Office (GAO) and Treasury's Office of Inspector General (OIG). The SSBCI provides funding, allocated by formula and distributed in one-third increments, to states, territories, and eligible municipalities (hereinafter referred to as states) to expand existing or create new state small business investment programs, including state capital access programs, collateral support programs, loan participation programs, loan guarantee programs, and venture capital programs.", "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20141016_R42581_2f2004b3cbd8dc56a110990d0d24b16d21d8a182.pdf" }, { "format": "HTML", "filename": "files/20141016_R42581_2f2004b3cbd8dc56a110990d0d24b16d21d8a182.html" } ], "topics": [ { "source": "LIV", "id": "Small business", "name": "Small business" }, { "source": "LIV", "id": "Finance", "name": "Finance" }, { "source": "LIV", "id": "Loans", "name": "Loans" } ] }, { "source": "University of North Texas Libraries Government Documents Department", "sourceLink": "https://digital.library.unt.edu/ark:/67531/metadc810212/", "id": "R42581_2013Dec18", "date": "2013-12-18", "retrieved": "2016-03-19T13:57:26", "title": "State Small Business Credit Initiative: Implementation and Funding Issues", "summary": null, "type": "CRS Report", "typeId": "REPORT", "active": false, "formats": [ { "format": "PDF", "filename": "files/20131218_R42581_25af083103017cb07ab27eaebe05e948be476a75.pdf" }, { "format": "HTML", "filename": "files/20131218_R42581_25af083103017cb07ab27eaebe05e948be476a75.html" } ], "topics": [] } ], "topics": [ "American Law", "Economic Policy" ] }