SSBCI Updates from ESD

In March, Ray Salaberrios from NYS ESD will be presenting two planning sessions for the CDFI community on the State Small Business Credit Initiative (SSBCI). We’ll hold the sessions on Zoom on Friday, March 4 and Friday, March 11 from 12 noon – 1 p.m.  

New York State has submitted the SSBCI application and hopes to receive the first tranche of funds in mid-April. To ensure that NYS CDFIs are prepared to take advantage of the program, these two sessions will review timelines, eligibility, required documentation and other important topics.  

ESD has not yet received the regulations on the TA component, but will discuss the following elements of the program, among others:  

• Capital Access Program (CAP) 
• Contractor Financing Program 
• Capital Project Loan Fund 
• Small Business Revolving Loan Fund (SBRLF)  

Ray is “excited about getting capital to your organizations and working to help NYS small business owners gain much needed access to capital.” Please be sure to RSVP so you can add the sessions to your calendar!