SSBCI Coalition Survey

Please complete this brief survey on the current SSBCI legislation in Congress. This survey will help us better represent the group's interests and prepare an effective proposal for 2015.



Below you will find a brief summary of the legislation.



HR 4556 - Small Business Access to Capital Act of 2014 - Introduced by Rep. Peters (D, MI)

S 2285 - A bill to help small businesses access capital and create jobs by reauthorizing the successful State Small Business Credit Initiative - Introduced by Sen. Shaheen (D, NH)

The bills are based on the proposal outlined in President Obama's budget and are currently supported only by Democrats. Our expectation is that the bills will not go forward. However, the legislation will provide a good opportunity to begin informing Congress about the great work being done through the program.

First, there are some new items in the current bills that everyone should be aware of, as they will be part of the discussion going forward:

A. The bill provides a new $1.5 billion in funding -- with $500 million assigned as a new allocation and $1 billion as rewards for a competitive funding process.

B. To be eligible for the allocation, states must (a) be participating in the current program, (b) have qualified to access the third tranche of initial funding, and (c) must get through 80% of the third tranche within two years of the new allocation being available.

C. Unused funds, including both the third tranche from the initial allocation and the new allocation, may be recaptured by the Treasury and awarded to a new entity -- but the new award must be at least $5 million.

D. Compliance and reporting for any states receiving new funds (regardless of the method) will be extended for another eight years.

E. The competitive funds will be awarded on the basis of criteria including: (a) leverage, (b) job creation, (c) serving new businesses, (d) serving low- or moderate-income communities, (e) quality of self-evaluation, (f) use of non-federal funds -- including a minimum state match of 10% -- and (g) use of the original funds.