{"id":3686,"date":"2022-10-17T14:54:57","date_gmt":"2022-10-17T14:54:57","guid":{"rendered":"https:\/\/altoonanow.org\/?p=3686"},"modified":"2022-10-17T15:54:57","modified_gmt":"2022-10-17T15:54:57","slug":"state-small-business-credit-initiative-sscbi","status":"publish","type":"post","link":"https:\/\/altoonanow.org\/state-small-business-credit-initiative-sscbi\/","title":{"rendered":"State Small Business Credit Initiative (SSCBI)"},"content":{"rendered":"<p>The State Small Business Credit Initiative (SSCBI) is a $96 million investment in growing Iowa&#8217;s small businesses, including startups, manufacturers and businesses owned by veterans and individuals from diverse backgrounds. The funding is available through the U.S. Treasury Department&#8217;s SSBCI, a small business aid program that was expanded through the federal American Rescue Plan Act.<!--more--><\/p>\n<p>The Treasury Department approved Iowa&#8217;s amount based on a plan submitted by the Iowa Economic Development Authority (IEDA). Iowa&#8217;s SSBCI dollars will focus on encouraging venture capital and investment in scalable innovation companies through the following programs:<\/p>\n<ul>\n<li><strong>Loan Participation Program for Manufacturing 4.0 Investments<\/strong>: $28 million to help Iowa manufacturers invest in the new technologies that are transforming the industry. The state will purchase part of the loan to help offset risk for lenders.<\/li>\n<li><strong>Small Business Collateral Support Program<\/strong>: $15 million to help small businesses offset collateral shortfalls as they secure loans through commercial lenders. Eligible borrower&#8217;s owners include small businesses that are 51% owned by women, individuals from diverse backgrounds, veterans, individuals with disabilities, and long-term rural residents; and small businesses that enhance arts and culture in Iowa.<\/li>\n<li><strong>Venture Capital Innovation Fund Program<\/strong>: $22 million to increase funding opportunities across the state&#8217;s assistance programs for entrepreneurs. This fund also will provide more funding to address gaps in startup development phases as businesses work through concept, launch and expansion.<\/li>\n<li><strong>Venture Capital Co-Investment Fund Program<\/strong>: $31 million to process and hold equity investments in private companies and ensure investments are qualified.<\/li>\n<\/ul>\n<p>More information on these programs will be provided in the coming weeks from the <a href=\"https:\/\/www.iowaeda.com\/state-small-business-credit-initiative\/\">Iowa Economic Development Authority<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The State Small Business Credit Initiative (SSCBI) is a $96 million investment in growing Iowa&#8217;s small businesses, including startups, manufacturers and businesses owned by veterans and individuals from diverse backgrounds. The funding is available through the U.S. Treasury Department&#8217;s SSBCI, a small business aid program that was expanded through the federal American Rescue Plan Act.<\/p>\n","protected":false},"author":2,"featured_media":3689,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-3686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>State Small Business Credit Initiative (SSCBI) - Altoona Now!<\/title>\n<meta name=\"description\" content=\"SSCBI is a $96M investment in growing Iowa\u2019s small businesses, including startups, manufacturers and businesses owned by veterans &amp; those from diverse backgrounds.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/altoonanow.org\/state-small-business-credit-initiative-sscbi\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$96M Investment in Iowa\u2019s Small Businesses\" \/>\n<meta property=\"og:description\" content=\"Learn more\" \/>\n<meta property=\"og:url\" content=\"https:\/\/altoonanow.org\/state-small-business-credit-initiative-sscbi\/\" \/>\n<meta property=\"og:site_name\" content=\"Altoona Now!\" \/>\n<meta property=\"article:published_time\" content=\"2022-10-17T14:54:57+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-10-17T15:54:57+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/altoonanow.org\/wp-content\/uploads\/2022\/10\/shutterstock_511210861-1024x680.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"680\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Courtney Healy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"$96M Investment in Iowa\u2019s Small Businesses\" \/>\n<meta name=\"twitter:description\" content=\"Learn more\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/altoonanow.org\/wp-content\/uploads\/2022\/10\/shutterstock_511210861-1.jpg.webp\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Courtney Healy\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"State Small Business Credit Initiative (SSCBI) - 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