Florida State Small Business Credit Initiative (SSBCI)

Florida State Small Business Credit Initiative (SSBCI) is sponsored by FloridaCommerce (administered in partnership with Florida Opportunity Fund and Florida First Capital Finance Corporation). Provides businesses with additional resources and capital to facilitate business growth and economic development, particularly for small businesses and those owned by economically and socially disadvantaged individuals.

Treasury is pleased to provide program summaries for participating jurisdictions’ approved SSBCI Capital programs. These summaries provide detail on program design, lending and investment partners, targeted sectors or company stage, and/or other information on program implementation. To learn more about a jurisdiction’s approved SSBCI programs, reach out to the jurisdiction’s contact.

Please note that Treasury will update program summaries as program modifications take effect. Alabama operates five small business financing programs: one collateral support program, one loan guarantee program, one loan participation program, and two equity/venture capital programs.

The Alabama Department of Finance is the implementing entity that contracted with Innovate Alabama (IA), a public corporation focused on entrepreneurship, technology, and innovation, to administer all programs. IA has engaged the Alliance Capital Corporation to assist in loan administration.

_**Table 1: Alabama SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS Innovate Alabama Collateral Support Program (CSP) The Innovate Alabama CSP creates cash collateral accounts with participating lenders to enhance collateral when a borrower does not meet collateral requirements of the lender. The program supports loans ranging from $250,000 to $5 million.

It is anticipated the average loan size will be around $450,000 which will be supported with cash deposits ranging between 20% and 50% of the loan amount. The program expects to be particularly useful for businesses that traditionally have had difficulty collateralizing their loans, including tourism, restaurants, retail, and similar sectors.

Innovate Alabama’s CSP is also expected to assist lenders with construction projects that are financed with an SBA 504 structure.

Eligible lenders include banks, credit unions, revolving loan funds, and Community Development Financial Institutions (CDFIs); smaller community banks are expected to particularly benefit as these lenders sometimes reach regulatory lending limits with their small business borrowers where cash collateral can allow a bank to lend above these limits. Annual maintenance fees for the CSP are reduced for underserved businesses.

Learn more about the Innovate Alabama CSP. Innovate Alabama W. Howard Wills Small Business Loan Guarantee Program (LGP) The Innovate Alabama’s W.

Howard Wills Small Business LGP provides up to a 50 percent guarantee on loans that would not otherwise be approved by the lender without this additional mitigation. The anticipated average principal loan size is projected to be $200,000 with a $100,000 guarantee. The maximum eligible loan amount is $5,000,000 with exceptions considered on a case-by-case basis.

Eligible lenders include credit unions, banks, revolving loan funds, and community development financial institutions with special attention to community banks in rural Alabama. Eligible business uses include both term loans and lines of credit financing start-up costs, working capital, business procurement, franchise fees, equipment, inventory, as well as real estate purchases, construction, renovation, or tenant improvements.

Eligible lenders include banks, credit unions, revolving loan funds, and CDFIs. The LGP offers higher guarantee levels for loans to underserved businesses and for certain CDFI lenders. Learn more about the Innovate Alabama W.

Howard Wills Small Business LGP. Innovate Alabama Loan Participation Program (LPP) The Innovate Alabama Small Business LPP purchases up to 30 percent of an eligible loan originated by a participating lender with the lead loan amount ranging from $10,000 to $5 million.

Eligible loans include term loans, construction drawdown loans and revolving lines of credits, and proceeds can be used for most business purposes matching those of the LGP. Participating lenders must purchase back the participation on the second anniversary (third anniversary for underserved borrowers). The LPP also requires the lender to pass along an interest rate reduction of 0.

25% (0. 50% for underserved businesses) to the borrower during the first two years of the loan. Lenders are able to retain a 3.

00% servicing fee (3. 50% for underserved borrowers) on the loan participation. Eligible lenders will include banks, credit unions, revolving loan funds, and CDFIs.

Learn more about the Innovate Alabama LPP. ##### EQUITY/VENTURE CAPITAL PROGRAMS Innovate Alabama Co-Investment Program The Innovate Alabama Co-Investment Program invests directly in high growth startup and small businesses alongside private investors that meet certain criteria. Eligible private investors include angels, angel groups, syndicates, accelerators, incubators and venture capital (VC) funds.

The program targets pre-seed to early-stage companies and will consider supporting follow-on financing rounds in the most promising deals. There is a programmatic emphasis on funding startups and small businesses majority owned by underserved individuals. Innovate Alabama requires the private investment to be pari passu with the SSBCI investment and considers capital support up to 50% of an equity financing round.

Learn more about the Innovate Alabama Co-Investment Program. Innovate Alabama Fund-of-Funds Program The Innovate Alabama Fund Program makes limited partner investments in seed to early-stage VC funds committed to investing in Alabama. Up to ten partner funds are expected to be competitively selected for participation in the program, with capital support ranging from $.

5 million to $2 million. The SSBCI investment is expected to range from 5-10% of the total fund size and will not exceed 50% of the total capital raised for each partner fund. Participating funds target pre-seed to early-stage companies with an average first round investment size estimated between $25,000 and $1 million, with an emphasis on investing in investees majority owned by underserved individuals.

Learn more about the Innovate Alabama Fund-of-Funds Program. _**Program information updated in March 2026. **_ Alaska operates three small business financing programs: one loan participation program, one loan guarantee program and one equity/venture capital program.

The University of Alaska Anchorage Small Business Development Center (SBDC) is the SSBCI implementing entity for the state and will administer all approved programs. _**Table 1: Alaska SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS Alaska Loan Guarantee Program (LGP) The Alaska LGP provides participating lenders guarantees up to 50 percent of an originated loan amount ($20 million loan maximum).

This helps lower the lender's risk to underserved businesses and Very Small Businesses (VSBs) across the State of Alaska. Upon approval, the guaranteed amount of SSBCI funds is placed with the lender into a Certificate of Deposit (CD).

The program’s impact is expected to be greatest in rural remote communities that have struggled to attract capital in commercial fishing, manufacturing, and tourism sectors with high upfront capital costs. Learn more about the Alaska LGP.

Alaska Loan Participation Program (LPP) The Alaska LPP provides both companion loans originated by participating lenders and loan purchase options to support loan participation for qualifying small businesses. Under the companion loan option, Alaska purchases a subordinate loan from the lender which has below market interest rates.

Under the purchased participation, Alaska purchases a portion of a loan (1st deed) from a private lending institution after the loan closes and funds to an eligible borrower. The program participates in an amount equal to up to 50 percent of the total loan. This program helps small businesses across Alaska lower the cost of borrowing in the high interest rate environment and reduces the lender’s rate uncertainties.

Learn more about the Alaska LPP. The Alaska Equity Program (also known as the Alaska Equity Fund Program or AKEF) provides $5. 2 million in capital support to venture capital (VC) funds, and these partner funds deploy capital by making equity or equity-like investments in enterprises that have difficulty accessing capital due to their business stage and structure.

The program has partnered with two funds at this time, one which targets very small businesses (fewer than 10 employees) and those owned by individuals in the seed stage and another that focuses on existing firms with a proven track record of success in need of growth capital. Learn more about the Alaska Equity Program. _**Program information updated in March 2025.

**_ American Samoa operates four small business financing programs: one loan participation program, one loan guarantee program, one collateral support program, and one equity/venture capital program.

The American Samoa Department of Commerce is the implementing entity and has engaged the American Samoa Innovation Authority (ASIA) to administer the programs with support from Development Capital Networks (DCN) for the credit programs and Cimarron Capital Associates II (CCA) for the equity/venture capital program.

_**Table 1: American Samoa SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS American Samoa Collateral Support Program (CSP) The American Samoa CSP provides cash collateral to support loans to businesses that are unable to meet a lender’s collateral requirements. The program provides up to 50 percent of the total loan amount to address any collateral shortfalls that would otherwise not allow a lender to provide financing.

Principal loan amounts supported cannot exceed $20 million. The cash deposit is held with the lender as a certificate of deposit (CD) and may cover up to the entirety of lender loss after liquidation of the borrower pledged security.

While this product is available to any eligible small business borrower on American Samoa, it targets small businesses owned by American Samoans living in the mainland U.S. Learn more about the American Samoa CSP. American Samoa Loan Guarantee Program (LGP) The American Samoa LGP provides guarantees of up to 80 percent to support the issuance of surety bonds and lines of credit of up to $20 million.

The LGP provides the necessary security, in the form of a partial guarantee, for commercial surety companies to issue bonds and for lenders to approve lines of credit. While the program is open to any eligible business, demand is expected to be highest among local construction companies seeking financial support to participate in upcoming large infrastructure projects.

The program may explore guarantees for other purposes, such as export letters of credit. Learn more about the American Samoa LGP. American Samoa Loan Participation Program (LPP) The American Samoa LPP purchases up to 50 percent of a loan originated by a private lender.

Principal loan amounts supported cannot exceed $20 million. The portion of the loan purchased by the SSBCI program may offer a lower interest rate than the private lender in certain circumstances and is provided either in a subordinate position or pari passu with the security position of the lender, depending on the demonstrated need of the borrower.

The financing is targeted toward purchases of equipment, material and working capital for small businesses including construction firms, local small businesses in traditional sectors and those engaged in ensuring local food security, and innovative businesses in emerging sectors. Learn more about the Innovate American Samoa LPP.

American Samoa Co-Investment Fund (CIF) The American Samoa Co-Investment Fund provides equity capital support by directly investing in small businesses and projects located in the territory. Each supported transaction must have at least $1 of private capital for each $1 of SSBCI capital invested by the CIF, and the average amount of capital support is estimated to be $500,000 per transaction.

Cimarron Capital Associates is the entity responsible for identifying and managing CIF investments on behalf of American Samoa. Learn more about the American Samoa Co-Investment Fund. _**Program information updated in September 2025.

**_ Arizona operates three small business financing programs: one loan guarantee program and two equity/venture capital programs. The Arizona Commerce Authority (ACA) is the implementing entity for the state and the program administrator for the loan guarantee program. The ACA engaged the Arizona Venture Development Corporation (AVC) to administer the two equity/venture capital programs.

_**Table 1: Arizona SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS Arizona Loan Guarantee Program (Arizona LGP) The Arizona LGP guarantees up to 50 percent of small business loans offered through partner Community Development Financial Institutions (CDFIs). The initial CDFIs selected for participation will offer loans from $10,000 up to $20,000,000.

Eligible uses include startup costs, working capital, equipment, inventory, and the purchase, construction, renovation, or tenant improvements of an eligible place of business. The LGP provides access to capital through CDFIs that target small businesses in low- and moderate-income communities, underserved communities, rural areas, and other underserved small businesses.

The program’s focus is on services in rural areas and certain low-income urban areas such as South Phoenix, South Tucson, Guadalupe, and Maryvale. Learn more about the Arizona LGP.

Participating lenders in the Arizona LGP: ##### EQUITY/VENTURE CAPITAL PROGRAMS Arizona Multi-Fund Venture Program (Arizona MFP) The Arizona Multi-Fund Venture Program makes limited partner investments in Seed- and Series A-stage focused venture capital (VC) funds that are raising a new fund or in funds which have not traditionally invested in the state.

Up to 10 VC funds will be supported by the program, and the estimated SSBCI participation in a fund is expected to be from 12% to 20% of the total fund size, which are targeted to be between $12. 5M and $80M. Participating VC funds target initial investment sizes in companies between $250,000 and $5,000,000 to fill financing gaps where Arizona startups struggle to access capital.

Learn more about the Arizona MFP. Apply for Arizona MFP Financing. Arizona Venture Co-Invest Program The Arizona Venture Co-Invest Program co-invests directly alongside pre-qualified VC funds or other investment partners in early-stage technology startups.

Each investment must be matched by private financing, with a typical investment size between $250,000 and $1,000,000. Participating private investors must be certified by the program, and startups need a validated term sheet from a certified investor to receive investment support.

The program will target industries and technologies that align with Arizona’s strategic economic development road map to include businesses in the semi-conductor, life sciences, electric vehicles (EV), software, and clean-tech industries. In addition, the program will prioritize underserved startup companies. Learn more about the Arizona Co-Invest Program.

Apply for Arizona Co-Invest Financing. _**Program information updated in August 2024. **_ Arkansas operates seven small business financing programs: one capital access program, two loan guarantee programs, two loan participation programs, two equity/venture capital programs.

The Arkansas Development Finance Authority (ADFA) is the implementing entity for the state and the program administrator of all programs. _**Table 1: Arkansas SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS ADFA Capital Access Program (CAP) The ADFA CAP provides portfolio insurance for lenders to mitigate losses from loan defaults through a loan loss reserve account maintained on deposit with the lender.

The account is funded by a borrower contribution of at least 3 percent of the loan value but no more than 7 percent, and a matching CAP contribution. Learn more about the AFDA CAP. Arkansas Small Business Revolving Loan Guaranty Program (LGP) The Arkansas Small Business Revolving LGP provides guarantees of 10 percent to 50 percent of loans valued up to $500,000.

The program provides credit enhancements to address collateral shortfalls or the inadequate equity of business owners. The program focuses on underserved companies. Learn more about the Arkansas Small Business Revolving LGP.

ADFA Disadvantaged Business Enterprise (DBE) Minority- and AEDC Women-Owned Business Enterprises (MWOBE) Loan Mobilization Revolving Fund (DBE MWOBE – Loan Mobilization Revolving Fund) The DBE MWOBE – Loan Mobilization Revolving Fund offers loan guarantees up to 80 percent of the first $100,000 of loan value. The program’s minimum guarantee is $10,000 and the maximum loan is $500,000.

Eligible loan uses include business expansion, machinery and equipment purchases and repairs, and general working capital needs. Eligible businesses must be owned 51 percent by minority individuals, women, or veterans.

The DBE MWOBE – Loan Mobilization Revolving Fund is an existing program was created to promote the growth and sustainability of these underserved businesses by providing guarantees and real-world technical and professional assistance, certification, procurement, networking, capital and contracting opportunities with state and federal government, higher education, lending institutions and private sector.

Learn more about the DBE MWOBE – Loan Mobilization Revolving Fund program. ADFA Bond Guaranty/Loan Participation Program (LPP) The ADFA Bond Guaranty LPP provides direct loans of up to 20 percent of total project financing with the maximum project financing not exceeding $20 million.

The borrower is required to provide evidence of funding commitments and receipt of private financing or contributed equity equal to at least $4 for each $1 of SSBCI funds used in the project. Financial institutions operating in Arkansas, the Arkansas Economic Development Commission and the Arkansas Capital Corporation are the primary lenders that ADFA participates with in financing transactions.

The LPP funds are used to restore and revitalize agricultural and industrial sectors, specifically in manufacturing and export trade. Learn more about the ADFA Bond Guaranty/LPP.

ADFA Bond Guaranty/ CDFI Loan Participation Program (LPP) The Arkansas ADFA Bond Guaranty/CDF LPP provides loan participations by providing funding to Community Development Finance Institutions (CDFIs) to provide companion loans representing up to 50 percent of loans issued by a CDFI.

The maximum participation or companion loan is $10 million, and the borrower is required to provide evidence of funding commitments and receipt of private financing or contributed equity equal to at least $1 for each $1 of SSBCI funds used in the financing. Learn more about the ADFA Bond Guaranty/LPP.

##### EQUITY/VENTURE CAPITAL PROGRAMS Arkansas Venture Development Fund The Arkansas Venture Development Fund provides equity capital support to small businesses by making capital commitments to Venture Capital (VC) fund managers investing primarily in Arkansas companies. The program will invest in up to five VC funds with a minimum investment of $250,000 and a maximum investment of $5 million per fund.

Seed, angel, VC and growth equity funds are eligible to apply for capital support. Learn more about the Arkansas Venture Development Fund program. Funds can apply for financing.

Arkansas Venture Capital Development Fund The Arkansas Venture Capital Development Fund provides $26 million in equity capital support by directly investing in Arkansas-based high-growth companies. The minimum company investment is $50,000, and there is a maximum investment amount per company of $1 million with at least a 50 percent private capital match requirement.

The program targets small businesses located in underserved communities. Learn more about the Arkansas Venture Capital Development Fund program. Apply for equity financing.

Apply for financing under the Arkansas Loan Programs. The following lenders participate in the Arkansas LGP and LPP programs. Apply for financing through the partner lender websites: https://adfa.

arkansas. gov/programs _**Program information updated in July 2023. **_ California operates seven small business financing programs: one capital access program (CAP), one collateral support program (CSP), one loan guarantee program (LGP), one loan participation program (LPP), and three debt/equity hybrid programs.

The California Infrastructure and Economic Development Bank (IBank), an agency of the Governor’s Office of Business and Economic Development, is the implementing entity and administers the LGP and debt/equity hybrid programs. The California Pollution Control Financing Authority (CPCFA), an authority of the California State Treasurer’s Office, administers the CAP, CSP, and LPP.

_**Table 1: California SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS California Capital Access Program (CalCAP for Small Business) The CalCAP for Small Business (CalCAP SB) provides portfolio insurance to enrolled lenders through a reserve account to cover losses on enrolled loans.

The lender and borrower contribute a combined 4 percent to 7 percent of a loan or line of credit to the reserve account, which is then matched by CalCAP using SSBCI funds. The reserve account is maintained at each participating lender or at the trustee bank.

The loan proceeds can cover a wide variety of business needs, such as working capital for inventory purchases, equipment purchases, start-up costs, and eligible construction or renovation of buildings. Learn more about the CalCAP SB program. Review the list of participating lenders.

California Collateral Support Program (CalCAP CS) CalCAP’s CS provides collateral support by pledging cash to lenders to cover the collateral shortfalls of small business borrowers. The collateral support can be up to 40 percent of the loan amount; an additional 10 percent may be possible if the business is in a Severely Affected Community (SAC). The maximum collateral support is $2.

5 million per loan with a minimum loan amount of $50,000 and a maximum of $20 million. Loan proceeds may be used for working capital, equipment purchase, or construction. Eligible lenders include banks, credit unions, Community Development Financial Institutions (CDFIs), and others.

Learn more about the CalCAP CS program. Find information about SAC. Program description and eligibility information.

Review the list of participating lenders. Small Business Loan Guarantee Program (SBLGP) The SBLGP provides guarantees of up to 80 percent of a loan or $5. 0 million (whichever is less) with a $20 million loan cap.

Eligible use of loan proceeds includes bridge loans, construction, inventory, equipment purchases and working capital. Borrowers work directly with lenders to apply for a loan. The lender then works with a non-profit Financial Development Corporation (FDC) to secure the guarantee on the loan.

The program will expand access to capital by building on existing relationships with FDCs, CDFIs, Minority Depository Institutions (MDIs), and other lenders serving target businesses and communities. Learn more about the California SBLGP. Review the list of participating lenders and FDCs.

California Loan Participation Program (LPP) The LPP either purchases or co-lends through a single note up to 50 percent of a loan package offered by community financial institutions throughout the state with a focus on community banks. The program is expected to have an average participation of 30 percent. The program primarily supports short-term lines of credit with a maximum participation of $10 million.

Learn more about the California LPP. ##### EQUITY/VENTURE CAPITAL PROGRAMS Inclusive California Initiative The Inclusive California Initiative provides $100 million in capital support to small businesses by investing in qualified venture capital (VC) funds. This initiative provides funding to managers raising at least their second VC fund.

The goal is to support a more inclusive VC community in California, with a particular focus on underrepresented managers and funds with a track record of investing in underserved businesses. Commitments are expected to average $10 million per fund. IBank uses a hybrid debt instrument to invest in funds in accordance with U.S. Treasury’s debt/equity hybrid guidance.

Learn more about the Inclusive California Initiative. To be considered for a fund investment, contact IBankVC@cambridgeassociates. com Emerging California Initiative The Emerging California Initiative provides $50 million in capital support to small businesses by investing in qualified VC funds.

This initiative provides funding to managers raising their first fund from institutional capital. Investment managers must have an attributable track record or proxies. In some cases, emerging managers may create a proxy track record, that is, they may have been in some way involved in evaluating an investment but may not have made the investment decision.

The goal is to support a more inclusive VC community in California, with a particular focus on emerging underrepresented managers and funds with a strategy around investing in underserved businesses. Commitments are expected to average $5 million per fund. IBank uses a hybrid debt instrument to invest in funds in accordance with U.S. Treasury’s debt/equity hybrid guidance.

Learn more about the Emerging California Initiative. To be considered for a fund investment, contact IBankVC@cambridgeassociates. com California Co-Investment Initiative The California Co-Investment Initiative provides $50 million in capital support to small businesses by co-investing alongside private investors.

This program combines two approaches: providing (i) follow-on capital into portfolio companies of the fund investment programs raising a subsequent investment, and (ii) funding that meets pre-defined criteria including both strategic elements (e.g., projects borne out of regional economic development plans, climate equity, underserved regions or businesses) and financial characteristics.

Investment commitments will range from $500,000 to $5 million per investment. IBank uses a hybrid debt instrument to invest in accordance with U.S. Treasury’s debt/equity hybrid guidance. Learn more about the California Co-Investment Initiative.

To be considered for a co-investment, contact IBankVC@cambridgeassociates. com _**Program information updated in March 2026. **_ Colorado operates three small business financing programs: one collateral support program (CSP), one loan participation program (LPP), and one equity/venture capital program.

The Colorado Office of Economic Development and International Trade (OEDIT) is the implementing entity for the state. The Colorado Housing and Financing Authority (CHFA) administers the two credit support programs, and the Colorado Venture Capital Authority (CVCA) administers the equity/venture capital program.

_**Table 1: Colorado SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS Cash Collateral Support Program (CCS) Colorado’s CCS supports loans by pledging a cash deposit when a business is unable to meet a lender’s collateral requirements. The deposit is up to 80 percent of the principal loan amount. The maximum loan size that can be supported through this program is $20 million.

Learn more about the CCS program along with lender and borrower applications. CCS Program contact information. The CLIMBER Loan Fund is an LPP that provides working capital loans of up to $500,000 to Colorado small businesses.

The loan capital is deployed in two ways: loan participation and direct lending capital for lenders. The loan participation component purchases participations in loans originated by banks and other eligible lenders.

CLIMBER purchases participations of up to 80 percent of loans using three sources of funds - Colorado provides 16 percent using state funds, private investors provide 56 percent, and SSBCI funds provide the remaining 8 percent. The direct lending option makes loan funds available to eligible non-depository Community Development Financial Institutions (CDFIs), and non-profit lenders.

Colorado provides 20 percent of each lender’s loan pool, commercial banks provide 70 percent, and SSBCI funds provide 10 percent. Learn more about the CLIMBER Loan Fund. Apply to be a CLIMBER Loan Fund lender.

Colorado Venture Capital Authority Program (VCA) The Colorado VCA Program makes limited partner investments in a diverse portfolio of venture capital (VC) funds with experience investing in and assisting seed-to early-stage businesses.

Colorado estimates that up to six VC funds will be selected to participate in the program through an open, competitive process, and the estimated SSBCI investment participation in a fund is expected to be from 25% to 50% of the total fund size.

Historically, partner funds have supported startups with investment rounds ranging from $50 thousand to $3 million, and the program is required to invest a percentage of the capital in distressed urban communities and rural areas of the state. Learn more about the Colorado VCA Program. _**Program information updated in July 2025.

**_ Commonwealth of the Northern Marianas Islands (CNMI) operates three small business financing programs: one collateral support program (CSP), loan guarantee program (LGP), and one loan participation program (LPP). The CNMI Commonwealth Economic Development Authority (CEDA) is the implementing entity for the territory and program administrator for all three programs.

_**Table 1: Northern Mariana Islands SSBCI Capital Program Portfolio**_ ##### CREDIT SUPPORT PROGRAMS Collateral Support Program (CSP) The CSP provides cash collateral accounts of up to 50 percent of a loan’s value to address collateral shortfalls experienced by the borrower. The collateral support is provided through an SSBCI cash deposit at the participating FDIC bank.

Loan proceeds may be used for most business expenses including start-up costs; working capital; acquisition of equipment, inventory, or services used in production; and building construction. Although most businesses are eligible, the program is expected to support tourism and provide vital financial support to both emerging and established CNMI businesses that are ready to grow, create jobs, and drive economic development.

Learn more about the CSP. Loan Guarantee Program (LGP) The LGP guarantees up to 80 percent of the loan value for loans originated by participating lenders. The guarantee is secured by an SSBCI cash deposit at the participating FDIC bank.

Loan proceeds may be used for most business expenses including start-up costs; working capital; acquisition of equipment, inventory, or services used in production; and building construction. Although most businesses are eligible, the program is expected to support tourism expansion and provide crucial financial support for new and existing CNMI businesses that are ready to grow, create jobs, and drive economic development.

Learn more about the LGP. Loan Participation Program (LPP) The LPP purchases a participation of up to 60 percent in loans originated from participating lenders. Loan proceeds may be used for most business expenses, including start-up costs; working capital; acquisition of equipment, inventory, or services used in production; and building construction.

Although most businesses are eligible, the program is expected to support tourism expansion and provide vital financial support to both emerging and established CNMI businesses that are ready to grow, create jobs, and drive economic development. Learn more about the LPP. _**Program information updated in May 2025.

**_ Connecticut operates two small business financing programs, one equity/venture capital program and one debt/equity hybrid program. The Connecticut Department of Economic and Community Development (DECD) is the implementing entity for the state, and DECD engaged Connecticut Innovations, Inc. (CII) to administer both programs.

_**Table 1: Connecticut SSBCI Capital Program Portfolio**_ ##### EQUITY/VENTURE CAPITAL PROGRAMS CT Innovations Equity Fund The CT Innovations Equity Fund Program provides equity support to small businesses by directly investing in companies operating in strategic industry sectors identified as important to state economic development.

Funding is primarily accessible to early-stage companies through the Connecticut Future Fund (Future Fund) and the ClimateTech Fund (CT Fund). The Future Fund invests in early-stage companies with investments of $250,000 to $1 million each, and funded companies receive strategic support from an experienced team of advisors.

The Future Fund is industry agnostic, but companies having diversity at the board and executive level are targeted.

The CT Fund invests in early-stage companies focused on energy, transportation/mobility, food/agriculture, water, climate-related software, waste/circular economy, advanced materials/manufacturing, carbon removal/sequestration and more, offering investments of $150,000 to $2 million per company in each financing round plus the potential for follow-on investment.

The program funding is designed to support underrepresented founders and to grow, attract and retain the most promising green tech companies in Connecticut. Learn more about the Future Fund and access the investment intake form. Learn more about the CT Fund and access the investment intake form.

The Connecticut Venture Debt Fund provides capital support to early-stage companies in capital intensive industries raising a seed, Series A or Series B investment that would benefit from additional financing. Funding amounts range from $150,000 to $2 million, and the interest rate is typically fixed between 6 and 12 percent for the life of the debt.

Warrants are part of the overall pricing and range from 5 to 25 percent of the loan amount. The debt’s maturity usually extends from three to five years. CII seeks technology-based companies based in Connecticut with a focus on high priority industries such as bioscience, IT, clean tech, photonics and advanced materials.

Learn more about the CT Venture Debt Fund. _**Program information updated in July