New York State Small Business Credit Initiative (SSBCI)
Summary
ESD Programs Offer Unprecedented Access to Capital for Loans, Equity and Technical Assistance for Small Businesses
More than $500 million in federal funding is now available to support the resurgence of small businesses across New York State through the State Small Business Credit Initiative (SSBCI), a program through the American Rescue Plan Act. Managed by the U.S. Department of Treasury, SSBCI provides funds to support programs for small businesses, including socially and economically disadvantaged individual (SEDI) owned businessesand very small businesses (VSB), to recover from the economic effects of COVID-19 and allow them opportunity to succeed in the post-pandemic economy. With this funding, Empire State Development (ESD) has developed a suite of capital access and equity programs to help New York State small businesses recover from the economic effects of COVID-19 and allow them the opportunity to succeed.