The U.S. Department of the Treasury announced this week that Maine’s allocation as part the State Small Business Credit Initiative (SSBCI) program is $56.2 million.
The state could be eligible for additional funding above the $56 million as this initial appropriation does not include any portion of the approximately $3 billion earmarked for socially or economically disadvantaged businesses and tribal entities.
Maine Startups Insider reported at the beginning of April that Maine was anticipating the federal funding, which was tucked into the $1.9 trillion stimulus package President Biden signed into law on March 11. The $10 billion SSBCI program is meant to expand access to capital for small and underserved businesses.
Program details and applications are still under development, according to the SSBCI website. States must submit a Notice of Intent to Apply by May 10, 2021. Final applications are due Dec. 11, 2021.
The Maine Department of Economic and Community Development is currently working with the Finance Authority of Maine, the Maine Venture Fund, and regional economic development agencies on Maine’s application and program structure.
“This is a great opportunity for Maine companies to have increased access to debt and equity capital to invest in innovation and growth,” John Burns, managing director of the Maine Venture Fund, told MSI.
MSI will continue to follow the development of Maine’s SSBCI program and its impact on the state’s business community.
