Preparing For State Small Business Credit Initiative (SSBCI) Reporting

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Administered by the U.S. Department of Treasury, the State Small Business Credit Initiative (SSBCI) is a federal program providing $10 billion to states, the District of Columbia, territories, and Tribal governments to promote small business growth and access to capital.  

SSBCI funding is deployed by jurisdictions to small businesses through equity/venture capital programs, loan participation programs, loan guarantee programs, collateral support programs, and capital access programs. 

If you are one of the jurisdictions who received SSBCI funding, you are required to provide quarterly and annual reports to the U.S. Department of the Treasury. The U.S Treasury’s Capital Program Reporting Guidance document outlines details and instructions for reporting. Here are a few key points to be aware of as you prepare and plan your reporting efforts. 

SSBCI Reporting  

Quarterly SSBCI reports are due 30 days following the conclusion of the reporting period. For example, if you are reporting on the quarterly period of July – September, your report would need to be submitted no later than October 30th of the same year.  

Jurisdictions must also submit annual reports for each calendar year by March 31 of the following year. For example, the annual report due date for the 2023 calendar year would be March 31, 2024. Both types of reports are due for the next several years and could be automatically extended by federal mandate. 

Review the U.S. Department of Treasury’s Capital Program Reporting Guidance document for more details. 

SSBCI Resource Allocation 

Another step to prepare for SSBCI reporting is to evaluate your available resources to complete the reporting process. Jurisdictions should have a firm grasp on the amount of time needed to complete quarterly/annual reports, the tools required to gather information, and the staff needed to meet deadlines.  

It is best to know far in advance of submission deadlines if there are any gaps and if more resources are required to complete reporting. You will also want to consider the time needed to request, receive, and organize data metrics from each of your program’s participating Community Development Financial Institution (CDFI) lenders.  

SSBCI reporting, particularly the annual reporting, requires detailed information about the businesses served through the program, including demographic and business performance data. Additionally, jurisdictions will also be asked to show the amount of program funds that are expended, obligated, or transferred. Given the details required, it’s important for participating jurisdictions to allocate the staffing and technology resources necessary to maintain consistent communication with your CDFI partners and clearly share information request expectations upfront. 

Know the SSBCI Reporting Process 

SSBCI reporting data must be submitted through the U.S. Treasury’s online portal. It may be beneficial to spend some time familiarizing yourself with this platform ahead of deadlines to identify potential issues. 

Review the U.S. Department of Treasury’s Capital Program Reporting Guidance document for more details. 

Technology Assistance 

Community Reinvestment Fund, USA (CRF) offers technology solutions to help state jurisdictions collect, assemble, and submit quarterly and annual SSBCI reports.  

CRF’s technology can help centralize loan reporting and standardize data collection to easily track SEDI metrics, pull dynamic reports for up-to-the-minute and accurate portfolio information, reduce data reentry, and more. 

SSBCI reporting may sound complex, but planning and familiarizing yourself with the U.S Treasury’s Capital Program Reporting Guidance document may make for a smoother process. Utilizing technology can also help reduce the burden of SSBCI reporting, allowing more time to focus on capital deployment and creating impact in your community. 

Learn more about CRF’s technology solutions for SSBCI reporting

Disclaimer: the information provided on this page is meant for general informational purposes only and may not reflect the most current resources and recommendations available. Please consult with your financial, tax, legal, and other relevant advisors when making decisions about your small business.

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