State Small Business Credit Initiative (SSBCI) quarterly reporting doesn’t need to be a daunting task. Planning and keeping several key reporting requirements top of mind will help participating jurisdictions efficiently and accurately fulfill reporting requirements.
Before getting started, be sure to read and review the U.S Treasury’s Capital Program Reporting Guidance document which outlines details and instructions for reporting. In this blog, we’ll highlight three essential points from the guidance document that you should have on your radar.
1. SSBCI Quarterly Reporting Submission Deadlines
One key element to note is the timeframe for submitting SSBCI quarterly reports. As outlined in the U.S. Treasury’s Capital Program Reporting Guidance document, the reports are due 30 calendar days after the end of each calendar quarter. This means that participating jurisdictions must ensure the timely submission of their reports to comply with federal reporting requirements.
2. SSBCI Quarterly Reporting Requirements
The U.S. Treasury’s Capital Program Reporting Guidance document serves as the go-to resource for understanding what information needs to be included in SSBCI quarterly reports. It outlines detailed instructions on the reporting content, ensuring that the reports are comprehensive and provide a clear picture of how SSBCI funds are utilized.
Quarterly reports require participating jurisdictions to provide general information about their programs, including the name of the primary program administrator, the type of program, and program funds that have been allocated, expended, obliged, or transferred.
3. SSBCI Quarterly Reporting Duration
Participating jurisdictions that have received SSBCI funding are required to provide quarterly reports for the duration of their participation in the program. These reports help the federal government monitor and assess the effectiveness of SSBCI funds in promoting small business growth and enhancing access to capital. Currently, the U.S. Department of the Treasury requires quarterly reports to be submitted through January 30, 2028. However, this expiration date may automatically be extended by a federal mandate.
Technology to Support SSBCI Reporting
As participating jurisdictions complete SSBCI reporting requirements, technology can help streamline the process. Community Reinvestment Fund, USA (CRF) offers technology solutions designed to simplify SSBCI reporting.
CRF’s technology can help centralize loan reporting and standardize data collection to easily track socially and economically disadvantaged individual (SEDI) metrics, pull dynamic reports for up-to-the-minute and accurate portfolio information, reduce data reentry, and more. CRF’s technology offerings streamline the reporting process and contribute to the overall effectiveness of SSBCI initiatives by permitting participating jurisdictions to focus on deploying capital to small businesses.
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.
