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State Small Business Credit Initiative (SSBCI)

PENNSYLVANIA CDFI NETWORK

Foundation One-time Small Business GrantsGrants for Minority-Owned BusinessesEconomic Services Grants
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Funding Amount

$45,000,000

Deadline

Rolling / Open

Grant Type

foundation

Overview

State Small Business Credit Initiative (SSBCI)

Status: Active (returned October 2022, ongoing distribution)

Geographic Scope: Statewide Pennsylvania

Focus Areas:

  • Accessible and affordable capital for small businesses

  • SEDI-owned (Socially and Economically Disadvantaged Individuals) businesses

  • Revolving loan funds

    • Overview:
    With the return of the State Small Business Credit Initiative (SSBCI) in October 2022, the PA CDFI Network in partnership with Pennsylvania Department of Community and Economic Development (PA DCED) and 11 CDFIs secured a $45 million allocation. Pennsylvania's total allocation is $125 million, with the Network managing a portion to deliver capital to small and SEDI-owned businesses across the state.

    Program Performance:

  • First tranche allocation of $13.3 million completely distributed in just under one year

  • Distributions across 16 counties with concentrated activity in Philadelphia (33.37%), Allegheny (29.17%), and Dauphin (7.67%)

  • Emerging CDFIs contributed 13% of total allocation

    • County Distribution (First Tranche):

  • Philadelphia: 33.37%

  • Allegheny: 29.17%

  • Dauphin: 7.67%

  • Lancaster: 7.65%

  • Lehigh: 5.80%

  • Fayette: 3.15%

  • Berks: 3.05%

  • Mercer: 2.67%

  • Erie: 2.32%

  • Cambria: 2.17%

  • Bucks: 0.77%

  • Northampton: 0.70%

  • Westmoreland: 0.61%

  • Somerset: 0.53%

  • Delaware: 0.38%

    • Participating CDFIs:

  • Bridgeway Capital

  • Community First Fund

  • Enterprise Development Fund

  • Entrepreneur Works

  • Impact Loan Fund

  • Invest PGH

  • JARI Growth Fund

  • Metro Action

  • Neighborhood Progress Fund

  • Neighborhood Community Development Fund

  • PIDC Community Capital

  • The Progress Fund (independent allocation holder)

    • Contact Information:
    PA CDFI Network
    50 S. 16th Street, 17th Floor
    Philadelphia, PA 19102
    Phone: 717-844-1035
    Email: info@pacdfinetwork.org

    Focus Areas & Funding Uses

    Fields of Work

    small-businessesminority-businesseseconomic-services

    Categories

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