State Small Business Credit Initiative - Frequently Asked Questions (Faqs) - U.s. Department Of The Treasury Page 28
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37U.S. Department of the Treasury
State Small Business Credit Initiative
Private capital invested in a small business must have been the “cause and result” of the SSBCI
investment in the VC fund to be included in the transaction-level private leverage ratio.
Generally, small business investments closed by the VC fund manager before the state’s SSBCI funds
were received by the VC fund should not be included in the SSBCI portfolio. A pre-SSBCI-closing private
capital investment may be counted towards the state’s private leverage ratio in special circumstances
when a state can demonstrate through documentation that the private capital investment was the
“cause and result” of the forthcoming SSBCI funds. For example, SSBCI has previously allowed a pre-
SSBCI-closing private capital investment to count towards the state’s private capital ratio when the state
supplied board minutes evidencing the causal connection.
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21. What is the deadline for modification requests?
A Participating State may submit modification requests for the addition of new Approved State
Programs until September 30, 2015. A Participating State may submit all other modification requests
until June 30, 2016
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22. What is the deadline for disbursement requests?
A Participating State may submit disbursement requests until September 30, 2016.
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23. How will Treasury determine whether to terminate the availability of un-transferred Allocated
Funds for Participating States that have not applied for their second disbursement by June 30, 2015?
If a Participating State has not qualified for its second disbursement by June 30, 2015, Treasury will
terminate the availability of un-transferred Allocated Funds if the Participating State has not expended,
obligated or transferred any of its Allocated Funds during the six months preceding June 30, 2015.
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24.
How will SSBCI program rules change in 2017?
Updated April 21, 2016
In general, all SSBCI funds used (as defined in Section VII of the Policy Guidelines) for the first time must
be used in accordance with the program rules set forth in the Act, the Policy Guidelines, the National
Standards, and SSBCI's Frequently Asked Questions. Program rules regarding the use of funds do not
apply to the recycling of SSBCI funds after March 31, 2017.
State Small Business Credit Initiative Application
Page 28 of 37
FAQs
April 21, 2016
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