State Small Business Credit Initiative 2.0 Expected To Launch in Tennessee
The American Rescue Plan Act of 2021 reauthorized the Small Business Jobs Act of 2010, which established the second installment of the State Small Business Credit Initiative (SSBCI 2.0). The first installment of the initiative ran from 2011 to 2017. For SSBCI 2.0, the U.S. Treasury Department has allocated $10 billion to provide funding for small business financing and technical assistance to help small and diverse businesses become capital ready.
Tennessee's SSBCI 2.0 program, called Fund Tennessee, is intended to support and expand an inclusive continuum of access to capital for small businesses and entrepreneurs throughout Tennessee. The program is comprised of InvestTN, the equity component, LendTN, the debt program, and AssistTN, the technical assistance components.
Fund Tennessee is expected to launch in the first part of 2023. While national media outlets have noted that the Treasury has released funds to some states/territories, it is a rolling process, and funds are not yet available in Tennessee. For more information or to sign up for updates on the launch in Tennessee, see the Fund Tennessee webpage.