Welcome to State Small Business Credit Initiative (SSBCI) Program – Technical Assistance

WHAT IS IT?

The State of Vermont has designated VtSBDC as the Technical Assistance provider for the SSBCI program for the entire state of Vermont to deliver the program’s services.

SSBCI is a multi-year federal program administered by the U.S. Treasury, providing a combination of credit and investment programs for existing small businesses and start-ups. In addition, the program provides technical assistance for small businesses in the areas of legal, accounting, and finance advisory services, whether they are applying or not for SSBCI capital or other government funding programs.

SSBCI in a nutshell:

  • Technical Assistance: legal, accounting, and finance advisory services (funded by the program)
    • Legal: Vermont Law and Graduate School is the program’s partner providing one-on-one education and advising on legal matters such as: business formation, governance, registrations, licenses, contracts, direct and convertible investments, venture capital investment, workers Co-op setups, among others.
    • Accounting: QuickBooks clinics are planned with area experts offering training to new users as well as business owners with QuickBooks experience.
    • Finance: VtSBDC program advisor provides one-on-one advising on identifying sources of credit, capital, and other financing, preparing financial analyses, advising on financial management and factors that may impede access to financing for the business.
  • Capital Access Programs: debt and venture capital. VtSBDC does not provide funds or grants directly to businesses. Instead, we connect you to SSBCI capital providers.

 

WHO CAN APPLY?

The program is designed to assist small businesses under two categories:

Very Small Business (VSB): a business with fewer than 10 employees (includes independent contractors and sole proprietors)

Socially and Economically Disadvantaged Individuals (SEDI): a business owned and controlled by individuals who have had their access to credit diminished due to: (1) membership of a group that has been subjected to racial or ethnic prejudice or cultural bias within American society, (2) gender, (3) veteran status, (4) limited English proficiency, (5) disability, (6) long term residence in an environment isolated from the mainstream of American society, (7) membership of a federally or state recognized Indian Tribe, (8) long term residence in a rural community, (9) residence in a U.S. territory, (10) residence in a community undergoing economic transitions, or (11) membership of an underserved community.

HERE IS THE PROCESS:

  1. Fill out and submit the eligibility/intake form using the button below
  2. Our program advisor will reach out within 48 business hours to schedule a consultation
  3. During the consultation, we will assess your business needs and suitability for the program services
  4. If the business needs fit the program offerings, we will refer you to our partners or program advisor who will provide you with the needed legal, accounting, and finance advisory services
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