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State Small Business Credit Initiative (SSBCI)

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Frequently Asked Questions

What is SSBCI?

The American Rescue Plan Act of 2021 reauthorized and expanded the State Small Business Credit Initiative (SSBCI) Program, which was originally established in 2010. SSBCI will provide a combined $10 billion to states, the District of Columbia, territories and Tribal governments to expand access to capital for small businesses emerging from the pandemic, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs.

 SSBCI, which is administered by the U.S. Department of Treasury (Treasury), provides funding to be used for credit and investment programs for existing small businesses and start-ups. It also provides technical assistance to small businesses applying for SSBCI funding. Each participating state, territory or government submits plans to Treasury for how they will use their SSBCI allocation to provide funding to small businesses, and Treasury then works with each applicant to review and approve plans and requested funding.


What is Indiana’s approved SSBCI plan?

The State of Indiana has been approved for up to $99 million in SSBCI funding from Treasury. Indiana will receive a minimum of $86 million to start and will be eligible to receive another $13 million – for a total of $99 million –  when the state meets expected targets for the initial allocation.

 This funding, which must be disbursed alongside private dollars, is expected to leverage $10 in follow-on investment for each $1 of SSBCI funding, resulting in at least $990 million invested in Indiana’s innovation and entrepreneurial ecosystem by the end of the SSBCI program.

 Indiana’s plan aims to expand access to and increase capital for Hoosier entrepreneurs, startups and small businesses by 1) increasing venture capital for innovators and startups and 2) expanding access to debt and working capital for entrepreneurs and small businesses. Additionally, Indiana’s plan was designed to further serve historically underserved entrepreneurs, small businesses and startups, encouraging greater economic equity across the state.


What programs will Indiana expand and/or create through SSBCI?

Venture Capital Investments

Approximately $70 million of the state’s funding will be directed to accelerating Indiana’s innovative startup ecosystem through direct investments in early-revenue companies. This allocation will be invested in Indiana-based companies through the Indiana Angel Network Fund alongside co-investors, with a portion of the funds dedicated to participating in early funding rounds led by venture capital partners strategically focused on reaching underrepresented founders.

 These investments will be available to Indiana-based companies pursuing seed stage financing, meaning they are typically pre-revenue, preparing for clinical trials or regulatory approval, or actively pursuing product-market fit through initial go-to-market activities. Investments from the Indiana Angel Network may be made up to $1 million per company and require a minimum 1:1 co-investment.

Loan Fund Investment Program

 Indiana will allocate approximately $28 million to create a new small business loan fund investment program to provide more capital for entrepreneurs and small businesses, particularly for those that have been historically underserved. Through the program, loan funds that provide capital to Indiana-based small businesses will be eligible to have a portion of those loans purchased by the IEDC, enabling the loan funds to then support even more entrepreneurs and small businesses with available funds.

 Technical Assistance

The IEDC is pursuing the Technical Assistance Grant Program, another funding opportunity available through Treasury. This would allow the IEDC to provide technical assistance to entrepreneurs and small businesses, readying and empowering them to access capital available through the SSBCI program. The IEDC will use these designated funds to provide businesses and entrepreneurs support as their businesses grow while strengthening the ecosystem of opportunity and entrepreneurship throughout the state.


How will SSBCI support the broader innovation and entrepreneurial ecosystem in Indiana?

 Promoting Equity

At least 37 percent – or at least $36.6 million – of the state’s SSBCI funding will be allocated to traditionally underserved small businesses and entrepreneurs, such as those owned and controlled by socially and economically disadvantaged individuals (SEDI)* and very small businesses* with fewer than 10 employees. This will encourage greater equity in access to capital for Hoosier businesses

In addition to consistently working to expand the diversity of entrepreneurs, startups and small businesses that the state supports and partners with, Indiana is initiating at least two specific strategies to further reach traditionally underrepresented businesses:

  • Through the Indiana Angel Network Fund, the state – with its venture development partner Elevate Ventures – will participate in early funding rounds led by venture capital partners strategically focused on investing in underrepresented founders. This will increase the speed and diversity in investments made to early-revenue companies and will expand the network of innovators and startups in the Elevate Ventures portfolio, which provides additional access to Entrepreneur-in-Residence services, advisor services, tech offerings (such as AWS, Hubspot, Google Cloud Startup Program and more) and follow-on funding as the business matures.
  • The Loan Fund Investment Program is specifically designed to partner with and enable loan funds that provide debt and working capital to underrepresented Indiana-based small businesses. This includes mission-oriented, non-traditional lenders, such as Community Development Financial Institutions (CFDI’s), revolving loan funds, and other special focused lenders. This program is intended to encourage additional investment in these mission-oriented lenders and increase their lending capacity for Indiana-based businesses.

Catalyzing Private Investment

 SSBCI is designed to catalyze $10 of small business lending and investment for every $1 of SSBCI program funding, mobilizing local and regional sources of capital, such as community banks, CDFIs, investors and venture capital groups, to support entrepreneurs, startups and small businesses.

 Indiana’s SSBCI funding will attract additional investment alongside its early-round seed funding, which requires a minimum 1:1 co-investment, and its loan participation program, which will purchase a percentage of loans already made to Indiana entrepreneurs and small businesses. Indiana’s SSBCI funding is expected to leverage $10 in follow-on investment for each $1 of SSBCI funding, resulting in at least $990 million invested in Indiana’s innovation and entrepreneurial ecosystem by the end of the SSBCI program.


What is a SEDI-owned business? What is a Very Small Business?

The SSBCI program defines SEDI-owned businesses as business enterprises owned and controlled by socially and economically disadvantaged individuals (SEDI). Socially disadvantaged individuals are those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities; economically disadvantaged individuals are those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area who are not socially disadvantaged.

 To be considered a SEDI-owned, business enterprises must certify that they:

  • Are owned and controlled by individuals who have had their access to credit on reasonable terms diminished as compared to others in comparable economic circumstances, due to their (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) physical handicap; (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 (including communities impacted by the shift towards a net-zero economy or deindustrialization); or (11) membership of another “underserved community” as defined in Executive Order 13985.
  • Are owned and controlled by individuals whose residences are in CDFI Investment Areas, as defined in 12 C.F.R. § 1805.201(b)(3)(ii);
  • Will operate a location in a CDFI Investment Area, as defined in 12 C.F.R. § 1805.201(b)(3)(ii); or
  • Are located in CDFI Investment Areas, as defined in 12 C.F.R. § 1805.201(b)(3)(ii).

 Very Small Business is defined as a business with fewer than 10 employees and may include independent contractors and sole proprietors.


Has Indiana received SSBCI funding previously, and, if so, how was it utilized?

This is the second SSBCI award Indiana has received, following an initial allocation at the program’s inception in 2010. Then, the state received $30 million, which has supported Indiana startups and small businesses through Elevate Ventures’ pre-seed and seed investments.

 Since its inception, Elevate Ventures has invested $136 million in Hoosier businesses, attracting $1.9 billion in private co-investment (13-to-1 investment leverage ratio).

 Indiana-based companies that have grown thanks, in part, to SSBCI funding through Elevate Ventures include:

●     Greenlight Guru – This Indianapolis-based tech company, which was founded in 2013, offers quality management software for the medical device industry, helping bring higher quality, life-changing products to market faster. By 2021, Greenlight Guru secured a $120 million private investment and, in 2022, acquired three companies. Today, the company serves more than 800 leading MedTech companies around the world and has been recognized by Forbes as one of the Midwest’s best enterprise software companies.

●     Owl Manor – This Warsaw-based medical device company focused on regenerative medicine for companion animals was founded in 2015. The company secured $1.2 million in Series A financing in 2016, and just five years later, Owl Manor reported $7.89 billion in revenue and was acquired by Zoetis Inc., the world’s leading animal health company.


How can my business, startup, bank, loan fund, etc. participate?

 Indiana entrepreneurs, startups and small businesses

 If you’re an Indiana-based innovator or startup preparing for or seeking pre-seed and seed-stage venture capital investment to help grow your idea and business, visit to learn more about Indiana Angel Network Fund investments and to contact an advisor to discuss your eligibility.

 If you’re an Indiana-based entrepreneur or small business that will is seeking debt or working capital from a mission-oriented, non-traditional lender or investor, let your potential lender know they may be eligible to participate in Indiana’s new Loan Fund Investment Program, increasing their funds available to support businesses like yours. Program details and a lender application will be available at in the coming months.

 If you’re a current or aspiring entrepreneur, startup or small business, and you’re not sure which funding opportunities might be available to you, reach out to your local Indiana Small Business Development Center (Indiana SBDC) to talk to a business advisor at no cost. Visit to find your regional Indiana SBDC office.

Lenders, investors, venture capital funds, and small business champions

 If you’re an investor or venture capital fund that is investing in an Indiana-based innovator and/or startup that may be eligible for pre-seed and seed-stage co-investment through the Indiana Angel Network Fund, please contact Elevate Ventures.

 If you’re an investor or venture capital fund that is strategically focused on investing in traditionally underrepresented innovators and startups and plan to lead pre-seed and seed-stage investments in Indiana businesses, contact Elevate Ventures to learn more about its new venture partner co-investments through the Indiana Angel Network Fund.

 If you’re a mission-oriented, non-traditional lender (i.e. CDFIs, revolving loan funds, and other special focused lenders), visit for more Loan Fund Investment Program details that will be released in the coming months. When available, review your program eligibility and apply to participate as an approved lender.

If you’re a community, organization or mission-oriented group interested in forming a mission-oriented loan fund and want to ensure your fund is developed in a way to ensure program eligibility, contact Matt Tuohy, program manager, at


When will SSBCI funds be available and disbursed?

After the State of Indiana’s SSBCI application was approved, the Indiana Economic Development Corporation (IEDC) entered into an allocation agreement to enable the transfer of funds. The IEDC expects to receive up to $86 million from the Treasury in three tranches, with the first being initiated in July 2022. The state will receive an additional $13 million over the remaining tranches when Indiana meets expected investment targets.

 The state will be ready to start disbursing funds to support entrepreneurs, startups and small businesses as soon as SSBCI funds are received and the venture capital and Loan Fund Investment Program details are finalized. Visit to watch for updates.


Additional Resources:

Click here for more information on the federal SSBCI program and to view the SSBCI fact sheet.