PA CDFI Network Proudly Distributes First Tranche of SSBCI Funds

With the return of the State Small Business Credit Initiative (SSBCI) in October 2022, the incredible opportunity to provide accessible and affordable capital to small and SEDI-owned businesses across Pennsylvania was presented to our collective of Community Development Financial Institutions (CDFIs).

In partnership with Pennsylvania Department of Community and Economic Development (PA DCED) and 11 CDFIs, The Pennsylvania CDFI Network secured a $45 million SSBCI allocation, proceeding to diligently deliver program results during the first tranche.

As we currently await the distribution of at least 80% of Pennsylvania’s $125 million allocation, The Network takes this time to celebrate and share program results with its stakeholders. We are pleased to share that in just under one year, our first tranche allocation of $13.3 million was completely distributed.

Below is a breakdown of SSBCI Revolving Loan Fund disbursements by county:

Although established CDFIs have the capacity to make larger distributions, we also recognize our emerging CDFIs for contributing towards 13% of the total allocation.

The Network also takes this opportunity to acknowledge the phenomenal SSBCI effort made by our member CDFI, The Progress Fund. Participating with their own allocation, they successfully distributed their entire first tranche allocation in roughly the same time frame as the Network.

We achieved this feat due the stellar work of the Network’s team and participating CDFIs: