The PA CDFI Network SSBCI-RLF

The PA CDFI Network SSBCI-RLF

The PA SSBCI-RLF works to protect and stabilize the Commonwealth’s smallest and most vulnerable businesses. The Pennsylvania CDFI Network (“Network”), along with eleven community development financial institutions (CDFIs) secured $45 million from PA DCED, to provide financing services and business technical assistance to support the recovery and sustainability of small businesses, especially Socially and Economically Disadvantaged Individuals (SEDI) owned businesses, as we reopen the Pennsylvania economy. Find an SSBCI partner CDFI here.

With the launch of the State Small Business Credit Initiative (SSBCI) in October 2022, an 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.

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:

County

Percentage

 

County

Percentage

Philadelphia

33.37%

 

Erie

2.32%

Allegheny

29.17%

 

Cambria

2.17%

Dauphin

7.67%

 

Bucks

0.77%

Lancaster

7.65%

 

Northampton

0.70%

Lehigh

5.80%

 

Westmoreland

0.61%

Fayette

3.15%

 

Somerset

0.53%

Berks

3.05%

 

Delaware

0.38%

Mercer

2.67%

     

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:

  • ­Bridgeway Capital
  • Community First Fund
  • Enterprise Development Fund
  • Entrepreneur Works
  • Impact Loan Fund
  • Invest PGH
  • JARI Growth Fund
  • Metro Action
  • Neighborhood Progress Fund
  • Neighborhood Community Development Fund
  • PIDC Community Capital

Explore More of Our Programs