An expert panel provides an overview of State Small Business Credit Initiative (SSBCI) and the how VCs can engage with the program.
Read below for an excerpt from the transcript of the conversation and read the full transcript here.
State Small Business Credit Initiative (SSBCI) — An Overview for Emerging Managers
Sean Park - Hi, everyone. My name is Sean Park. I am a managing director on First Republic Bank's venture capital services team. We're excited to be presenting today's topic, State Small Business Credit Initiative, SSBCI, an overview for emerging managers. Fundraising is difficult in the best of times. It could be especially challenging for emerging managers and managers from underserved groups. Given the current macroeconomic environment, and more specifically, the fundraising environment we're in, this program is ever more important today than it probably has been ever. But we'll get into this today. I want to talk about the American Rescue Plan Act of 2021, reauthorized the State Small Business Credit Initiative, SSBCI. Allocating 10 billion for eligible state programs to provide access to capital for small business. SSBCI provides several programs, but today's webinar will focus on the venture capital program. With the aid of our panel, we will provide an overview of the program from both the treasury's perspective and the state's perspective. It's important to know that each state is responsible for administering their own program. Some quick housekeeping. The Q and A button is live. We encourage you to post your questions, and we'll try and get to those at the end of the webinar. Okay. Great. So now, I'd like to take a moment to introduce our panel. First, we have Eric Cromwell, co-founder of Cromwell Schmisseur and contractor supporting the treasury's SSBCI program. Next, Courtney McCrea, co-founder and managing partner from Recast Capital. Jennifer Tegan, managing director of New York Ventures. And last but not least, Scott Wu, the head of IBank. Thank you all for coming today. Appreciate you being here. Looking forward to today's webinar. And now, if you could each introduce yourselves. Let's start with Eric.
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