It’s National Small Business Week so we used the C2ER State Business Incentives Database to identify state economic development programs designed for small businesses. Here are 43 programs we found:
Alaska Small Business Development Loan Program – The Small Business Economic Development (SBED) Loan Program provides financing for the start-up and expansion of businesses that will create significant long-term employment.
California Small Business Loan Guarantee Program – The Small Business Loan Guarantee Program (SBLGP) provides repayment guarantees to lenders that provide financing to small businesses that experience capital access barriers. The guarantees are issued by non-profit Financial Development Corporations. Non-profit Financial Development Corporations issue the loan guarantees by partnering with IBank and community banks.
Connecticut Small Business Express Program – The Small Business Express Program (EXP) provides loans and grants to small businesses to spur job creation and growth.
Georgia Entrepreneurial and Small Business Loan Guarantee Fund (ESB) – By partnering with accredited Georgia financial institutions, the OneGeorgia Authority will provide new financial resources and opportunities for business development in at-risk areas through the Entrepreneur and Small Business Development Loan Guarantee Program (ESB).
Georgia Small Business Credit Guarantee (SBCG) – The GA SBCG, or Small Business Credit Guarantee, will provide a 50% credit guarantee to the lender with a conversion option, whereby participating lenders may choose to convert any enrolled credit guarantee to a 10% (of the remaining principal) deposit to a loan loss reserve account where the reserve can cover up to an 80% loss on any individual loan.
Hawaii Small Business Innovation Research (SBIR) Grant Matching Program – Small R & D companies in Hawaii developing new and innovative technologies may be eligible for Small Business Innovation Research (SBIR) Phase I funding of up to $150,000 and Phase II funding of up to $1 million.
Indiana Capital Access Program – State Small Business Credit Initiative (CAP-SSBCI) – The Indiana Capital Access Program – State Small Business Credit Initiative (CAP-SSBCI) is a small business credit enhancement program that creates a specific cash reserve fund for a lender to use as additional collateral for loans enrolled in the program by the particular lender.
Iowa Small Business Loan Support Program -The Iowa Small Business Loan Support Program (ISBLSP) aids Iowa entrepreneurs and small businesses in their efforts to access capital for business purposes including startup costs, working capital, business procurement, franchise fees, equipment, inventory, as well as the renovation or tenant improvements of an eligible place of business that is not for passive real estate investment purposes.
Iowa Small Business Linked Investments for Tomorrow (LIFT) – Through LIFT, State Treasurer Michael L. Fitzgerald purchases a certificate of deposit below the current market rate from an Iowa financial institution. The money is then loaned to an eligible borrower at a low interest rate.
Iowa Targeted Small Business Assistance Program (TSB) – The Targeted Small Business (TSB) Program of Iowa is designed to help women, minorities and the disabled overcome some of the major hurdles to starting or growing a small business in Iowa.
Kentucky Small Business Tax Credit Program – The Kentucky Small Business Tax Credit program is designed to encourage small business growth and job creation. With certain exceptions, most for-profit businesses with 50 or fewer full-time employees are considered eligible.
Kentucky Small Business Loan Program – The Small Business Loan Program provides loans with lenient terms less secure or otherwise less stringent than industry standards.
Louisiana Small Business Loan and Guaranty Program – The Small Business Loan and Guaranty Program facilitates capital accessibility for small businesses by providing loan guarantees to banks and other small business lenders in association with the federal State Small Business Credit Initiative (SSBCI).
Maryland Small Business Development Financing Authority – MSBDFA promotes the viability and expansion of businesses owned by economically and socially disadvantaged entrepreneurs.
Mississippi Small Business and Existing Forestry Industry Loan Program – The Small Business and Existing Forestry Industry Loan Program (SBEFI) provides low-interest loans to qualified small businesses and existing companies in the forestry industry to encourage the extension of conventional financing and the issuance of letters of credit to qualified Mississippi businesses.
Mississippi Small Business Loan Guaranty Program – MDA’s Small Business Loan Guaranty Program (SBLGP) facilitates capital accessibility for small businesses by providing loan guaranties to banks and other small business lenders.
Missouri Small Business Incubator Tax Credit – A program to generate private funds to be used to establish a “protective business environment?” (incubator) in which a number of small businesses can collectively operate.
Missouri Small Business Loan Program – A pool of funds for low-interest or no-interest direct loans for small businesses
Montana Capital Gains and Dividends from Small Business Investment Company Tax Exemption – The Capital Gains and Dividends from Small Business Investment Company Tax Exemption provides that capital gains or dividend income is exempt from state individual and corporate income tax.
New Jersey Small Business Fund – An expedited approval process helps the Small Business Fund program provide below-market rate financing to small, minority-owned or women-owned businesses and not-for-profit corporations through direct loans or guarantees, with the choice of a variable or fixed interest rate.
New Mexico Laboratory Partnerships with Small Business Tax Credit – A tax credit provided pursuant to the Laboratory Partnership with Small Business Tax Credit Act shall be in an amount equal to the qualified expenditure incurred by the national laboratory to provide small business assistance to a specific small business.
New York Small Business Revolving Loan Fund (SBRLF) – The Small Business Revolving Loan Fund (SBRLF) is a $50 million fund designed to create economic activity by providing greater access to capital for main street everyday small businesses. The program is targeted to small businesses that have had difficulty accessing regular credit markets.
North Dakota Small Business Technology Investment Program – Any North Dakota start-up primary sector business in technology field may receive loan or equity financing from this fund.
Ohio Small Business Development Centers of Ohio (SBDC) – Since 1985, the SBDC program has fostered a strong climate for small business growth with many local community partners including college and universities, economic development agencies, chambers of commerce, and other community organizations.
Rhode Island Disabled Access Credit for Small Business – The Disabled Access Credit for Small Business allows a small business taxpayer that pays for or incurs expenses in Rhode Island to provide access to persons with disabilities shall be allowed a 10% credit up to $1,000 against the Business Corporation Tax or Public Service Corporation Tax.
Rhode Island Small Business Assistance Program – Provides businesses with under 200 employees access to capital up to $25,000.
Rhode Island Small Business Capital Investment Tax Incentives – Small business entities or venture capital partnerships that are certified by the Rhode Island Economic Development Corporation may be eligible for three types of special capital investment tax incentives.
Rhode Island Small Business Loan Fund – For smaller businesses looking for a direct, fully secured loan, the Small Business Loan Fund (SBLF) provides up to $250,000 for working capital to existing manufacturing, processing and selected services. Additionally, manufacturers seeking financing to be used for the acquisition of land, buildings, and equipment may qualify for loans in excess of $250,000.
South Carolina Annual Small Business Job Tax Credit – A job tax credit against South Carolina income tax, bank tax, or insurance premium tax for most types of small businesses creating and maintaining new jobs in South Carolina. This credit is claimed in years 2 through 6, applicable to qualifying taxpayers with 99 or fewer employees worldwide.
Tennessee Rural Small Business and Entrepreneurship Loan Fund – Rural Small Business and Entrepreneurship Loan Fund helps small businesses, specifically micro-businesses or micro-enterprises grow and maintain their businesses by providing an alternative source of capital to small business owners who can’t get conventional bank loans and don’t want to use credit cards.
Texas Skills for Small Business – Skills for Small Business finances tuition and fees for community and technical college courses for current and newly hired employees of small businesses (fewer than 100 employees) in Texas, successfully merging small business needs and local training opportunities into a winning formula for putting people to work in Texas.
Texas Product Development and Small Business Incubator (PDSBI) Fund – A revolving loan program financed through original bond issuances.
US Virgin Islands State Small Business Credit Initiative – The State Small Business Credit Initiative Program was created by the 2010 Small Business Jobs Act to support small business lending and encourage financial institutions to be more aggressive in their lending activities.
Utah Small Business Loan Guarantee Program – Program offers up to 80% guarantee of principal loan amount.
Utah Small Business Loan Participation Program – Program provides up to 80% purchased or primary participation in a loan transaction.
Vermont Small Business Energy Loan Program – The Small Business Energy Loan Program helps Vermont businesses finance relatively smaller qualifying renewable energy generation and energy efficiency improvement projects.
Vermont Small Business Loan Program – The Vermont Small Business Loan Program is available to assist growing Vermont small businesses that are unable to access adequate sources of conventional financing.
Virginia Small Business Environmental Compliance Assistance Fund – The low-interest rate loans to small businesses for the purchase and installation of replacement equipment needed to comply with the Clean Air Act, to implement voluntary pollution prevention measures, or to purchase equipment or structures to implement voluntary agricultural best management practices.
Virginia Small Business Micro-Loan Program – The Small Business Microloan Program provides short-term loans to help established businesses create new jobs and retain existing at risk jobs in Virginia.
Washington Collateral Support Program for Small Business – The Collateral Support Program (CSP) provides collateral support for the “bridge” portion of the SBA loan approval process.
Wisconsin Small Business Guarantee (WSBG) – The WHEDA Small Business Loan Guarantee (WSBG) provides a pledge of support on a bank loan and guarantees a portion of business’ loan made to a lendor.
Wyoming Small Business Energy Audit/Retrofit Program – The Wyoming Business Council State Energy Office offers funding to entities pursuing an energy audit and/retrofit.
Wyoming Small Business Investment Credit Program – This program allows licensed insurance companies to invest up to $30 million in designated capital in Wyoming small business investment companies (SBICs).