About

The American Rescue Plan Act (ARPA) of 2021 reauthorized and amended the Small Business Jobs Act (SBJA) of 2010 to provide $10 billion to fund the State Small Business Credit Initiative (SSBCI) as a response to the economic effects of the COVID-19 pandemic. SSBCI is a federal program administered by the Department of the Treasury that was created to strengthen state programs that support private financing to small businesses.

Subprograms

Nebraska Growth Loan Fund (NGLF)

The loan participation program is designed to increase lending to eligible small businesses in Nebraska. In the NGLF model, the lender originates a senior loan, and the Department of Economic Development provides a second loan to a qualified Community Development Financial Institution (CDFI) or the small business borrower. To increase capital access in communities and meet Nebraska’s objective of reaching underserved Nebraska (SEDI) small businesses, NGLF will utilize Nebraska CDFIs in sourcing and packaging all NGLF loans.

Nebraska Seed and Development Fund (NSDF)

Equity capital direct investment program that makes investments in qualified Nebraska small businesses. NSDF is conducted via a partnership between an approved venture capital fund (VC) and the Department of Economic Development.