U.S. Department of the Treasury

Maryland Technology Development Corporation (TEDCO) invested $250,000 in NasaClip with funding from the SSBCI, helping to support the company’s growth and supporting diverse entrepreneurship. 

“Oftentimes, nosebleeds are non-life threatening, but patients will still go to the emergency department for them,” said Elizabeth Clayborne, MD, CEO and founder of NasaClip. “Unfortunately, the care for nosebleeds can be invasive, painful, and costly; that’s why we created NasaClip. Using NasaClip, patients can treat themselves anywhere anytime. NasaClip makes epistaxis treatment in ER and Urgent Care much easier and time efficient. TEDCO’s financial investment will help advance this much needed medical device.” 

“NasaClip is exactly the kind of company we envisioned for SSBCI funding,” said TEDCO CEO Troy LeMaile-Stovall. “Led by a true innovator who saw an unmet need, NasaClip is an important addition to TEDCO’s portfolio of companies that have great potential but are underrepresented in our innovation ecosystem. We are glad to support NasaClip on its growth trajectory, and we hope Dr. Clayborne’s work will inspire more entrepreneurs like her to seek out TEDCO.” 

Kinetic received a $175,000 SSBCI loan through the Iowa Economic Development Authority’s Innovation Continuum Demonstration Fund, a program that catalyzes new private equity investment in the information technology, advanced manufacturing, and bioscience sectors by providing SSBCI debt capital. These funds will be used by the company to invest in both the product and Kinetic’s growth goals.

“Iowa is filled with innovative thinkers who are pushing the boundaries in their industries, and it’s important that we create an ecosystem where they can thrive,” said Debi Durham, director of the Iowa Economic Development and Iowa Finance Authority. “The SSBCI investment is a great addition to our Innovation Continuum to assist more entrepreneurs at all stages.”

The company is helping to reshape the graduation experience by providing a way for graduates with all types of hair or personal style to feel their best - helping students feel like themselves when they cross the stage.

Cap Creations’ success is made possible by support from Grow Kansas (GROWKS), a program of NetWork Kansas, dedicated to supporting high-growth entrepreneurs in Kansas and fueled by the SSBCI and their partnership with the Kansas Department of Commerce. GROWKS is using SSBCI funding to invest in Kansas-based, early stage companies through their Angel Capital Support Program. GROWKS supported Cap Creations with an angel investment in 2022, allowing the company to enhance its production for the 2023 school year.  

RaShawnda said, “GROWKS came along at a pivotal point for us. The process was pretty easy – they helped us with making sure we had the right business structure, went over our financials and projections, so we’d be ready for our presentation to the board. They’ve been completely available for anything that comes up.”  
 

Located in the remote southern part of the Kenai Peninsula in Alaska, the Ninilchik Village Tribe is a community of just over 1,000 members. The Tribe has long been a steward of Ninilchik’s ancestral lands - today, Ninilchik also provides public services to members and works to grow the local economy for residents. Part of that work is through owning and operating Tribal enterprise Tuyan LLC, a joint venture between the Ninilchik Village and the Cook Inlet Tribal Council, Inc. (CEI), providing geophysical engineering services. As a Tribal enterprise, revenue earned by Tuyan is used to support Ninilchik’s workforce development, youth education, addiction and recovery support, and family services. When Ninilchik Village applied to Treasury for its $689,038 SSBCI allocation, the Tribe had a clear vision about the best and highest use of the funds: they wanted to invest in Tuyan-- and in turn, in their community. The Tribe’s allocation will be committed to Tuyan and will be matched by private funds acquired through the Tribe and CEI’s other commercial activity. The investment will be provided as an equity instrument, providing the company a repayment method that is more suitable to the business’ operations and revenue cycle. This SSBCI investment will enable Tuyan to hire staff and engineers and expand the services offered by the business, creating at least eight new engineering and project management roles. The company will also use the funds to create a new business line: they will build a commercial side to the business. With expansions across the team and their service offerings, the company is poised for growth - and has already secured extensions of existing contracts based on the additional capacity this investment will provide.

Treasury looks forward to continuing to support participating jurisdictions in implementing their State Small Business Credit Initiative programs. To learn more about SSBCI programs, visit https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci.
 

This investment enables WorkTorch to expand into target cities with a need for service industry employees, including Kansas City, Chicago, Denver, Dallas, Nashville, and Atlanta. They have also been able to broaden their offerings in recruiting tools and career resources, providing cutting edge options for hiring managers and service industry professionals overall.

Today, WorkTorch works with more than 60 corporate clients who use the platform to fill open positions across the U.S., matching them with the more than 40,000 service industry professionals on their platform. The combined SSBCI, local, and private investments have enabled them to maintain consistent growth since their founding in 2021 and to drive tangible, positive outcomes in the workforce— helping one in every three applicants find a new role and staying in that position three times longer than the average employee.

Maryland Technology Development Corp., or TEDCO, provided an SSBCI investment of $150,000 into JuneBrain through its Social Impact Fund, matched with a further $150,000 from angel investment in the company. With this funding, JuneBrain has been able to continue its mission to support medical professionals and patients by allowing medical professionals to remotely monitor patients and allowing patients to continue to receive care from the comfort of their own home.

In 2023, the company hit a growth milestone when it acquired another firm – a merger that will allow TLC to add marketing and communications business lines to its roster of services. This growth of services and staff required new space – a new home in which TLC will build a new culture and align to better serve its clients and their constituents, as well as attract new clients.

But, in looking for financing to fuel this expansion, TLC encountered challenges relating to obtaining loans and providing sufficient collateral. So, TLC turned to Capital Region Economic Development Corp. (CREDC), a nonprofit community economic development organization enrolled in the Pennsylvania Department of Community and Economic Development’s SSBCI loan participation program. Using SSBCI funds leveraged by private credit issued to purchase the real estate, CREDC was able to design a credit-enhanced deal of $250,000 to support renovation and fit out of the space, the hub of the growing TLC.

Melissa Stone, Vice President of Economic Development with the Capital Region Economic Development Corp., noted the important role that the SSBCI dollars played in this transaction, and in others: “SSBCI helps us to ‘tick’ the credit boxes on transactions that we really want to do, and otherwise, wouldn’t be able to close.”

SSBCI Entity: The Ninilchik Village Tribe
Business: Tuyan LLC
Location: Ninilchik Village, Alaska

Located in the remote southern part of the Kenai Peninsula in Alaska, the Ninilchik Village Tribe is a community of just over 1,000 members. The Tribe has long been a steward of Ninilchik's ancestral lands - today, Ninilchik also provides public services to members and works to grow the local economy for residents. Part of that work is through owning and operating Tribal enterprise Tuyan LLC, a joint venture between the Ninilchik Village and the Cook Inlet Tribal Council, Inc. (CEI), providing geophysical engineering services. As a Tribal enterprise, revenue earned by Tuyan is used to support Ninilchik's workforce development, youth education, addiction and recovery support, and family services.

When Ninilchik Village applied to Treasury for its $689,038 SSBCI allocation, the Tribe had a clear vision about the best and highest use of the funds: they wanted to invest in Tuyan-- and in turn, in their community. The Tribe's allocation will be committed to Tuyan and will be matched by private funds acquired through the Tribe and CEI's other commercial activity. The investment will be provided as an equity instrument, providing the company a repayment method that is more suitable to the business' operations and revenue cycle.

This SSBCI investment will enable Tuyan to hire staff and engineers and expand the services offered by the business, creating at least eight new engineering and project management roles. The company will also use the funds to create a new business line: they will build a commercial side to the business. With expansions across the team and their service offerings, the company is poised for growth - and has already secured extensions of existing contracts based on the additional capacity this investment will provide.