U.S. Department of the Treasury

Chopper Landscaping is a South Jordan, Utah-based landscaping company. In 2024, Chopper aimed to move from a seasonal business to year-round operations. But the company did not have enough of a credit history, and that made it difficult to qualify for the commercial loan necessary for the transition.

Utah’s SSBCI-supported Capital Access Program (CAP), run out of the Governor’s Office for Economic Opportunity, provided a loan loss reserve to Chopper Landscaping which, pooled with a reserve from the Latino and Hispanic small business-focused CDFI, Suazo Business Center, and the borrower, provided adequate credit enhancement for the lender to extend a $55,000 loan to Chopper to purchase snowplow equipment.This loan loss reserve, totaling 14% of the loan value, enabled the transaction and will help the borrower improve its credit history for future borrowing. 

Today, Chopper is positioned for further growth and will hire five employees to manage the commercial snow removal business line. This transaction is an example of how mission-driven lenders and SSBCI program managers can work together to support small businesses that provide critical services and create jobs in communities across the nation. 

The Affiliated Tribes of Northwest Indians Economic Development Corporation (ATNI-EDC) serves Tribes across Oregon, Idaho, Washington, southeast Alaska, Northern California and Western Montana. 

Twenty-five Tribes in the northwest designated ATNI-EDC to submit a joint application totaling $21.97 million. The consortium’s first transaction supported Salmon River Outpost, a grocery store from a wife-and-husband team representing the Karuk and Yurok Tribes respectively, located near California’s Hoopa Valley Reservation in a food desert. The SSBCI transaction to support acquisition of the land and building totaled $250,000 and was matched by a further $250,000 in private capital, alongside other, non-SSBCI capital provided for working capital.

A second transaction, Scotts Valley Energy, was identified by consortium member Tribe Scotts Valley Band of Pomo Indians of California. Scotts Valley Energy is a gasification company (and Tribal enterprise) that burns walnut and almond shells to generate gas, and ultimately, electricity. The consortium was able to provide a $125,000 pre-development loan for site work, matched with a loan from a community development financial institution (CDFI) and other private capital. The revenues generated by the company go back to the community by supporting provision of services.

Extrunet America is a supply chain company that produces extrusion machinery and tooling, primarily for clients in the decking, fencing. and window industries. 

The Michigan Economic Development Corp provided Extrunet America with $532,000 in SSBCI-funded collateral support, unlocking access to a $1.3 million bank loan to fund business expansion by nearly doubling their production facility and adding three new jobs.

This transaction demonstrates how jurisdictions can use SSBCI support to fill collateral gaps to unlock commercial loans, helping small companies access capital to grow and add both new jobs and economic vibrancy in communities across the country.  

Founded by a woman-led team in Nashville, TN, Daily Crunch Snacks is a startup offering nutrient-rich, clean snacking options.  

In early 2024, LaunchTN invested in a Series A round to support and expand distribution, new team hires and marketing initiatives. Fund Tennessee’s LaunchTN invests in Tennessee-based startups and venture capital firms to promote entrepreneurship, technology advancement, and workforce development throughout the state – funded in part by the state of Tennessee’s SSBCI allocation.

Their investment in Daily Crunch Snacks allowed the company to take the company to profitability with a projected $15 million in annual sales by 2026. This SSBCI-supported transaction demonstrates Tennessee’s venture strategy at work – supporting innovative start-ups across the 95 counties in the state.  

Junction City, Kansas-based manufacturer Razer Precision Instruments (RPI) was founded to fill a gap in quality for small pressure gauges. These products play a critical role in the supply chain and in many industrial processes, and faulty gauges represent significant risk to employees and companies that rely on their integrity. 

As RPI President Kenny Burris says, “Faulty gauges created the idea for a business to build a better gauge for industry.” Burris had the expertise within the industry to launch the business, but needed technical assistance and access to the right capital to grow a profitable company. Burris worked with the commercialization team at Kansas State’s Technology Development Institute to structure the business plan and plan to go to market.

That’s how Burris heard about the SSBCI-supported GROWKS Loan Program. GROWKS, a program of NetWork Kansas, provides companion loans alongside private lenders to open up access to capital for companies that may otherwise struggle to “tick” conventional credit boxes. For Burris, GROWKS provided $100,000 in subordinated debt alongside a loan from Commercial Bank to support manufacturing of the gauges.

NasaClip aims to equip healthcare professionals and individuals with a new tool to manage nosebleeds - providing a lower-cost solution that saves time and enhances home-based care for nosebleeds. 

Based in Baltimore, MD, NasaClip is a woman- and minority-led enterprise, and aims to improve the lives of those affected by nosebleeds, empowering caregivers and patients alike. NasaClip was developed by Emergency Physician, Dr. Elizabeth Clayborne.

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 Technologies’ core goals are “design, build, and automate.” The Algona, Iowa-based advanced manufacturing firm supports manufacturers in scaling their production capacity – often filling a market gap by helping customers produce smaller batches of highly- engineered parts. The company filed a patent for their robotic welding table in 2022, but they needed working capital to grow their marketing, distribution, and sales capacity, as well as to refine the product to respond to customer feedback. 

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.”

Cap Creations is revolutionizing graduation day with their “Grad Cap Remix”, a 3-piece headband system insert for graduation caps that accommodates a variety of hair types and textures. The product was designed by mother-daughter co-founders RaShawnda and Myayla Wright – inspired by Myayla’s struggle to make her own graduation cap work for her hair at her high school graduation. 

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.”  
 

SSBCI Entities: Kansas Department of Commerce with NetWork Kansas
Business: WorkTorch
Location: Wichita, Kansas

Founded by sisters Deborah Gladney and Angela Muhwezi-Hall, WorkTorch is a service industry career platform dedicated to connecting industry professionals and companies. NetWork Kansas made an SSBCI-supported investment in the company through the GROWKS Equity Program, alongside $2.2 million in private financing — enabling Gladney and Muhwezi-Hall to scale WorkTorch’s platform and capabilities. 

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.

SSBCI Entities: Pennsylvania Department of Community and Economic Development 
Business: The Latino Connection
Location: Harrisburg, Pennsylvania

The Latino Connection (TLC), based in Harrisburg, Pennsylvania, sees itself as a community-first organization. As a consultancy focused primarily on outreach and education initiatives to support underserved communities, the organization has a mission to educate, empower, and uplift the Latino community. The company runs its own social services initiatives and offers services to help clients deliver health and education programming in communities across Harrisburg.

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.”