State Small Business Credit Initiative (SSBCI) Technical Assistance for Venture Capital Readiness Program

The State Small Business Credit Initiative (SSBCI) Technical Assistance for Venture Capital Readiness Program is a grant-funded initiative administered by Empire State Development (ESD) to help socially and economically disadvantaged individual (SEDI)-owned businesses and very small businesses (VSBs) in New York access venture capital and improve their financial readiness. The program provides technical assistance (TA) for founders of high-growth startups and fund managers, including those operating first to third-time venture capital funds or accelerators that make equity investments. The overall objective is to increase the accessibility of SSBCI-funded equity programs by providing pre- and post-application legal, accounting, and financial support. Under this program, eligible applicants may receive between $500,000 and $2 million over a three-year period to deliver TA services that help entrepreneurs and fund managers prepare for and obtain capital. Services include legal support for business formation and governance, document preparation for capital raising, assistance with audits and financial statements, development of financial models, budgeting, investor readiness training, and more. Applicants are encouraged to use existing networks and community partners to reach underserved populations and improve awareness of SSBCI Equity Programs. Eligible applicants include legal, accounting, and financial advisory firms, accelerators, incubators, or other nonprofit and for-profit organizations with demonstrated experience supporting SEDI-owned businesses or VSBs. Respondents must be in good standing with New York State and must not be suspended, debarred, or otherwise excluded from federal assistance programs. Subrecipients and third-party partners are permitted but must also meet eligibility standards. Applications must be submitted electronically via Dropbox by 5:00 PM ET on October 22, 2025. The application requires a cover page, executive summary, proposal narrative, budget justification, and references. Respondents must also submit supporting documentation, including a conflict of interest form, state finance law compliance, W-9, insurance certificates, and vendor responsibility questionnaires. The review criteria emphasize demonstrated success with SEDI and VSB populations, ability to deliver TA services, knowledge of venture capital and financial markets, project readiness, and clarity of use of funds. Grant recipients are required to submit quarterly financial and performance reports, including data on hours of TA delivered, services rendered, and measurable outcomes. Award notifications are expected in December 2025, with grant activities beginning in late 2025 or early 2026. All awarded activities must comply with SSBCI statutory requirements, the Uniform Administrative Requirements (2 C.F.R. Part 200), and U.S. Treasury guidelines. No cost match is required, and funds will be disbursed on a reimbursement basis.

Strongly emphasize support for SEDI-owned and VSB-led businesses; include evidence of venture capital expertise and investor readiness training; clearly define partner relationships; ensure reporting systems can meet federal metrics.