SSBCI 2.0 Brings New Small Biz Funding, Training, and Support to Mississippi
Innovate Mississippi
Innovate Mississippi is managing the VC and Direct Investment program. Innovate Mississippi also will be administering the InvestMS for Startups. This initiative, with an allocation of $11 million, is focused on Pre-Seed, Seed and Series A stage startups. Larger deals can receive up to $3 million with an SSBCI match of up to $1 million, while the remaining funds are allocated for SSBCI deals with a match of up to $500,000. It’s important to note that Mississippi’s SSBCI Direct Program will not serve as the lead investor and requires a lead investor’s participation in a funding round.
Mississippi Development Authority
MDA is managing the CDFI Small Business Loan Fund and Small Business Loan Guarantee. The loan participation program, known as the Mississippi CDFI Small Business Loan Fund, has been allocated $45 million to provide funds in the form of a loan to non-depository community development financial institutions to support lending to Mississippi small businesses and startups. This program aims to increase access to capital for small businesses in Mississippi and promote economic growth and job creation.
Mississippi Small Business Development Center
The SSBCI Technical Assistance Program, managed by the Mississippi Small Business Development Center (Mississippi SBDC), plays a pivotal role in supporting the State Small Business Credit Initiative in Mississippi. This program is crucial in providing technical assistance to small businesses and startups. Mississippi SBDC offers a range of services, including legal and accounting assistance, training in financial management, and guidance in loan application processes.
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FAQs
What is SSBCI 2.0?
SSBCI 2.0 is a federal program administered by the US Department of the Treasury that provides funding to states, territories, and Tribal governments to increase access to capital for small businesses. It relaunched in 2021 under the American Rescue Plan Act, with $10 billion allocated.
What is the Mississippi Small Business Development Center (SBDC)?
Founded in 1981, the Mississippi SBDC Network, provides business services via 15 centers and sites strategically located throughout the state and successfully links the state’s higher education system with community outreach to aid in the development and education of the state’s entrepreneurs and small business community. The SBDC’s mission is to foster Mississippi’s entrepreneurial ecosystem; providing businesses expertise and resources that drive success.
What role does the SBDC play in SSBCI 2.0?
SBDCs play an important intermediary role in effectively connecting SSBCI resources and programs to underserved small business communities who stand to benefit greatly from this influx of capital. Through providing technical assistance and connecting eligible businesses to state small business loan and equity programs, SBDCs can help small businesses develop solid loan applications and investment pitches to apply for SSBCI-funded capital.
How much funding was the State of Mississippi awarded from SSBCI 2.0 funds?
Mississippi has been approved for up to $86 million through the State Small Business Credit Initiative to support small businesses and startups. The funds will be used for loan programs, loan guarantees, and equity/venture capital programs. Key initiatives include a $45 million small business loan fund, $15 million for startup equity investments, $11 million focused on early stage startups, and a $15 million loan guarantee program.
How can I take advantage of this program?
SSBCI 2.0 represents the next chapter in our commitment to fueling small business success throughout Mississippi. Our goal is to help you secure the financing, knowledge, and tools you need to turn your entrepreneurial dreams into realities. We’re here to support you every step of the way. To get started, fill out the small business intake form.
Is Your Small Business Ready?
Don’t miss this chance to get your business on the fast track to success. The application process is now open for the next round of SSBCI 2.0 intake. If your Mississippi small business could benefit from financial or developmental support, apply today!