The U.S. Department of the Treasury has highlighted a $4.8 million award to the Mississippi Development Authority (MDA) aimed at supporting small business growth in the state. This funding is part of 14 awards recently announced through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP). An additional $2.2 million in matching funds will be provided by Innovate Mississippi.
This initiative is part of a broader $75 million program designed to connect underserved and very small businesses with capital necessary for participation in key supply chains, including those related to electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean energy generation. The SBOP aims to stimulate private sector investment by offering technical assistance services such as accounting and legal support.
U.S. Deputy Secretary of the Treasury Wally Adeyemo stated, “The Biden-Harris Administration’s economic agenda is focused on continuing the historic small business boom by helping entrepreneurs across the country succeed.” He emphasized that this new funding would enhance access to capital for high-growth startups and Main Street small businesses in Mississippi.
National Economic Advisor Lael Brainard noted, “Today’s announcement to fund critical small business technical assistance programs will help ensure that more small businesses can thrive.”
U.S. Representative Bennie Thompson remarked on the significance of this award for Mississippi's small business community: "It's very much needed, and I look forward to full-throated engagement with the small business community."
Bill Cork, Executive Director of MDA, highlighted the importance of these federal funds: “Small business is the backbone of the Mississippi economy.”
MDA was selected for this SBOP award through a competitive process and will collaborate with organizations like Innovate Mississippi and the Mississippi Small Business Development Center Network (MSBDCN). They plan to launch ConnectMS using these funds to address gaps in Mississippi's entrepreneurial ecosystem. The project will span all 82 counties in Mississippi and include initiatives like FoundersPlus and CoBuilders Accelerator to provide educational resources and venture capital access.
Selected jurisdictions under SBOP are tasked with expanding technical assistance programs aimed at connecting very small and underserved businesses with financing options available through SSBCI or other programs.
The American Rescue Plan Act reauthorized SSBCI, which supports nearly $10 billion in funding aimed at empowering small businesses across various regions including states, territories, Tribal governments, and underserved communities.
In addition to this announcement, Treasury has also approved SSBCI Technical Assistance grants amounting to $145 million for 48 jurisdictions.
