U.S. Treasury Department awards Mississippi more than $4.4 million in state small business credit initiative funds

money house 4cThe U.S. Treasury Department has awarded Mississippi more than $4.4 million in State Small Business Credit Initiative funds, which will be disbursed by the Mississippi Development Authority. The funds will assist the state’s small businesses with accessing the capital needed to grow and create jobs. To date, more than $13 million in SSBCI funds have been allotted to MDA to support the state’s small businesses and local economies.

“Mississippi small businesses comprise the backbone of the state’s economy, and MDA is committed to assisting them as they pursue growth opportunities and create jobs for the state’s workforce,” said MDA Executive Director Brent Christensen. “We appreciate the U.S. Treasury Department for bolstering our efforts with the allotment of these SSBCI funds and encourage Mississippi’s small business owners to contact MDA for assistance.”

Since the program began in 2010, the Treasury Department has disbursed more than $1.1 billion in SSBCI funds to participating states. The amount awarded to each state is based on a formula set by the Small Business Jobs Act that considers a state’s population and unemployment levels.

“Small businesses are central to the nation’s economy, and the State Small Business Credit Initiative, the State of Mississippi, and private sector lenders are working together to support growth locally,” said Jessica Milano, Deputy Assistant Secretary for Small Business, Community Development, and Housing Policy at the Treasury Department. “These efforts provide capital to Mississippi’s small businesses and entrepreneurs so they can create jobs in their communities.”

Each state designs its own small business programs, and five types of programs are eligible for SSBCI funds: Capital Access, Loan Guaranty, Loan Participation, Collateral Support, and Venture Capital. MDA has implemented a Small Business Loan Guaranty Program.

For more information about Mississippi’s SSBCI program, please visit www.mississippi.org. Mississippi small businesses interested in applying for SSBCI funds should contact Sara Watson, MDA’s Small Business Loan Guaranty Program manager, at swatson@mississippi.org or (601) 359-3449.

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