News
Mississippi Development Authority approves three community development financial institutions for funding through the state’s Small Business Credit Initiative
Jackson, Miss. (April 3, 2024) – Last year, the U.S. Department of the Treasury and the Mississippi Development Authority announced approval of Mississippi’s state plan for up to $86 million in financing under the American Rescue Plan’s Small Business Credit Initiative. Mississippi operates four SSBCI programs to support small businesses and startups: a loan participation program, a loan guarantee program, and two venture capital/equity programs.
“This program will help empower Mississippi’s small businesses by equipping them with the resources and support they need to thrive in today’s economy,” said Governor Tate Reeves. “Mississippi has tremendous momentum, and we are blessed with fantastic small businesses in every part of our state. I look forward to seeing how these funds will help build on Mississippi’s record economic development success.”
“The SSBCI program is designed to empower small businesses in our state by providing them with the resources and support they need to thrive in today’s economy,” said Governor Tate Reeves. “Funding through the program can serve as a lifeline for our small businesses while helping them realize their dreams of being successful business owners.”
The loan participation program, known as the Mississippi CDFI Small Business Loan Fund, has received $45 million. MDA recently approved three participating community development financial institutions to provide loans through the program, which will increase access to capital for Mississippi small businesses and promote economic growth and job creation in the state. Culleywood Capital, Renaissance Community Loan Fund and Hope Enterprise Corporation received $14.7 million in funding through the CDFI Small Business Loan Fund.
“Supporting new and growing Mississippi businesses creates job opportunities in our communities and can encourage growth in neighboring areas,” said MDA Executive Director Bill Cork. “The Mississippi CDFI Small Business Loan Fund aims to bring financing to local businesses, with a priority given to small, underserved and underfunded communities, and we look forward to seeing how this program continues to support economic development in our state.”
For more information about SSBCI and the programs available to Mississippi small businesses and startups, visit https://mississippi.org/minority-small-business/ssbci or Innovate Mississippi at https://www.innovate.ms/ssbci.