Mississippi receives funds for small businesses

Mississippi receives funds for small businesses

WASHINGTON, D.C. (WDAM) - This is a news release from the U.S. Treasury Department

The U.S. Treasury Department announced that Mississippi has received $4,477,239 in State Small Business Credit Initiative (SSBCI) funds to help small businesses access the capital they need to grow and create jobs. To date, $13,168,350 in SSBCI funds have been disbursed to the Mississippi Development Authority (MDA) to support businesses and the local economy.

"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."

"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."

SSCBI recently issued a new Quarterly Report detailing how the program continues to help small businesses throughout the nation. Since the beginning of the program, the Treasury Department has disbursed more than $1.1 billion in SSBCI funds to participating states.

Small businesses and entrepreneurs need capital to build their businesses, and SSBCI is designed to help spur new private sector lending or investment in small companies by leveraging private capital along with the federal support offered by the program. Through SSBCI, the Treasury Department will award up to $1.5 billion to fund state programs across the country that support small businesses, including small manufacturers. SSBCI funding is not repaid by participating states to the federal government. Instead, to help even more small businesses, repaid loans and investments remain with participating states to be redeployed locally. The SSBCI Quarterly Report shows that as of September 2014 participating states have recycled more than $60 million.

SSBCI was created when President Obama signed into law the Small Business Jobs Act on September 27, 2010. The Treasury Department awarded allocations to all fifty states by early 2012, based on a formula set by the Small Business Jobs Act that considered population and unemployment levels. Each state designs its own small business programs, and five types of programs are eligible for SSBCI funds: Capital Access Programs, Loan Guarantee Programs, Loan Participation Programs, Collateral Support Programs, and Venture Capital Programs. Mississippi has implemented a Loan Guarantee Program. In the SSBCI 2013 Annual Report business owners reported that more than 95,000 jobs will be created or saved as a direct result of SSBCI support.

To view the SSBCI Quarterly Report, please click here. For more information on SSBCI and the Treasury Department's other small business programs, please visit www.treasury.gov/smallbusiness.

For more information on Mississippi's SSBCI program, please visit http://www.mississippi.org/