Treasury Department Announces Approval of $86 Million to Support Small Businesses in Mississippi
The U.S. Department of the Treasury announced the approval of Mississippi’s state plan for up to $86 million in funding under the American Rescue Plan’s State Small Business Credit Initiative (SSBCI), part of President Biden’s Investing in America agenda. The Treasury Department has now announced the approval of state, territory, and Tribal government plans corresponding to over $8 billion in SSBCI funding to support small business and entrepreneurship and expand access to capital.
“Support for small business growth and access to capital is a key component of President Biden’s Investing in America agenda,” said Deputy Secretary of the Treasury Wally Adeyemo. “The State Small Business Credit Initiative is helping to unlock the potential of entrepreneurs in underserved communities in Mississippi and across the nation who may have otherwise never had the support needed to pursue their business ideas and ambitions.”
The American Rescue Plan reauthorized and expanded SSBCI, which was originally established in 2010 and was highly successful in increasing access to capital for small businesses and entrepreneurs. The new SSBCI builds on this successful model by providing nearly $10 billion to states, the District of Columbia, territories, and Tribal governments to increase access to capital and promote entrepreneurship, especially in traditionally underserved communities as they emerge from the pandemic. This includes $2.5 billion in funding and incentives to support underserved businesses.
To read the full press release, visit: https://home.treasury.gov/news/press-releases/jy1584
For more information on the SSBCI program, visit: https://home.treasury.gov/policy-issues/small-business-programs/state-small-business-credit-initiative-ssbci