SSBCI in Mississippi
The State Small Business Credit Initiative (SSBCI) was part of the American Rescue Act (ARPA) of 2021 and included $10 billion for state, territory and tribal business finance programs. The Mississippi Development Authority has been approved for up to $86 million, receiving the funds in three disbursements over several years to implement four programs to benefit small businesses and startups: a loan participation program, a loan guarantee program, and two equity/venture capital programs.
Innovate Mississippi will manage two Mississippi SSBCI Venture Capital programs: the SSBCI Funds Program and the SSBCI Direct Program. Innovate Mississippi has been allocated $26 million to provide equity support through these programs to small businesses by investing in venture capital funds that support startups and investing directly into startups raising capital. These programs aim to attract and retain high-growth businesses in Mississippi by providing access to the capital they need to grow and create jobs. All returns will go back into a statewide evergreen fund.
We are awaiting Treasury’s approval. Information about how to apply for the two Venture Capital Programs, Funds and Direct, is on each program page (links to come):
- The SSBCI Funds Program in Mississippi invests in capital investment funds that are focused on Mississippi and have a presence in the state. These funds will receive a matching capital equal to their own, ranging from $500,000 to $10 milllion, effectively doubling their fund size. To participate, you will need to submit your application through the upcoming RFP process.
- The SSBCI Direct Program in Mississippi is an $11 million Mississippi-focused initiative for Pre-Seed, Seed, and Series A stage startups. Up to $3 million is earmarked for larger deals with an SSBCI match of up to $1M and the remaining allocated for SSBCI deals with a match up to $500k. Mississippi’s SSBCI Direct Program will not serve as the lead investor and will require a lead investor before participating in a round.
For more information about SSBCI, visit the SSBCI page on Treasury’s website.
For questions about the SSBCI Funds & Direct Programs, please contact email@example.com.
The Request for Proposal (RFP) is a formal process for selecting funds to participate in the program. More information coming soon.
RFI closed January 2023.
The following resources are available for federal government sites to offer more information on the SSBCI program.
Have a question? Ask it here.