SSBCI in Mississippi

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 under the InvestMS Fund which will include a Funds & 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.

InvestMS Funds Program
The InvestMS 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 million, effectively doubling their fund size. To participate, you must submit your application through the upcoming RFP process. 
 
Signup for Updates

Stay updated on the RFP release date by signing up here.

InvestMS Direct Program 
The InvestMS Direct Program will invest directly in startups at the Pre-Seed, Seed, and Series A stages. To qualify for an SSBCI match of $50k up to $1M, your startup must have an investment commitment and term sheet from an accredited investor to lead your round and meet the program’s other requirements. Startups selected to participate in the program can receive up to a 1:1 match with concurrent private investments. 
 
What We Are Looking For
Our investment team is looking for great companies with scalable business models that are well-suited for venture funding. Please note that the goal of the program is to create an evergreen fund that will continue to invest in Mississippi startups for years to come. As such, SSBCI investments will be made on a competitive basis with preference being given to companies and deals that the Investment Committee believes will provide the highest return on investment.  If this sounds like your startup, we would love to hear from you!
 
Application Process Now Open
Although the program hasn’t officially launched, the application process is now open. Our Entrepreneurial Team is here to guide you through the process of applying for funding through the InvestMS Direct Program or other development and funding opportunities offered through Innovate. To get started, simply fill out our intake form. This will help us get to know you and your startup better and determine if you meet the requirements for an SSBCI match. If you do, someone from our team will be in touch to discuss the next steps.
 
The SSBCI qualification and funding process from start to finish can take anywhere from a few weeks to a few months, depending on the completeness of your application and other factors. But don’t worry – our entrepreneurial Team is here to guide you every step of the way. Fill out our intake form today to get started!
 
Signup for Updates
Stay updated on SSBCI by signing up here.
For more information about SSBCI, visit the SSBCI page on Treasury’s website.
 
Innovate Mississippi is a non-profit that provides assistance to startups by offering development, mentoring, and connections to capital within the ecosystem. If you’re a startup in Mississippi with a focus on technology or innovation, our Entrepreneurial Team would love to get to know you.  Fill out the intake form here.
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 $500k to $10M, effectively doubling their fund size. To participate, you will need to submit your application through the upcoming RFP process. Find out more and apply here.
Mississippi’s SSBCI Direct Program is an $11M 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. Find out more here. 

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.

Program Resources

The following resources are available for federal government sites to offer more information on the SSBCI program.

Q&A

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