Mississippi Development Authority approves three community development financial institutions for funding through State Small Business Credit Initiative

Jackson, Miss. (April 3, 2024) – Last year, the U.S. Treasury Department and the Mississippi Development Authority 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. Mississippi operates four SSBCI programs to support small businesses and startups: a loan participation program, a loan guarantee program and two equity/venture capital programs.

“This program will help to empower Mississippi 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 to build upon Mississippi’s record-breaking economic development success.”

The SSBCI program is designed to empower small businesses across our state by providing them with the resources and support necessary to thrive in today’s economy,” Gov. Tate Reeves said. “Funding through the program can serve as a lifeline for our small businesses while helping them achieve their dreams of being successful business owners.”

The loan participation program, known as the Mississippi CDFI Small Business Loan Fund, was allocated $45 million. MDA recently approved three participating community development financial institutions to provide loans through the program that 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 have each been allocated $14.7 million in funding through the CDFI Small Business Loan Fund.

“Supporting new and growing Mississippi businesses creates opportunities for employment in our communities and can encourage growth in surrounding areas,” said MDA Executive Director Bill Cork. “The Mississippi CDFI Small Business Loan Fund is intended to bring funding to local businesses, with a priority for small, underserved and under-financed communities, and we are eager to see how this program continues to support economic development in our state.”

For further information about the SSBCI and the available programs for Mississippi’s small businesses and startups, please visit https://mississippi.org/minority-small-business/ssbci or Innovate Mississippi at https://www.innovate.ms/ssbci.

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