
What is SSBCI Technical Assistance?
The State Small Business Credit Initiative (SSBCI) Technical Assistance Program, managed by the Mississippi SBDC Network, supports the SSBCI in Mississippi. This program provides technical assistance to small businesses and startups by offering a range of services, including legal and accounting assistance, training in financial management and guidance in the loan application processes. It focuses on preparing businesses to be credible loan applicants and enhancing their ability to operate successfully.
Other SSBCI Programs
Mississippi CDFI Small Business Loan Fund
The loan participation program, known as the Mississippi CDFI Small Business Loan Fund, has been allocated $45 million to provide funds in the form of a loan to non-depository community development financial institutions to support lending to Mississippi small businesses and startups. This program aims to increase access to capital for small businesses in Mississippi and promote economic growth and job creation.
Small Business Loan Guarantee Program
The state allocated $15 million to the Small Business Loan Guarantee Program (SBLGP), which provides access to capital for small businesses by providing loan guaranties to banks and other small business lenders. The SBLGP encourages lenders to make term loans or provide lines of credit to new or existing small businesses in a difficult credit environment to help with the development, expansion and retention of Mississippi’s small businesses.
Venture Capital Program
The InvestMS administered by Innovate Mississippi has been allocated $15 million to provide equity support to small businesses by investing in venture capital funds that support startups. This program aims to attract and retain high-growth businesses in Mississippi by providing access to the capital they need to grow and create jobs.
For more information on the Venture Capital Program, please visit InvestMS for Venture Funds.
Direct Investment Program
Innovate Mississippi also will be administering the InvestMS for Startups. This initiative, with an allocation of $11 million, is focused on Pre-Seed, Seed and Series A stage startups. Larger deals can receive up to $3 million with an SSBCI match of up to $1 million, while the remaining funds are allocated for SSBCI deals with a match of up to $500,000. It’s important to note that Mississippi’s SSBCI Direct Program will not serve as the lead investor and requires a lead investor’s participation in a funding round.
For more information on the Direct Investment Program, please visit InvestMS for Startups.
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