September 17, 2024
WASHINGTON – Today, the U.S. Department of the Treasury announced that the Arizona Commerce Authority is being awarded $7.9 million to support small business growth through the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).
Part of the Biden-Harris Administration’s economic agenda, this $75 million program provides funding to connect underserved and very small businesses to the capital needed to participate in key Investing in America supply chains, including electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, clean energy generation, and more. The SBOP was designed to catalyze additional private sector investment by supporting small business technical assistance services like accounting and legal services.
“The Biden-Harris Administration is expanding access to capital to create new opportunities for entrepreneurs and continue the historic small business boom of the last four years,” said U.S. Deputy Secretary of the Treasury Wally Adeyemo. “With these new resources, Arizona will help entrepreneurs build successful small businesses all over the state.”
“Today’s announcement to fund critical small business technical assistance programs will help ensure that more small businesses can thrive, as part of the Biden-Harris Administration plan that is powering a small business boom with a record 19 million new business applications so far,” said Director of the National Economic Council Lael Brainard.
“Small businesses are the backbone of our economy and are the heart and soul of the communities they serve,” said Arizona Governor Katie Hobbs. “This grant will unlock vital resources for underserved small businesses, allowing them to take advantage of historic federal investment. I am grateful to the Department of Treasury for awarding this funding, and to the Arizona Commerce Authority for their hard work making sure Arizonans get the support they need. I will continue to make sure that anyone with a bright idea and an entrepreneurial spirit has an opportunity to not just start a business, but to see it thrive.”
“Arizona’s small businesses are the backbone of our state’s economy and supporting them is vital to our economic growth and future.” said U.S. Senator Mark Kelly. “These investments will provide much needed support for Arizona business owners and make a real difference for hard-working entrepreneurs across our state.”
“We’re honored the ACA has been selected as a grant awardee under the SSBCI Investing in America Small Business Opportunity Program,” said Sandra Watson, President and CEO of the Arizona Commerce Authority. “Small businesses are the foundation of our growing economy, and this grant will enable the ACA and Arizona to further support the success of underserved Arizona small businesses, leading to more economic opportunity for Arizonans statewide. We’re grateful to the U.S. Treasury Department and the Small Business and Community Investment Programs Office of Capital Access, as well as to Governor Hobbs and all of our partners working to support small businesses.”
Arizona was selected for the SBOP award through a competitive selection process. The funding will expand and enhance technical assistance programs to foster economic growth across the state, with a focus on rural and mining communities, and will provide vital support to very small businesses (VSBs) and underserved businesses. To further support Arizona small businesses and entrepreneurs, the award will expand three existing programs: DreamBuilder, Moonshot, and the Arizona Manufacturing Extension Partnership (AZ MEP).
Developed by Freeport McMoRan and managed by the Thunderbird School of Global Management at ASU, the DreamBuilder program will expand its in-person cohort program to nine additional Small Business Development Centers (SBDCs) statewide with the new funding. Combining online training with live classes, DreamBuilder will help women and underserved entrepreneurs enhance skills, including financial planning. Moonshot, a rural-focused pitch competition, will extend its tour to four additional communities, and will provide bilingual resources to Hispanic and Latino entrepreneurs. Additionally, Arizona expects that AZ MEP will provide training and advisory services to 900 rural and underserved manufacturers, helping position them for success and growth opportunities in sectors like semiconductors, clean energy, and defense.
Selected SBOP jurisdictions will build or expand technical assistance programs focused on connecting very small and underserved businesses to financing available through SSBCI, or other state or federal small business programs, including in the infrastructure, manufacturing, clean energy, or climate resiliency space. Jurisdictions have been selected based on their plans to create innovative, high-impact models of small business technical assistance delivery that demonstrate a vision to improve access to capital for historically overlooked businesses across the nation.
The American Rescue Plan Act reauthorized and expanded SSBCI, which provides nearly $10 billion to support small businesses and empower them to access the capital needed to invest in job-creating opportunities. SSBCI provides funds to states, the District of Columbia, territories, and Tribal governments to promote American entrepreneurship, support small business ownership, and democratize access to capital across the country, including in underserved communities. Through the SSBCI Capital Program, Treasury has approved plans for small business financing programs totaling over $8.7 billion and representing every state and territory, the District of Columbia, and 280 Tribal governments.
In addition to today’s announcement, Treasury has announced the approvals of SSBCI Technical Assistance grants allocated by formula to states, the District of Columbia, territories, and Tribal governments, representing $145 million for 48 jurisdictions. Treasury anticipates additional approvals of applications to follow. See the full list of approved programs here.
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