Innovate Mississippi is pleased to announce that the Request for Information (RFI) period is now open to express an interest in Mississippi’s potential new SSBCI Venture Capital Program. Investment funds or potential investment funds in Mississippi are invited to submit to receive up to a 100% match from SSBCI, potentially doubling the size of their new funds.
The State of Mississippi is considering participation in the federal State Small Business Credit Initiative (SSBCI) program and may participate using Innovate Mississippi as a contractor.
Here are some details:
- The federal program will require a 1:1 match from private investment.
- This is not a grant program; the government’s terms must match those for the private investors, with the goal of returns funding future operations of this program.
- The venture capital program will be administered through two programs – one for investment funds and one that directly funds companies:
- Investment funds will compete in a future RFP program for a 1:1 match up to $5 or $10 million;
- Companies can request a 1:1 match for their private investor raise.
The goal is to spur investments to grow Mississippi companies, thereby increasing jobs and the availability of private equity to startups.
The Request for Information (RFI) intends to gauge interest and informally provide information about the SSBCI program and how it could affect Mississippi companies.
Through the RFI, Innovate Mississippi is looking to learn more about potential venture capital funds that could take advantage of this program in Mississippi. By submitting the RFI, you’ll enable us to provide you with information, feedback and scoring to help determine whether your fund (or potential fund) could be a match for the SSBCI program.
We will give feedback on RFI queries received by Jan. 2, 2023, at noon CST. A formal process for selecting funds to participate in the program will likely follow the optional and informal RFI process.
Visit https://innovate.ms/ssbci/ for more information and to access the RFI form. If you have questions or comments, please contact Lindsey Benefield at lbenefield@innovate.ms or 601-960-3600.
Note: Mississippi’s application has not yet been submitted to the federal government, and the U.S. Department of Treasury must approve the application. As of now, this is simply an outline of possible plans. Nothing in this process (including submitting our Request for Information survey) will create an obligation to provide any funding or commitments for funding.
[Photo by Tim Mossholder on Unsplash]
