New $7 million program will support small businesses, entrepreneurs for success in Mississippi
The ConnectMS Program includes $4.8 million from the U.S. Department of Treasury and $2.2 million in matching funds.
The U.S. Department of the Treasury has selected the Mississippi Development Authority (MDA), in conjunction with the Mississippi Small Business Development Center Network (MSBDCN) and Innovate Mississippi (Innovate MS), to help small Mississippi businesses prepare for growth funding through the ConnectMS Program.
The federal government selected the ConnectMS Program through a competitive process. It will build a single-point portal for start-up and small business resources and work to address gaps in the state’s entrepreneurial ecosystem.
The project will help “very small businesses” (VSBs) and underserved communities position their start-ups and existing businesses for financial growth and success. The U.S. Treasury Small Business Opportunity Program provides funding for the multi-year program, which includes $4.8 million in federal funding matched by $2.2 million from Innovate Mississippi.
The ConnectMS project will cover all of Mississippi using regional clusters to scale business programming and increase access to capital for start-ups and VSBs. The project will take a five-step approach, including two existing programs: FoundersPlus and the CoBuilders Accelerator. FoundersPlus offers entrepreneurial education and a weekly webinar series, while the CoBuilders Accelerator provides a multi-week virtual program that will provide access to venture capital for startups.
The program will also establish a Virtual Small Business Incubator, which will help traditional businesses access funding through workshops, one-on-one counseling, pitch events, and tailored technical assistance.
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