LITTLE ROCK, Ark., May 21, 2024 /PRNewswire/ — High Street Equity Partners (HSEP) has been chosen by the Arkansas Development Finance Authority (ADFA) to participate in the Arkansas State Small Business Credit Initiative (SSBCI) program. The SSBCI, part of the American Rescue Plan proposed by President Biden and recently expanded, is a nearly $10 billion initiative intended to bolster small businesses and entrepreneurship nationwide. Through the provision of capital and technical assistance, the program aims to enhance small business stability, growth, and success. The U.S. Department of the Treasury administers the SSBCI, distributing funds to states, the District of Columbia, territories, and Tribal governments to encourage lending and investment in small businesses, foster entrepreneurial ecosystems, and create high-quality jobs. Arkansas has been granted up to $81.6 million in SSBCI funding, with a specific focus on supporting high-growth companies based in the state through its collaboration with High Street Equity Partners.
Mark A. Conine, President of the Arkansas Development Finance Authority, commented, “This partnership signifies a strong endorsement of our state’s innovation ecosystem, paving the way for local talent to excel and shape the success stories of the future. Leveraging their expertise, High Street Equity Partners is poised to drive the growth of innovative entrepreneurs and enhance the state’s economic landscape.”
Mitch Brooks, Founding Managing Partner of High Street Equity Partners, expressed excitement about the investment partnership, stating, “We are delighted to engage in this collaboration with ADFA to further our mission of supporting resilient founders in building exceptional companies in emerging innovation hubs such as Arkansas. We firmly believe in the abundance of talent beyond traditional tech centers like Silicon Valley, which traditionally attract the majority of seed capital. The alignment and shared objectives with ADFA’s leadership and board following the presentation of our vision are truly satisfying. Together, we are dedicated to investing in, nurturing, and scaling the next wave of promising technology enterprises in the state.”
Arkansas boasts a vibrant history of entrepreneurship, spanning from its thriving agricultural industry to its burgeoning high-tech sector. In recent years, the state has witnessed a surge in startup activities, marked by the establishment of numerous co-working spaces, incubators, and accelerators. The SSBCI program is designed to stimulate private investments and provide critical support to this blossoming entrepreneurial community.
For more details about High Street Equity Partners, please visit www.highstreetequity.com.
SOURCE High Street Equity Partners
