LITTLE ROCK, Ark., May 21, 2024 /PRNewswire/ — High Street Equity Partners (HSEP), a leading venture capital firm committed to investing in innovative technology companies within emerging innovation hubs across the United Statesproudly announces its selection by the Arkansas Development Finance Authority (ADFA) for the Arkansas State Small Business Credit Initiative (SSBCI) program.
Reauthorized and expanded under President Biden’s American Rescue Plan, the SSBCI is a nearly $10 billion initiative aimed at supporting small businesses and entrepreneurship across the United States. The program provides essential capital and technical assistance to promote small business stability, growth, and success. Administered by the US Department of the Treasury, SSBCI funds are allocated to states, the District of Columbiaterritories, and Tribal governments to support capital programs that encourage lending and investment in small businesses, build entrepreneurial ecosystems, and create high-quality jobs. Arkansas has been approved for up to $81.6 million in SSBCI funding. Through its partnership with High Street Equity Partners, the State of Arkansas aims to catalyze high-growth companies based in Arkansas.
Mark A. ConinePresident of the Arkansas Development Finance Authority, stated, “This partnership represents a significant vote of confidence in our state’s innovation ecosystem, creating new opportunities for local talent to thrive and redefine the success stories of tomorrow. High Street Equity Partners is well-positioned to leverage their expertise and experience to fuel the growth of visionary entrepreneurs and strengthen the state’s economic landscape.”
Mitch BrooksFounding Managing Partner of High Street Equity Partners, expressed his enthusiasm, stating, “We are thrilled to enter into this investment partnership and to have ADFA amplify our mission to support resilient founders building remarkable companies in emerging innovation hubs like Arkansas. We believe that extraordinary talent exists beyond traditional tech hubs such as Silicon Valley, which has historically captured the majority of seed capital. After sharing our vision with ADFA’s leadership and board, it is gratifying to see their alignment and shared goals. Together, we will invest in, support, and scale the next generation of promising technology companies in the state.”
Arkansas has a rich history of entrepreneurial spirit, from its robust agricultural sector to its growing high-tech community. Over the past decade, the state has seen a surge in startup activity, with the establishment of numerous co-working spaces, incubators, and accelerators. The SSBCI program is designed to catalyze private capital and provide crucial support to this entrepreneurial ecosystem.
SOURCE High Street Equity Partners
