The U.S. Department of the Treasury has announced an award of $7.9 million to the Arizona Commerce Authority (ACA) to support small business growth under the Biden-Harris Administration’s State Small Business Credit Initiative (SSBCI) Investing in America Small Business Opportunity Program (SBOP).
This initiative, part of the administration's broader economic agenda, is a $75 million program aimed at connecting underserved and very small businesses with necessary capital to participate in key supply chains such as electric vehicle manufacturing, semiconductor manufacturing, construction, transportation, and clean energy generation. The SBOP also aims to stimulate private sector investment by supporting technical assistance services for small businesses.
“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,” stated 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.”
Lael Brainard, Director of the National Economic Council, remarked on the significance of this funding: “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.”
Arizona Governor Katie Hobbs emphasized the importance of this grant for local communities: “Small businesses are the backbone of our economy and are the heart and soul of the communities they serve. This grant will unlock vital resources for underserved small businesses, allowing them to take advantage of historic federal investment.”
U.S. Senator Mark Kelly highlighted how these investments would benefit Arizona: “These investments will provide much-needed support for Arizona business owners and make a real difference for hard-working entrepreneurs across our state.”
Sandra Watson, President and CEO of ACA, expressed gratitude for being selected as a grant recipient: “Small businesses are the foundation of our growing economy, and this grant will enable ACA and Arizona to further support the success of underserved Arizona small businesses."
Arizona was chosen through a competitive selection process. The awarded funds will expand technical assistance programs targeting rural and mining communities while providing essential support to very small businesses (VSBs) and underserved enterprises. Specifically, three existing programs—DreamBuilder, Moonshot, and Arizona Manufacturing Extension Partnership (AZ MEP)—will be expanded.
The DreamBuilder program, developed by Freeport McMoRan and managed by Thunderbird School of Global Management at ASU, will extend its reach with nine additional Small Business Development Centers statewide. Moonshot will broaden its pitch competition tour to four more communities while offering bilingual resources to Hispanic and Latino entrepreneurs. AZ MEP is expected to provide training and advisory services to 900 rural and underserved manufacturers.
Selected SBOP jurisdictions are tasked with creating or enhancing technical assistance programs focused on connecting VSBs and underserved businesses with financing options available through SSBCI or other state or federal programs.
The American Rescue Plan Act reauthorized SSBCI with nearly $10 billion allocated to support small businesses nationwide. Through SSBCI Capital Program approvals amounting to over $8.7 billion have been made across states, territories, Tribal governments, and other jurisdictions.
In addition to today's announcement about Arizona's award under SBOP, Treasury has approved SSBCI Technical Assistance grants totaling $145 million across 48 jurisdictions.
