$2 Million Grant Supports ASBTDC鈥檚 Work with Underserved and Very Small Businesses
Over the next five years, the Arkansas Small Business and Technology Development Center based at the University of Arkansas at Little Rock will assist hundreds of the state鈥檚 smallest businesses with getting the capital they need.
ASBTDC is pleased to announce that the U.S. Treasury鈥檚 has awarded $2 million to the center to assist small businesses applying for the SSBCI Capital Program and other small business funding.
Through the SSBCI Technical Assistance Grant Program, Treasury allocated $200 million for states, territories, the District of Columbia, and Tribal governments. The funds are being dispersed based on a formula. Arkansas received notice of its TA award in December.
Reauthorized and expanded by President Biden鈥檚 American Rescue Plan, SSBCI is a nearly $10 billion program to support small businesses and entrepreneurship in communities across the United States by providing capital and technical assistance to promote small business stability, growth, and success.
Advising and Education
The initiative directs states to designate a technical assistance provider to help 鈥渧ery small businesses鈥� and 鈥渦nderserved鈥� small businesses apply for the SSBCI Capital Program and other small business funding programs.
Upon the recommendation of the Arkansas Development Finance Authority, the U.S. Treasury designated ASBTDC as the state鈥檚 SSBCI technical assistance provider. ADFA is responsible for implementing the SSBCI Capital Program in Arkansas.
鈥淭he ASBTDC is the perfect organization to lead the technical assistance piece of the SSBCI program in Arkansas,鈥� said ADFA President Mark Conine. 鈥淭he ASBTDC鈥檚 commitment and track record of supporting businesses across Arkansas in various sectors and stages of development is outstanding.鈥�
Very small businesses, or VSBs, are defined as businesses with fewer than 10 employees. Independent contractors and sole proprietors are considered VSBs.
Underserved businesses include those in historically underserved communities, plus socially and economically disadvantaged entrepreneurs who may have lacked the support needed to pursue their business goals.
鈥淎SBTDC has 44 years of experience providing comprehensive support to small businesses,鈥� said ASBTDC State Director Laura Fine. 鈥淪SBCI technical assistance funding allows us to continue giving personalized guidance and free training to empower underserved and very small businesses, ensuring they have the tools and access to capital needed to thrive in today鈥檚 competitive landscape.鈥�
Consultants based at the ASBTDC Lead Center at 糖心Vlog传媒 Little Rock will work one-on-one with businesses who want to apply for SSBCI funding, loans or other financing. The center will hold in-person and online training events. Consulting services and training are both offered free of charge.
Fine said ASBTDC expects to train 750 small businesses over five years and provide individual consulting to 875 business owners, resulting in at least 230 applications to the state鈥檚 SSBCI capital programs.
Training will cover legal, accounting and financial topics such as business bookkeeping, legal structures and the capital acquisition process. These events will help the ASBTDC identify borrowers who need one-on-one guidance before submitting their application to a lender.
The first training event is set for 12 p.m. March 28 when ASBTDC Business Consultant Wendy Orvis leads the live webinar, 鈥淔unding Your Business: Loans, Grants and Other Options.鈥� Businesses may register at .
To request consulting, businesses can go to , email [email protected] or call 800-862-2040.
The ASBTDC, a partnership of the U.S. Small Business Administration, 糖心Vlog传媒 Little Rock and other institutions of higher education in Arkansas, assists aspiring and established business owners. Unique among Arkansas economic development organizations, ASBTDC serves businesses from any county in Arkansas, in any industry sector and at any stage of business development. Visit asbtdc.org to learn more.