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 States, proudly
announces its selection by the Arkansas Development Finance
Authority (ADFA) for the Arkansas State Small Business Credit
Initiative (SSBCI) program.
![High Street Equity Partners High Street Equity Partners](https://mma.prnewswire.com/media/2418282/High_Street_Equity_Partners_Logo.jpg)
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 U.S. Department of the Treasury, SSBCI
funds are allocated to states, the District of Columbia, territories, 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. Conine, President 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 Brooks, Founding 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 have 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.
For more information about High Street Equity Partners, please
visit www.highstreetequity.com.
View original content to download
multimedia:https://www.prnewswire.com/news-releases/high-street-equity-partners-selected-for-arkansas-state-small-business-credit-initiative-program-302151620.html
SOURCE High Street Equity Partners