Arizona Secures $7.9 Million Grant to Boost Small Business Initiatives
PHOENIX, AZ (September 17, 2024) – The Arizona Commerce Authority (ACA) has been awarded a $7.9 million grant from the U.S. Department of Treasury under the State Small Business Credit Initiative’s Investing in America Small Business Opportunity Program (SBOP). This grant aims to provide essential support to small businesses across the state, particularly in sectors like manufacturing, clean energy, and semiconductors. Governor Katie Hobbs, who has consistently prioritized small business support, emphasized the significance of this grant in enhancing access to capital for Arizona’s entrepreneurs.
Small businesses are the backbone of our economy and are the heart and soul of the communities they serve,
stated Governor Katie Hobbs. This grant will unlock vital resources for underserved small businesses, allowing them to take advantage of historic federal investment. I am grateful to the Department of Treasury for awarding this funding, and to the Arizona Commerce Authority for their hard work making sure Arizonans get the support they need. I will continue to make sure that anyone with a bright idea and an entrepreneurial spirit has an opportunity to not just start a business, but to see it thrive.
Sandra Watson, President and CEO of the Arizona Commerce Authority, expressed her gratitude, saying, We’re honored the ACA has been selected as a grant awardee under the SSBCI Investing in America Small Business Opportunity Program. Small businesses are the foundation of our growing economy, and this grant will enable the ACA and Arizona to further support the success of underserved Arizona small businesses, leading to more economic opportunity for Arizonans statewide. We’re grateful to the U.S. Treasury Department and the Small Business and Community Investment Programs Office of Capital Access, as well as to Governor Hobbs and all of our partners working to support small businesses.
Arizona’s selection for the grant was part of a competitive process, where its application ranked among the top three of fourteen, securing a portion of the $75 million available funds. U.S. Deputy Secretary of the Treasury Wally Adeyemo highlighted Arizona’s achievement in this initiative.
The SBOP funding will be instrumental in expanding technical assistance programs that aim to drive economic growth throughout Arizona, with a specific focus on rural and mining communities. The grant will enhance support for very small businesses (VSBs) and underserved enterprises, bolstering three existing programs: DreamBuilder, Moonshot, and the Arizona Manufacturing Extension Partnership (AZ MEP).
The DreamBuilder program, initiated by Freeport McMoRan and managed by the Thunderbird School of Global Management at ASU, will expand its reach to nine additional Small Business Development Centers (SBDCs) across Arizona. This program combines online learning with in-person classes to help women and underserved entrepreneurs improve essential skills, such as financial planning. Moonshot, which focuses on fostering innovation in rural areas, plans to extend its pitch competition to four new communities, offering bilingual support to Hispanic and Latino entrepreneurs. Additionally, the AZ MEP program anticipates providing training for 900 manufacturers in rural and underserved areas, preparing them for growth in industries like semiconductors, clean energy, and defense.
Media Contact
Alyssa Tufts, Arizona Commerce Authority, [email protected]
About the Arizona Commerce Authority
The Arizona Commerce Authority (ACA) is a leading economic development organization dedicated to strengthening Arizona’s economy. It employs a strategic approach to advance economic growth by attracting new businesses, supporting the expansion of existing businesses, and fostering the creation of new businesses in targeted industries. For more information, visit azcommerce.com and follow the ACA on Twitter @azcommerce.
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