Feds fund $4.4M to small business

The U.S. Treasury has awarded Mississippi more than $4.4 million in State Small Business Credit Initiative funds designed to assist the small businesses with accessing capital needed to grow and create jobs. The Mississippi Development Authority will distribute funds. To date, more than $13 million in the federal funds have been allotted to MDA to support small businesses and local economies. "Mississippi small businesses comprise the backbone of the state's economy," said MDA Executive Director Brent Christensen. The amount awarded to each state is based on a formula set by the Small Business Jobs Act and considers a state's population and unemployment levels. (Source: Hattiesburg American, 01/13/15)