NEWS RELEASE
Contact: Jenni Rabenau
Marketing & Communications Strategist
636.686.0304
jenni.rabenau@missouritechnology.com
MTC and Justine PETERSEN team up for Missouri’s SSBCI 2.0 Capital Program launching IgniteMO Small Business Loan
JEFFERSON CITY, Mo. — The Missouri Technology Corporation (MTC) and Justine PETERSEN announce a partnership to deploy a portion of Missouri’s State Small Business Credit Initiative (SSBCI) 2.0 Capital Program Allocation through the introduction of the IgniteMO Small Business Loan Participation Program (IgniteMO). This program, approved by the U.S. Department of Treasury, is focused on providing access to capital through the federal SSBCI program for Missouri-based businesses owned and controlled by socially and economically disadvantaged individuals (SEDI businesses) including the state’s rural entrepreneurs.
“We are excited to work with Justine PETERSEN to support the launch of the IgniteMO Small Business Loan Participation Program to provide financial assistance to Missouri-based entrepreneurs,” said Jack Scatizzi, Executive Director of MTC. “Especially those running businesses in Community Development Financial Institution (CDFI) Investment Areas which include significant portions of rural Missouri.”
This partnership comes after MTC was selected by the Governor and the Department of Economic Development (DED) to manage the state’s $95 million SSBCI 2.0 Capital Program allocation. Justine PETERSEN, a leading organization in the field of non-traditional finance options for small businesses, was identified by MTC as the ideal partner to deploy the federal SSBCI capital in a manner that will allow Missouri to achieve its stated SEDI objective, thereby unlocking additional federal funding for the state.
Sheri Flanigan-Vazquez, Chief Operating Officer of Justine PETERSEN, noted, “Our history of supporting small businesses without access to traditional capital aligns perfectly with the goals of the SSBCI program. We are eager to leverage our expertise to administer this new loan participation program.”
The collaboration between MTC and Justine PETERSEN for the approval by the Treasury to launch the IgniteMO program with SSBCI funding offers a complimentary program to deploy the federal funding to the MTC’s state-sponsored venture capital program (IDEA Fund) which was approved by the Treasury in October 2022. To date, MTC has awarded more than $15.5 million in SSBCI funding to more than 50 Missouri-based early-stage high-growth potential companies and has funded over $4.7 million.
Jack Scatizzi, Executive Director of MTC, remarked, “We are excited to complement our SSBCI-funded state-sponsored venture capital activities with a SEDI-focused loan participation program, thereby offering multiple programs to provide federal financial support to small businesses across Missouri.
The IgniteMO Small Business Loan Participation Program is projected to deploy over $105 million to over 2,000 small businesses across Missouri throughout the next decade. This initiative will focus on entrepreneurs who have faced challenges in accessing traditional forms of capital, including those in rural areas.
Sheri Flanigan-Vazquez, Chief Operating Officer of Justine PETERSEN, comments, “Since 1997, Justine PETERSEN has originated over $200 million in small business loans to borrowers who lack access to conventional financing. The IgniteMO program is a natural extension of our commitment to empowering socially and economically disadvantaged individuals and revitalizing communities across Missouri.”
The 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. SSBCI will provide funding to states, the District of Columbia, territories, and Tribal governments (collectively, participating jurisdictions) for programs that catalyze lending and investing in small businesses, build ecosystems of opportunity and entrepreneurship, and create high-quality jobs. Eligible SSBCI programs are limited to Venture Capital, Loan Participation, Loan Guarantee, Collateral Support, and Capital Access.
About Missouri Technology Corporation
The Missouri Technology Corporation (MTC) is a public-private partnership created to foster innovation and entrepreneurship within the state of Missouri. By providing strategic investments and support to Missouri-based high-tech companies, MTC aims to drive economic growth and create a thriving ecosystem for technology-based businesses.
For more information, visit missouritechnology.com.
About Justine PETERSEN
Justine PETERSEN is a nationally recognized financial asset-building non-profit organization with offices in Illinois and Missouri. As a leading community development financial institution (“CDFI”), HUD-certified housing counseling organization, and US Small Business Administration (“SBA”) microlender, Justine PETERSEN offers financial products and services that build assets and change lives. Learn more at www.justinepetersen.org.
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