(The Center Square) – Small business development in Arizona may have just gotten a boost.
The ACA was awarded $7.9 million in federal taxpayer dollars through the United States Department of Treasury in order to bolster its state-level small business efforts. Specifically, the money will go toward Moonshot, DreamBuilder and the Arizona Manufacturing Extension Partnership, according to the department. The funding is meant to target small business growth amongst underserved communities and groups.
“Small businesses are the backbone of our economy and are the heart and soul of the communities they serve,” Gov. Katie Hobbs said in a statement. “This grant will unlock vital resources for underserved small businesses, allowing them to take advantage of historic federal investment.”
There were $75 million in grants available in “Investing in America Small Business Opportunity Program,” and it stemmed from the $1.9 trillion American Rescue Plan signed into law in 2021.
Large economic packages like the American Rescue Plan, the Inflation Reduction Act and the Infrastructure Investment and Jobs Act carried high price tags critics argue contributed to high inflation, and the funding continues to be allocated for a variety of purposes nationwide.
ACA President and CEO Sandra Watson said the funding would “further support the success of underserved Arizona small businesses, leading to more economic opportunity for Arizonans statewide.”
Overall, there are over 650,000 small businesses in Arizona – almost all of the businesses in the state– and 42.5% of the state’s employment within the private sector, according to the ACA.