FAQs

To be eligible, a business must:

• Be an operating, for-profit business located in Southern Bancorp Community Partners’ Target Market Areas
• Be a micro business with gross annual revenues of $200,000 to $1,000,000
• Be a business owner or executive  that is willing to commit to 2 hours per week for 12 consecutive weeks
• Be at a critical business growth juncture
• Have a Full-Time Equivalent (FTE) Size ≥ 2

Some exceptions to this general criterion will be considered for the program. So even if you don’t meet all the qualifications listed above, you are still encouraged to apply!

The program includes a combination of group learning sessions where participants can learn from experts and peers, as well as personalized one-on-one counseling sessions tailored to each business’ specific needs. To offer a modern, inclusive, flexible, and efficient approach to supporting micro businesses and fostering economic empowerment, the program will be primarily delivered in a virtual format coupled with three required in-person networking and educational events. The in-person events, which are required, will be held in either Little Rock, AR, or Jackson, MS. Please note that any travel-related expenses will be the responsibility of the business, not SBCP.

Two cohorts will be selected for the Micro Business Empowerment Program annually, each with 30 slots available for entrepreneurs that meet eligibility criteria.

The program participants should allocate a full 12 weeks for the program to ensure ample time to implement the knowledge and skills acquired during the program.

The curriculum will be specifically developed based on the assessed needs of each cohort and will be developed focusing on the following seven key essential business disciplines:

• Financial Management and Business Credit
• Business Accounting
• Marketing and Branding
• Sales and Operations
• Business Growth Strategies
• Recruiting and Employee Retention
• Digital Technology Integration/Digital Marketing

The one-on-one counseling sessions are personalized to address the unique challenges and goals specific to each participating business. Experienced mentors will provide guidance and support to help businesses overcome specific obstacles and best achieve their strategic objectives.

The program is offered at no cost to eligible participants thanks to our generous corporate partners and impact funders. However, the execution of strategic suggestions and support offered by the program experts may have fiscal requirements outside of the cost of the program.

Eligible businesses can apply for the program by clicking here and completing the online application form. Before completing the form, you will need information about your business that includes: Full Legal Business Name, Business Description, Annual Revenue Size, Number of Employees, Employer Identification Number, Business Industry, Certifications, Contact Information, Ownership Information, Social Media Presence, and other related information.

Yes, the MBEP includes networking events and opportunities for participants to connect with fellow micro businesses, potential collaborators, mentors, business professionals, and future clients and customers.

Participating in the MBEP provides each participant benefits and outcomes that are unique to that participant. However, the MBEP expects growth, sustainability, and success of the cohort participants in the form of: increased revenue, increased business efficiencies and job retention, and increased funding ability, resulting in more resilient and scalable small business enterprises in under –resourced communities.

Cohort participants who successfully complete all program requirements are encouraged to stay connected by becoming part of our empowered entrepreneurs business directory, attending future events, and being a resource for new program participants.

The business’ primary operating location, or headquarters, must be located within one of Southern Bancorp Community Partners’ Target Market Areas. These include, but are not completely limited to populations and areas across the Mid-South that are: under-resourced communities, low-to-moderate income (LMI) communities, persistent poverty counties (PPC), and/or other un- or under-capitalized populations. 

While the words behind our MBEP program may have changed, the overall mission and purpose of the program remain the same: to support entrepreneurs and micro-enterprises with the tools and support needed to succeed, sustain, and scale. Net worth drives economic opportunity, and we believe the key to thriving local economic ecosystems is thriving local businesses.

In fact, the new name – Micro Business Empowerment Program – represents an evolution that will expand the impact and longevity of the program for participants, with additional partnerships and resources available such as the Small Business Administration’s (SBA) microloan program, and more.

Yes, ineligible businesses include the following:

(a) Non-profit businesses (exception is a non-profit childcare center);

(b) Financial Institution or Insurance Companies;

(c) Passive businesses owned by developers and landlords that do not actively use or occupy the assets acquired or improved with the loan proceeds (except Eligible Passive Companies under § 120.111);

(f) Pyramid sale distribution plans;

(g) Businesses deriving more than one-third of gross annual revenue from legal gambling activities;

(h) Businesses engaged in any activity that is illegal under Federal, State, or local law;

(i) Private clubs and businesses which limit the number of memberships for reasons other than capacity;

(j) Government-owned entities (except for businesses owned or controlled by a Native American tribe);

(n) Businesses with an owner or co-owner who is currently incarcerated, serving a sentence of imprisonment imposed upon adjudication of guilty, or is under indictment for a felony or any crime involving or relating to financial misconduct or a false statement;

(r) Businesses primarily engaged in political or lobbying activities; and

(s) Speculative businesses (such as oil wildcatting).