The Delaware Division of Small Business hit its “Race to 14 million” goal in just eight months.
The race was the Division’s strategy to get $14 million in federal State Small Business Credit Initiative funding out before December 31.
That was needed in order to get its next allocation of $20 million in SSBCI funding.
The state was awarded $60.9 million in federal funding in 2023 from the U.S. Treasury Department to be provided in three parts.
"$14,433,971.99 went out the door since April 27th. Just to give you some context in his division's history, this has never been achieved outside of Delaware COVID relief funds,” said C.J. Bell, the Delaware Division of Small Business Director. “We have never seen $14 million go out the door equitably, efficiently in this amount of time."
During this cycle, 21 businesses funded were in New Castle County, six were in Kent County and four were in Sussex County.
Now that the next tranche will be released to the state, C.J. Bell – the Delaware Division of Small Business director – says businesses that weren’t selected this time will get a chance again in March.
"Understand that if you have not got funded in this round, if you're looking to get funding. In March 2026 expect to hear from us. Applications will be open," said Bell.
Funding in the first tranche was used to support food and retail businesses, a yoga studio, a metal fabrication and duct work company, agriculture and beer garden.
