The Division of Small Business, along with Gov. Matt Meyer, is putting the spotlight on available funding for small businesses in the First State.
The state is trying to get $14 million to small business owners before the end of this year, and to help with that, the Small State Business Credit Initiative, or SSBCI, has been relaunched.
That will allow small business owners access to funding through loans as well as direct investment in high-impact startups.
CJ Bell is the Division of Small Business Director, and he says the SSBCI will fund several programs.
"Delaware has a total of four programs, two of ours are based on venture capital, direct accelerator kind of investments to high-impact startups,” said Bell. “Those are usually going to be tech based, but other companies are eligible as well. Have to be 100 employees or less for that, and then our other two programs are geared towards access to capital, so thinking about below market rate loans."
The state was awarded $60.9 million in 2023 by the U.S. Treasury Department in three allocations, and it has received the first $20 million.
By the end of this year, at least 80% of that first allocation has to be spent, and so far, more than $2 million has been distributed.
CJ Bell is the Division of Small Business Director.
"We have to disperse 14 million by December 31, 2025 or we are in grave risk of again being out of compliance, and really at a point of disadvantage for advocating for the release of tranche two and three," said Bell.
More on SSBCI can be found at the Division of Small Business website. The Division is also looking for more financial institutions to be lenders.
