New state grant funding is available for financial institutions to help businesses in low and moderate income areas.
The Delaware Community Investment Venture Fund was signed into law in 2023 by then-Governor John Carney.
“The purpose of the program is to provide money to banks, credit unions and community development financial institutions to use to assist businesses in low and moderate income communities," explained State Bank Examiner Robert Glen.
The grant recipients then use that money to help businesses in targeted areas, for example by creating a special loan program or other financial products that provide greater access to capital and funding.
The program also has a sizable amount of funding in its coffers.
“There's currently about $3,000,000 available that can be awarded as grants," Glen said.
Grantees can receive up to $1 million each. Grants are open to Delaware-registered banks, credit unions, and Community Development Financial Institutions. Applications close on June 16.
The DCIVF is one of several small business assistance programs in the First State. Last month, officials relaunched the State Small Business Credit Initiative, with some $14 million in available funding to be disbursed by year’s end.
