The Delaware Division of Small Business has just over $11.5 million in small business funding available to hand out before the end of the year.
The money comes from the Small State Business Credit Initiative or SSBCI, which relaunched in late April. The program has distributed $2.4 million in the last month and a half, says Jory Moore, Business Finance Director at the DSB. The five recipients represent a variety of small businesses.
“Two in the STEM fields, and then one athletic, and two are retail," Moore said, adding the STEM businesses receiving funding are doing important work in Delaware.
“We're flooding a lot more funding for research," she said. "Research for things like carbon, hydrogen to make Delaware more environmentally friendly, things like that. So it's a great way to get that money into those programs and into these companies who are doing a lot of great things.”
Whether STEM, retail, or something else, Moore says, strengthening small business is important to the First State's economy.
“Small businesses make up the majority of Delaware, so we do rely on our smaller businesses to employ most of the people, most of the citizens that work in Delaware," she said. "So this is a way to give them the boost that they need to continue to run their businesses.”
SSBCI still has about $11.6 million to distribute to small businesses, and needs to do so before the end of the year to receive the next installment of federal funds, amounting to $19 million.
Businesses interested in exploring how to qualify for SSBCI funding can visit de.gov/ssbci.
