A new funding opportunity has emerged for local small and early-stage businesses that are facing challenges in securing traditional bank loans. The Division of Small Business (DSB) in the state has collaborated with the Delaware Small Business Development Center (SBDC) to offer $675,423 in funding for technical assistance to small business owners. This funding is made possible through the State Small Business Credit Initiative (SSBCI), a federal program that supports socially and economically disadvantaged business owners.
The funds are part of a larger ten-year, $60 million award granted to the state by the US Treasury Department in 2023. DSB Director, Regina Mitchell, stated in a press release that SBDC was chosen to receive these technical assistance funds due to their expertise in reaching small business owners and providing personalized support. The SBDC will use the funding to work closely with small business owners to help them prepare for the loan application process through DSB’s loan programs. Participants will receive guidance on partner lenders or additional assistance to ensure a successful application.
The SBDC’s associate state director, Sarah Mailloux, emphasized the commitment to helping entrepreneurs gain access to funding through one-on-one technical advising and training sessions. The focus will be on understanding financials, best accounting practices, and legal requirements. Mailloux expressed excitement about creating access to a program that supports Delaware’s small and socially/economically disadvantaged businesses.
Business owners who are interested can learn more by attending a webinar on April 30 at 11 a.m. The webinar will feature representatives from DSB, SBDC, and program lenders like Del-One Federal Credit Union and True Access Capital who will provide information on their lending programs. Interested individuals can register for the webinar on the State of Delaware website.
Those looking to engage with like-minded individuals can find news, events, jobs, and people who share their interests on Technical.ly’s open community Slack platform. This platform offers an opportunity to join the conversation and connect with others in the industry.
This funding opportunity is an exciting development for local small and early-stage businesses that have struggled to secure traditional bank loans