DOVER, DE — Delaware’s Division of Small Business (DSB) has teamed up with the Delaware Small Business Development Center (SBDC). Together, they aim to extend crucial support through the State Small Business Credit Initiative (SSBCI), a federal program designed to assist small and early-stage businesses, including those owned by socially and economically disadvantaged individuals.
The partnership, underscored by a $675,423 funding allocation from DSB to SBDC, focuses on providing Technical Assistance to guide small business owners through the intricacies of loan acquisition under the SSBCI. This initiative reflects a concerted effort to channel more resources towards entrepreneurs who require additional support to either kickstart or expand their operations.
DSB Director Regina Mitchell expressed confidence in SBDC’s capabilities to widen the program’s reach and deliver personalized support to business owners. “We are looking forward to seeing this program grow rapidly and getting more funding in the hands of entrepreneurs who need a little extra help to start or grow their business,” Mitchell stated.
Earlier in 2023, Delaware received a substantial $60.9 million award from the U.S. Treasury Department, earmarked for distribution over the next decade. This funding is slated for deployment across four distinct programs, including two dedicated to facilitating small business loans: the Delaware Loan Participation Program (DELPP) and the Delaware Capital Access Program (DCAP).
Tasked with the Technical Assistance funding, SBDC will engage directly with small business owners, equipping them with the knowledge and tools necessary to improve their eligibility for these loan programs. From financial acumen to legal compliance, the initiative aims to remove barriers to funding for Delaware’s small and/or socially and economically disadvantaged businesses.
Sarah Mailloux, SBDC Associate State Director, emphasized the organization’s commitment to empowering entrepreneurs. “We are looking forward to creating access to a program that supports Delaware’s small and/or socially and economically disadvantaged businesses,” said Mailloux.
To further educate small business owners on the SSBCI loan programs, DSB and SBDC will host a webinar on April 30. This session serves as an information conduit, with insights shared not only about the SSBCI but also from participating program lenders like Del-One Federal Credit Union and True Access Capital.
The process outlined by the SSBCI initiative involves consultations between small business owners and DSB’s Regional Business Managers to determine the most suitable pathway — direct lender engagement or additional SBDC support. This tailored approach exemplifies Delaware’s commitment to nurturing its entrepreneurial ecosystem by simplifying access to vital financial resources.
This innovative collaboration between DSB and SBDC signals a promising avenue for Delaware’s small business community, providing a robust support system to navigate the complexities of loan acquisition and ultimately contributing to the state’s economic vitality.
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