The Delaware Division of Small Business (DSB) is partnering with the Delaware Small Business Development Center (SBDC) to provide additional support to small business owners seeking loans from a federal program that the state oversees in Delaware.
DSB has awarded SBDC $675,423 in funding to provide Technical Assistance to small business owners for the State Small Business Credit Initiative (SSBCI). SSBCI is a federal program aimed at supporting small and early-stage businesses that are having challenges obtaining a traditional bank loan and those owned by socially and economically disadvantaged persons.
“We selected the SBDC to receive these technical assistance funds because they are uniquely qualified to broaden our reach to small business owners and provide intense individual support to them,” said DSB Director Regina Mitchell. “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.”
In early 2023, Delaware was awarded $60.9 million from the U.S. Treasury Department to be used over a 10-year period. DSB is distributing the funding across four programs; two of which support small business loans: the Delaware Loan Participation Program (DELPP), and the Delaware Capital Access Program (DCAP).
SBDC will use its Technical Assistance funding to work one-on-one with small business owners, better preparing them and strengthening their ability to qualify for one of the loan programs.
“Delaware SBDC is committed to helping entrepreneurs gain access to funding through one-on-one technical advising and training, emphasizing the importance of understanding financials, accounting best practices, and common legal requirements. We are looking forward to creating access to a program that supports Delaware’s small and/or socially and economically disadvantaged businesses,” noted Sarah Mailloux, SBDC Associate State Director.
DSB and SBDC are co-hosting a webinar for small business owners about the SSBCI loan programs on April 30, from 11 a.m. – 12:15 p.m. Register for the webinar at: State’s Small Business Credit Initiative (SSBCI) Information Session (delawaresbdc.org)<https://clients.delawaresbdc.org/workshop.aspx?ekey=10440032> Participating program lenders Del-One Federal Credit Union and True Access Capital will also provide information about their roles.
Under the SSBCI initiative, small business owners will meet with one of DSB’s Regional Business Managers<https://business.delaware.gov/#resource-managers> to review the loan programs. Based on each owner’s individual situation, they will either be provided a list of our participating lenders to connect with directly, or they will be referred to the SBDC for additional assistance.
More information about the SSBCI program can be found at de.gov/ssbci<https://business.delaware.gov/state-small-business-credit-initiative-ssbci/>.
