There is a new funding opportunity available for local small and early-stage businesses that are facing challenges in securing a traditional bank loan. The Division of Small Business (DSB) in the state has partnered with the Delaware Small Business Development Center (SBDC) to offer $675,423 in funding for technical assistance to small business owners. This funding is being provided through the State Small Business Credit Initiative (SSBCI), a federal program that aims to support socially and economically disadvantaged business owners. The US Treasury Department granted the state a $60 million award over a period of ten years starting in 2023.
In a press release, DSB Director Regina Mitchell stated that the SBDC was selected to receive these technical assistance funds due to their unique qualifications and ability to reach out to small business owners and provide personalized support to them. SBDC will use the funding to work directly with small business owners, helping them prepare for the loan application process through DSB’s loan programs. Participants will either receive a list of recommended partner lenders or additional assistance to ensure they are ready for the application.
Sarah Mailloux, the associate state director of SBDC, emphasized the organization’s commitment to assisting entrepreneurs in gaining access to funding through individualized technical advising and training sessions. The focus will be on improving their understanding of financials, accounting best practices, and legal requirements. Mailloux also mentioned that Delaware SBDC is dedicated to supporting small and socially/economically disadvantaged businesses in the state.
Those interested in learning more about this opportunity can attend a webinar on April 30 at 11 a.m. The webinar will include information about the program from DSB, SBDC, and participating lenders such as Del-One Federal Credit Union and True Access Capital. Registration for the webinar is available on the State of Delaware website.
Additionally, individuals can engage in conversations, find news, events, jobs, and connect with like-minded people in the open community Slack group hosted by Technical.ly. This platform allows for networking and collaboration within the technical and small business communities.