If you ask small business owners what their greatest needs are, generally they revolve around funding. The Delaware Division of Small Business (DSB) can help through its State Small Business Credit Initiative (SSBCI). In 2023, Delaware was awarded $60.9 million in federal funds for four programs; two of which support loans for small businesses: the Delaware Loan Participation Program, and the Delaware Capital Access Program.
The goal of SSBCI is to make loans available so that small businesses, especially those in underserved or economically and socially disadvantaged areas, can expand and grow. Funds are intended to target those businesses that need access to capital, but fall behind on one or more credit metrics, such as lacking collateral, or having a short credit history.
SSBCI funds can be used for any business purpose, including start-up costs, working capital, franchise fees, equipment, inventory, and the purchase of, or improvements to, an eligible place of business.
“SSBCI is an important component in our …