Delaware News

DSB Partners with SBDC to Support Small Business Loan Program

Small Business | Date Posted: Monday, April 22, 2024


blue square with logos of SBDC, DE Div. of Small Business and SSBCI Program at the bottom. Text says Delaware Division of Small Business partners with Delaware Small Business Development Cemter tp Si[[prt Small Business Owners Seeking Loans from Delaware's SSBCI Program

DOVER, DE – The state’s 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 DSB oversees in Delaware. DSB has given the 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 both small and early-stage businesses who are having challenges obtaining a traditional bank loan, as well as those that are 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 and get them better prepared, and in a stronger position 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 trainings, 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). 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 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.

Are you looking to start or grow your own small business? Check out DSB’s free services, programs, and funding opportunities at business.delaware.gov. Not sure where to start or go next? Connect with one of our four Regional Business Managers listed on the DSB homepage today!

###

image_printPrint

Related Topics:  , , , , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.

DSB Partners with SBDC to Support Small Business Loan Program

Small Business | Date Posted: Monday, April 22, 2024


blue square with logos of SBDC, DE Div. of Small Business and SSBCI Program at the bottom. Text says Delaware Division of Small Business partners with Delaware Small Business Development Cemter tp Si[[prt Small Business Owners Seeking Loans from Delaware's SSBCI Program

DOVER, DE – The state’s 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 DSB oversees in Delaware. DSB has given the 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 both small and early-stage businesses who are having challenges obtaining a traditional bank loan, as well as those that are 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 and get them better prepared, and in a stronger position 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 trainings, 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). 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 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.

Are you looking to start or grow your own small business? Check out DSB’s free services, programs, and funding opportunities at business.delaware.gov. Not sure where to start or go next? Connect with one of our four Regional Business Managers listed on the DSB homepage today!

###

image_printPrint

Related Topics:  , , , , ,


Graphic that represents delaware news on a mobile phone

Keep up to date by receiving a daily digest email, around noon, of current news release posts from state agencies on news.delaware.gov.

Here you can subscribe to future news updates.