Wilmington, Del.  – The Delaware Division of Small Business (DSB) is celebrating reaching and exceeding its “Race to $14M” goal in just 8 months. Highlighting the “Race” has been part of the Division’s strategy to get $14M in federal State Small Business Credit Initiative (SSBCI) funding out the door before Dec. 31. DSB needed to make that happen to access its next allocation of $20M in SSBCI funding.

DSB staff invited partners, lenders and SSBCI recipients to celebrate the milestone, and to discuss plans for the next tranche of funding at an event held at the CSC Station in Wilmington. In total, DSB has obligated or distributed $14,433,971.99 since launching “The Race” on April 24.  In all, DSB has pushed out $16,586,356.99 in SSBCI funding since 2023.

“Innovation is at the heart of everything we do in Delaware, and our administration was committed to leveraging the SSBCI program to help entrepreneurs create quality jobs and enable the advancement of critical research projects. I’m proud to tell you that we delivered on that promise,” said Governor Matt Meyer. “With these federal funds, we’re enabling 31 small businesses and research projects to grow and thrive in Delaware, without a cent from state taxpayers. I also want to thank the team at the Division of Small Business for their tireless work over the last eight months to get $14 million in federal grant money out the door. That’s the kind of ROI people should expect from their government.”

“I am so proud of my team for making what seemed like an impossible task, happen,” said DSB Director CJ Bell. “Now because of their dedication, dozens of small businesses can grow and scale. Meeting our goal also allows us to continue to invest in more small businesses throughout the state, whether they need funding for expansion, renovations or projects that support positioning Delaware as the innovation hub of the mid-Atlantic.”

In 2023, Delaware was awarded $60.9M in federal funding from the U.S. Treasury Department to be provided to the State, in three allocations. It used its first $20M for three programs- one venture capital program and two loan programs.

The loan programs include a Loan Participation Program (DELPP) and the Delaware Capital Access Program (DCAP). Funds from these programs are available to all small businesses, especially those in underserved areas and are intended to reach those that need access to capital, but may lack necessary collateral, or have a short credit history.

DSB supported 14 small businesses through these programs during ‘The Race’ with loans totaling over $4.3M through the DELPP. Funding was used to support food and retail businesses, a yoga studio, a metal fabrication and duct work company, agriculture, and beer garden.

“This program is another clear sign that Delaware is serious about investing in small businesses,” said Donny Legans, owner of Rail Haus in Dover. “Thanks to SSBCI funding, Rail Haus can look ahead to 2026 with optimism and renewed energy. The impact is immediate—saving thousands compared to our previous loan—which allows us to reinvest directly into better offerings, programs, and events for Rail Haus and Downtown Dover.”

Prior to ‘The Race’, DSB supported 15 businesses through the DCAP including a computer repair and recycling company, a community laundromat, a juice bar, and several childcare facilities.

“Without DCAP, there would have been no impact,” said Mum Mum Meka’s Training Center owner Tameka Stanford-Daniels and DCAP recipient. “As a small business owner, this program has significantly changed the trajectory of my family child care business. My perspective is distinctly different because of DCAP—it played a critical role in transforming my vision into reality. Through its support, I was able to build a sustainable business while fulfilling my dream of serving and uplifting my community by creating meaningful opportunities for families and children.”

The Delaware Seed/Accelerator Capital Program (DASCP), which is the venture capital program, allows the Division to make direct investments of up to $1M dollars to small businesses that are considered “high impact”. Most will be tech-focused companies.

DSB made direct investments totaling over $10.1M in 17 companies through the DASCP. Examples included companies focused on gene therapy, production of advanced materials vaccine development, cancer treatment and biopharmaceutical manufacturing.

“The $1 million equity investment from the Delaware Division of Small Business is transformative for BioCurie and supports our mission of building AI-driven software for genomic medicine production that improves patient access to lifesaving therapies,” said Irene Rombel, CEO and Co-Founder of BioCurie. With this support, we plan to strengthen our infrastructure, expand our operational team, and deepen collaborations with partners and early customers across the healthcare ecosystem. The Division’s confidence in our vision motivates us to push harder, innovate faster, and ensure that Delaware remains at the forefront of life science innovation.”

Twenty-one of the businesses funded during the “Race to $14M” were in New Castle County, six were in Kent County and four were in Sussex County.

DSB also recognized important program partners such as the Delaware Small Business Development Center (SBDC) and specific financial institutions. For the loan programs, instead of lending directly to the small business owner, DSB provides partial funding to a bank, credit union or Community Development Financial Institution to help them make the small business loan. By doing so, the bank is able to make more loans without shouldering all of the risk. The State’s current participating lenders are Del-One Federal Credit Union, True Access Capital, and Community Bank in Sussex County.

Any small business owner who is not yet “bank ready” is referred to the DE SBDC for technical assistance to help them address any obstacles. Once finished, the business owner should be in a better position to receive the loan.

DSB plans to continue to use the three core programs in the next round of funding.  Additionally, Director Bell discussed the need to market the programs more broadly and consistently.

“These funds are meant to incentivize the public sector to be creative in using the funds to meet their needs. It is not a tool to tell small businesses what to do with it. We want all small business owners to consider these funds as flexible tools at a time when grants are less often available.”

DSB expects to have round 2 of SSBCI funding in the spring. Director Bell indicated new awards would not be made until the end of the first quarter to give the Division’s Business Finance team a chance to finalize details related to tranche 1 of funding.

Information on all of the SSBCI programs is available at de.gov/ssbci.

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The Delaware Division of Small Business is a service-focused state agency, within the Delaware Department of State, that is committed to helping businesses start and grow in Delaware. Our Regional Business Managers can help you navigate government processes, connect with partner organizations that offer resources to small businesses and identify opportunities to access capital. DSB also oversees the Delaware Tourism Office and the Office of Supplier Diversity

Media Contact
Andrea Wojcik
Division of Small Business
O: (302) 672-6840; C: (302) 554-0060
andrea.wojcik@delaware.gov
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