Early-stage businesses in Delaware can get help applying for loans, thanks to a $675k partnership

The state’s Division of Small Business (DSB) teamed up with the Delaware Small Business Development Center (SBDC) to offer small business owners $675,423 in funding for technical assistance through its administration of the State Small Business Credit Initiative (SSBCI), a federal program that supports socially and economically disadvantaged business owners. The funds are part of a ten-year, $60 million award the US Treasury Department granted to the state in 2023.

“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 in a press release.

SBDC will use its technical assistance funding to work directly with small business owners and better prepare them for the loan application process through one of DSB’s loan programs. Participants will then receive either a list of recommended partner lenders or additional assistance to get them to where they need to be for an application.

“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,” said Sarah Mailloux, SBDC’s associate state director.

“We are looking forward to creating access to a program that supports Delaware’s small and/or socially and economically disadvantaged businesses,” Mailloux added

Business owners interested in learning more may attend a webinar on April 30 at 11 a.m. In addition to the DSB and SBDC, participating program lenders Del-One Federal Credit Union and True Access Capital will be on hand to provide information on their lending programs.

Register for the webinar