$60.9M set to support Delaware small owned businesses
DELAWARE – $60 million dollars on its way to certain business owners across Delaware, a part of the American Rescue Plan.
That means more access to venture capital and early-stage investments for small-owned businesses in the first state. Many businesses will receive financial resources like business skills and financial literacy, promoting a healthy foundation.
“The U.S. Department of Treasury is announcing that an additional four states have been approved to receive up $353.4 million dollars in funding to promote small business growth and entrepreneurship through the American Rescue Plans State Small Business Credit Initiative,” says Jacob Leibenluft
Of that funding, Delaware is set to receive $60.9 million dollars. Which will operate four financial programs in the first state, supporting small minority-owned businesses. “It’s a challenge and difficult to support those types of businesses because they have all kinds of different needs and so it’s difficult to pick one thing or another, that’s common among them,” says Delaware Governor John Carney. “We know that during the pandemic those small businesses that too often shut out of the financial system including minority-owned small businesses were often hit the hardest, and that’s why this program was designed to help drive investments to underserved entrepreneurs in all communities,” says Leibenluft.
U.S. Senator Tom Carper says this funding means longevity as lawmakers work to strengthen the economy. “The preamble in the constitution starts off with these words in order to form a more perfect union, it doesn’t say in order to form a perfect union, it says a more perfect union, the idea is if something isn’t perfect let’s make it better. We’ve been making our constitution better over the years and we’re making our economy better as well,” the Senator says.
Governor Carney says this new funding will also build on the progress already made. “This program, improvements I think it’s fair to say on the initial funds that we created back in 2010 and after that will make a difference for so many disadvantaged and minority small-owned businesses in our state,” says Governor Carney.
The funding will support capital access, a loan participation program, and 2 equity venture capital programs. The participation program will offer up to 50% participation in small business loans for equipment and working capital. Officials say this marks a historic investment for entrepreneurship and business growth.