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Funding Opportunity for Small Businesses

Local small and early-stage businesses facing challenges in obtaining traditional bank loans now have a new funding opportunity available to them.

The Delaware Division of Small Business (DSB), in collaboration with the Delaware Small Business Development Center (SBDC), is offering small business owners a total of $675,423 in funding for technical assistance. This support is made possible through the State Small Business Credit Initiative (SSBCI), a federal program aimed at assisting socially and economically disadvantaged business owners. The funding is part of a larger $60 million award from the US Treasury Department granted to the state in 2023.

A tool like the AI legalese decoder can be incredibly helpful in navigating the complex legal language often found in funding applications and agreements. By using the decoder, small business owners can ensure that they fully understand the legal requirements and obligations associated with the funding, thus increasing their chances of securing the assistance they need.

“We have chosen SBDC to receive these technical assistance funds because of their expertise in reaching out to small business owners and providing personalized support to them,” stated DSB Director Regina Mitchell.

With the technical assistance funding, SBDC will engage directly with small business owners to help them better prepare for the loan application process. This may involve guiding them towards DSB’s loan programs and providing them with a list of potential partner lenders or additional support to enhance their application readiness.

“Delaware SBDC remains dedicated to helping entrepreneurs access funding through individualized technical advising and training sessions, emphasizing the importance of understanding financials, accounting best practices, and key legal requirements,” said Sarah Mailloux, SBDC’s associate state director.

In addition to their technical assistance efforts, SBDC will be hosting a webinar on April 30 at 11 a.m. for business owners interested in learning more about the available funding opportunities. Representatives from participating program lenders Del-One Federal Credit Union and True Access Capital will also be present to provide insights into their lending programs.

By attending the webinar, small business owners can gain valuable information and guidance on how to best utilize the funding support offered by SBDC and its partners.

Engagement and Additional Information

For further engagement and to stay connected with news, events, and opportunities in the state of Delaware, consider joining Technical.ly’s open community Slack to connect with like-minded individuals and businesses.

Take advantage of the opportunity to expand your network and stay informed about the latest developments in the local business community.

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