The State Small Business Credit Initiative Extends $98 Million to Alabama
June 24, 2024
Delaney Sexton
Contributing Editor
The State Small Business Credit Initiative Extends $98 Million to Alabama
“As Alabama continues to signal that it’s open for business, it is crucial that we continue to contribute to the growth of the state’s economy through our small businesses. This is a sector that has played a pivotal role in defining Alabama’s history,” says Alabama Governor Kay Ivey. “With the SSBCI program, we will demonstrate to both investors and business owners that Alabama represents a sound investment opportunity.”
Innovate Alabama will receive almost $98 million from the State Small Business Credit Initiative to support small businesses. It will be used for a dual-component program, LendAL and InvestAL, that finances loan and venture capital initiatives intended to enhance lender and investor confidence in Alabama and infuse capital directly into small businesses and startups.
The funding Alabama is receiving from the Department of Treasure will be the largest small businesses funding program the state has had. It was made possible through Act 2024-74, a piece of legislation that was passed by Alabama and signed into law by Governor Ivey.
“The SSBCI program will be a catalyst for our state’s entrepreneurial ecosystem, establishing an evergreen fund to improve access to capital for Alabama small businesses and entrepreneurs,” says Innovate Alabama CEO Cynthia Crutchfield. “With the advent of this program, we’re welcoming a new era for entrepreneurs in Alabama. I’m eager to witness the lasting benefits of the investment in the state, including the stimulation of a self-sustaining, durable investment landscape.”