In an announcement made on Tuesday, Governor Kay Ivey declared that Innovate Alabama is set to receive a funding of almost $98 million to further its aid to small businesses in the state.
According to the governor’s office, Governor Ivey signed Act 2024-74, a recent legislation passed by the Alabama State Legislature, which made the funding possible.
According to Governor Ivey, the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI) has made the largest small business funding program available in the state. This funding was made possible through the American Rescue Plan Act of 2021, which aimed to provide states with the necessary funds to increase access to resources and capital for small businesses. The ultimate goal is to promote economic resilience, job creation, and expand opportunities for small businesses in Alabama.
Governor Ivey emphasized the importance of small businesses in defining Alabama’s history and their continued contribution to the growth of the state’s economy. She stated that as Alabama shows its readiness for business, it is crucial to support small businesses. With the SSBCI program, both investors and business owners will see that Alabama is a sound investment opportunity.
Alabama is set to boost lender and investor confidence with its LendAL and InvestAL programs. These dual-component initiatives offer loan and venture capital financing to support small business owners and startup founders in the state. By directly infusing capital into their businesses, the programs aim to enhance their chances of success.
According to Cynthia Crutchfield, the CEO of Innovate Alabama, the SSBCI program is set to have a significant impact on the entrepreneurial ecosystem in the state. Crutchfield believes that this program will establish a never-ending fund that will make it easier for small businesses and entrepreneurs in Alabama to access capital. She further added that this program is ushering in a new era for entrepreneurs in the state, and she is excited to see the long-lasting benefits of this investment, including the creation of a self-sustaining, robust investment landscape.
You can visit innovatealabama.org/programs/ssbci to learn more about the program.
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