State Small Business Credit Initiative (SSBCI)

Division of Small Business State Small Business Credit Initiative (SSBCI) Listen Delaware’s State Small Business Credit Initiative-Funded Programs (SSBCI) Are you a small business, or a high-tech start up looking for dollars? We want to help you get a piece of this funding! Read here to learn more, and then read below to learn more about the programs we use to get it to you! The Division of Small Business (DSB) is administering the State Small Business Credit Initiative (SSBCI) a federal program from the Treasury Dept., aimed at providing financing to help small and diverse businesses access capital (funding). Delaware was awarded $60.9 million for three programs: Two support loans for small businesses: the Delaware Loan Participation Program (DELPP) and the Delaware Capital Access Program (DCAP) Two more are aimed at supporting start ups: the Delaware Accelerator & Seed Capital Program (DASCP) and the Delaware Early Stage Venture Capital Program (DESVCP) The goal of these lending programs and other SSBCI-based initiatives, is to support both small and early-stage businesses who are having challenges getting a traditional bank loan, as well as those in that are owned by socially and economically disadvantaged persons. Loan Programs - Information for Small Business Owners How the loan programs work: Small business owners meet with one of our Regional Business Managers who will review the programs with them. If they are a good fit, the Business Manager will provide the business owner with a list of our participating lenders (approved bank, credit union or Community Development Financial Institutions (CDFI)) to choose from. The business owner  applies for the loan with the bank/credit union/CDFI, and the DSB provides a portion of the loan amount to the lender, so the small business owner only has to deal with one entity for their loan paperwork. Sometimes the business owner needs additional assistance to meet the lender’s requirements and put them in a better position to obtain the loan. DSB has partnered with the DE Small Business Development Center (SBDC) to provide that support for free! View the webinar from SBDC and DSB to explain how the SSBCI program and our partnership works, and hear from our participating lenders. March 3, Loan Program Webinar and Slide Deck (DELPP & DCAP) The Programs D elaware Loan Participation Program – Helps small businesses obtain financing, usually in the form of 5 – 10-year loans, to help them grow and expand.  View information here . Delaware Capital Access Program (DCAP) –  Provides supportive financing for a business that has minor collateral or credit issues. View more program information here. The following links will open new windows. Participating Lender Information Sheet Del-One Federal Credit Union True Access Capital Community Bank Lending Programs - Information For Lenders The Programs D elaware Loan Participation Program – Helps small businesses obtain financing, usually in the form of 5 – 10-year loans, to help them grow and expand. It’s especially useful when a lender is unable to loan the business as much as requested due to issues such as lack of collateral. The lender may ask DSB to provide SSBCI funds for a portion of the loan.   View fact sheet here . Delaware Capital Access Program (DCAP) –  Provides supportive financing for a business that has minor collateral or credit issues. It’s designed to assist any small business owner in need of a loan.  There are additional benefits for those who are, or live in, socially or economically disadvantaged areas. On the banking side, the program uses a risk-pooling concept to mitigate some of the risks that may typically cause lenders to decline a loan or line of credit. It does this by having multiple borrowers using the same lending institution contribute payments to a single reserve fund that the lender can use as loan collateral. View fact sheet