Innovate Alabama to receive nearly $98 million to support small businesses

An announcement from Gov. Kay Ivey on Tuesday said that the supplemental grant program, Innovate Alabama, will receive nearly $98 million to support small businesses in the state. 

Funding was made available by the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI). 

“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,” said Ivey. “With the SSBCI program, we will demonstrate to both investors and business owners that Alabama represents a sound investment opportunity.”

According to the announcement LendAL and InvestAL, a duel-component program, will finance loan and venture capital initiatives to inject capital into the businesses of startup founders and small business owners. 

“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,” said 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.”

Read more about the program at innovatealabama.org/programs/ssbci.