State Small Business Credit Initiative
Boosting Small Business
Alabama’s small businesses make the state better. Alabama’s State Small Business Credit Initiative aims to stimulate private sector lending through LendAL, which partners with private lenders to extend credit to small businesses and entrepreneurs, fostering growth, innovation and job creation across the state. InvestAL offers high-match investments in high-growth startups, investors and early-stage capital funds in order to infuse capital in the economy.
Programs
The State Small Business Credit Initiative will administer $97 million in funding to Alabama small businesses, creating opportunities and growth for businesses across the state.
The initiative includes InvestAL, providing funds for startups seeking to raise capital and making investments in venture capital funds, and LendAL, providing fair access to funds for small businesses of all kinds.
SSBCI
InvestAL
InvestAL operates an early-stage venture capital fund and fund of funds platform to support high growth, venture backable startups with headquarters in Alabama. All equity and limited partner investments require a minimum of a 1:1 private investment, must complete extensive due diligence and agree to Treasury quarterly and annual reporting. Direct investment checks range from $5,000 to $1,000,000 in exchange for equity (some ownership) of the company. Fund of fund investments are for established venture capital funds and range from $500,000 to $1,000,000.
Do you have questions about InvestAL? Email us at
SSBCI-InvestAL@innovatealabama.org.
Before applying, please read:
Are you an investor looking for high-growth startups?
Are you a founder looking for capital?
SSBCI
LendAL
LendAL works with lenders to expand access to capital for small businesses operating in Alabama. Through LendAL, small businesses are eligible for these credit enhancements when loan proceeds will be spent in Alabama. These enhancements reduce the risk to lenders, making the small business more attractive when seeking debt from lenders increasing the likelihood of loan approval.
Do you have questions about LendAL? Email us at
SSBCI-LendAL@innovatealabama.org.
Are you a lender looking to convert your cash holdings into dynamic credit risk-reduced loans supporting small businesses?
Are you a small business owner looking for a loan to jumpstart growth?
Find a lender that offers LendAL:
Webinar
Innovate Alabama’s Executive Director of SSBCI, Charlie Pond, sat down with program managers Rodney Sampson (InvestAL) and Walt Postlewait (LendAL) to talk all things LendAL and InvestAL, Innovate Alabama’s SSBCI programs.
Whether you’re seeking capital, looking to expand your lending portfolio or exploring investment opportunities, this webinar provides valuable insights for your business goals.
Technical Assistance
To support Alabama businesses and lenders applying for the State Small Business Credit Initiative, there is technical assistance available consisting of legal, accounting and financial advisory services. Alabama thrives when Alabama businesses thrive, so we connect founders with the resources they need.
In Alabama, technical assistance is readily available for those applying for the State Small Business Credit Initiative. Experts from the Small Business Development Center and the Mobile Chamber of Commerce are on hand to guide you through the application process, ensuring you can access the support your business needs.
Looking for technical assistance? These are our partners:
Sloss Tech 2024
In June, Innovate Alabama presented Sloss Tech 2024, using the conference as a launchpad for the highly anticipated SSBCI program. In addition to a fireside chat on the mainstage with InvestAL Program Manager Rodney Sampson, Innovate Alabama leaders held breakout sessions to share more details on the program and how you can apply.
Frequently Asked Questions
Innovation Stories
