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, with 56% of the funds being distributed to SEDI (Socially or Economically Disadvantaged Individuals) owned and controlled businesses. 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.
InvestAL offers high match investments for venture capital organizations with fund-to-fund and co-investment options ranging from $500,000 to $2 million to scale. Early-stage, high-growth small businesses can apply to receive capital, primarily through equity investments, while early-stage venture capital funds can receive partner investments.
LendAL works with lenders across Alabama to provide Alabama-based small businesses with expanded access to capital. Through LendAL, small businesses headquartered in Alabama or with Alabama residents as founders are eligible for loans.
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.
Empowering Diversity: Alabama’s SSBCI Support
Alabama provides additional, targeted technical assistance for minority entrepreneurs applying for the State Small Business Credit Initiative. This specialized support aims to empower minority-owned businesses, helping them navigate the application process and access vital resources.
What is a SEDI-owned and controlled business?
A portion of SSBCI capital will be invested into SEDI (Socially or Economically Disadvantaged Individual) owned and controlled businesses, meaning at least 51 percent of the business is owned and controlled by SEDI individuals meeting one or more definitions from the following criteria: