Alabama Announces Nearly $98 Million to Boost Small Businesses and Entrepreneurs

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Alabama is investing heavily in its future entrepreneurs. Governor Kay Ivey announced a nearly $98 million grant for Innovate Alabama, a public-private partnership that supports the state's small businesses and startup ecosystem. This funding, the largest small business program in Alabama's history, aims to make the state a more attractive environment for both established businesses and aspiring entrepreneurs.

The SSBCI program initiative is made possible through the U.S. Department of Treasury's State Small Business Credit Initiative. It has two main components: LendAL and InvestAL. LendAL will partner with private lenders to make loans more accessible to small businesses, fostering growth and job creation across the state. InvestAL focuses on startups, providing matching funds for investments and connecting them with venture capital organizations.

"This is crucial for continuing to contribute to the growth of the state's economy through our small businesses. The SSBCI program will demonstrate to both investors and business owners that Alabama represents a sound investment opportunity." ~ Governor Kay Ivey

This program goes beyond just providing capital. Innovate Alabama also aims to connect entrepreneurs with the necessary resources to succeed, including skilled talent, business plan development, and intellectual property protection.

The funding is expected to benefit both new and existing businesses. "This initiative will provide yet another tool for Innovate Alabama to both support existing small businesses in Alabama and attract those who are looking to relocate to Alabama," said Senator Greg Reed, Vice Chair of the Innovate Alabama Board of Directors.

For more information about the program and how to get involved, visit innovatealabama.org/programs/ssbci.

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