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Innovate Alabama receives $98 million to continue support of small businesses

Innovate Alabama plays a crucial role in fostering small business growth across the Yellowhammer State. To continue those invaluable efforts, the organization is set to receive nearly $98 million in additional funding.

The dual-component program, LendAL and InvestAL, will finance loan and venture capital initiatives intended to enhance lender and investor confidence in Alabama and infuse capital directly into the businesses of the state’s startup founders and small business owners.

The investment is the largest small business funding program in Alabama history, made available by the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI).

“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,” Cynthia Crutchfield, CEO of Innovate Alabama said. “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.”

RELATED: Innovate Alabama awards nearly $4 million in funding to Alabama small businesses

Alabama’s eligibility to receive the funds was made possible by a component of the Working for Alabama package of legislation passed by state lawmakers and signed into law by Governor Kay Ivey earlier this year.

“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.”

President Pro Tem of the Alabama Senate Greg Reed (R-Jasper), Vice Chair of the Innovate Alabama Board of Directors, said the new funding will be put to good use across the state.

“The SSBCI program will support small businesses across the entire State of Alabama,” said Reed. “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, start a business and enjoy our unique quality of life.”

Visit innovatealabama.org/programs/ssbci to learn more about the program.

Austen Shipley is a staff writer for Yellowhammer News. You can follow him on X @ShipleyAusten

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