The Delaware Division of Small Business (DSB) is celebrating a major milestone after reaching—and surpassing—its ambitious “Race to $14M” goal in just eight months, accelerating the distribution of critical federal funding to small businesses and innovators across the state.
Launched on April 24, the “Race to $14M” was part of DSB’s strategy to obligate $14 million in federal State Small Business Credit Initiative (SSBCI) funding before Dec. 31, a requirement needed to unlock Delaware’s next $20 million allocation. As of the milestone event, DSB had obligated or distributed $14,433,971.99 during the Race and a total of $16,586,356.99 in SSBCI funding since 2023.
To mark the achievement and discuss plans for the next tranche of funding, DSB staff welcomed partners, lenders and SSBCI recipients to a celebration at the CSC Center in Wilmington.
“Innovation is at the heart of everything we do in Delaware, and our administration was committed to leveraging the SSBCI program to help entrepreneurs create quality jobs and enable the advancement of critical research projects. I’m proud to tell you that we delivered on that promise,” said Matt Meyer, Governor of Delaware. “With these federal funds, we’re enabling 31 small businesses and research projects to grow and thrive in Delaware, without a cent from state taxpayers. I also want to thank the team at the Division of Small Business for their tireless work over the last eight months to get $14 million in federal grant money out the door. That’s the kind of ROI people should expect from their government.”
“I am so proud of my team for making what seemed like an impossible task, happen,” said CJ Bell, director of the Delaware Division of Small Business. “Now because of their dedication, dozens of small businesses can grow and scale. Meeting our goal also allows us to continue to invest in more small businesses throughout the state, whether they need funding for expansion, renovations or projects that support positioning Delaware as the innovation hub of the mid-Atlantic.”
Delaware received $60.9 million in SSBCI funding from the U.S. Treasury Department in 2023, to be distributed in three allocations. The first $20 million supported three programs: two loan programs—the Loan Participation Program (DELPP) and the Delaware Capital Access Program (DCAP)—and one venture capital initiative, the Delaware Seed/Accelerator Capital Program (DASCP).
During the Race, DSB supported 14 small businesses through DELPP loans totaling more than $4.3 million. Those funds assisted a wide range of businesses, including food and retail establishments, a yoga studio, a metal fabrication and duct work company, agricultural operations and a beer garden.
“This program is another clear sign that Delaware is serious about investing in small businesses,” said Donny Legans, owner of Rail Haus in Dover. “Thanks to SSBCI funding, Rail Haus can look ahead to 2026 with optimism and renewed energy. The impact is immediate—saving thousands compared to our previous loan—which allows us to reinvest directly into better offerings, programs, and events for Rail Haus and Downtown Dover.”
Before the Race began, DSB also supported 15 businesses through DCAP, benefiting enterprises such as a computer repair and recycling company, a community laundromat, a juice bar and several childcare facilities.
“Without DCAP, there would have been no impact,” said Tameka Stanford-Daniels, owner of Mum Mum Meka’s Training Center and a DCAP recipient. “As a small business owner, this program has significantly changed the trajectory of my family child care business.”
DSB also made more than $10.1 million in direct equity investments in 17 high-impact companies through DASCP, many focused on life sciences and advanced technologies.
“The $1 million equity investment from the Delaware Division of Small Business is transformative for BioCurie and supports our mission of building AI-driven software for genomic medicine production that improves patient access to lifesaving therapies,” said Irene Rombel, CEO and co-founder of BioCurie.
Of the businesses funded during the Race, 21 were located in New Castle County, six in Kent County and four in Sussex County. DSB also recognized key partners, including the Delaware Small Business Development Center, which provides technical assistance to entrepreneurs preparing to become “bank ready.”
Looking ahead, DSB plans to continue using its three core programs in the next funding round and expand outreach efforts statewide. Round two of SSBCI funding is expected in the spring, with new awards anticipated toward the end of the first quarter.
