The Delaware Division of Small Business (DSB) is nearing the finish line in its “Race to $14M” initiative, having allocated an additional $5.93 million in federal funding since late August through the State Small Business Credit Initiative (SSBCI). With $9.92 million now obligated or distributed since April 24, the agency needs to award just over $4 million more to unlock the next round of federal funds.
“December 31 is quickly approaching, but our team thrives on making the impossible happen,” said DSB Director CJ Bell. “The big winners here are the small businesses that are the recipients of this funding. Through it they will scale, grow, and innovate, strengthening Delaware’s economy.”
Nine investments were made through the SSBCI Delaware Accelerator and Seed Capital Program (DASCP), including four $1 million awards—one to Aternium, which received its ceremonial check from Lt. Governor Kyle Evans Gay, Director Bell, and Deputy Director Jaimie Watts during the company’s two-year anniversary celebration on September 25. The funding will help Aternium expand its clean hydrogen production efforts.
Other DASCP recipients included 4th Phase Technology ($200,000) to support research, development, and operations; BioCurie ($1 million) to accelerate product development and expand a patent; Cosmos Pharmaceuticals ($500,000) for infrastructure and staffing; Dunya Analytics ($500,000) for research and personnel; Livestock Laboratories ($130,000) for team and research support; Nanotherm Therapeutics ($1 million) for infrastructure and growth; Sindri Materials ($500,000) to strengthen operations; and Versogen ($1 million) for staffing and operational costs.
Additionally, Rooted Power Yoga received a $100,000 loan through the SSBCI Delaware Loan Participation Program (DELPP) to build out its facility and support marketing and working capital.
Delaware was awarded $60.9 million in federal funding from the U.S. Treasury Department in 2023, to be distributed in three rounds. The state received its first $20 million and must spend 80% of that amount to access the next phase. As of early April, just over $2 million had been distributed, leaving $14 million to allocate by the end of December.
More information on SSBCI programs can be found by clicking here.
