Innovate Alabama receives nearly $98 million to support small businesses

Funding will finance loan and venture capital initiatives

Innovate Alabama is set to receive nearly $98 million to bolster its support of Alabama small businesses through loans and venture capital initiatives.

The money will help fund Innovate Alabama’s State Small Business Credit Initiative.

“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 Gov. Kay Ivey. “With the SSBCI program, we will demonstrate to both investors and business owners that Alabama represents a sound investment opportunity.”

The program signals “a new era for entrepreneurs in Alabama,” said Cynthia Crutchfield, CEO of Innovate Alabama, a public-private partnership focused on entrepreneurship, technology and innovation.

“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,” she said.

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Funding comes from the American Rescue Plan Act of 2021, which directed funds to states to broaden access to capital and resources for small businesses.

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