Innovate Alabama awarded nearly $98M to support small businesses

Huge news for Alabama entrepreneurs! On Tuesday, June 18, Governor Kay Ivey announced that Birmingham’s Innovate Alabama would receive nearly $98M to continue its support of Alabama’s small businesses through the State Small Business Credit Initiative (SSBCI).

Read on to learn more about the program and what this means for Alabama’s small businesses.

Boosting Alabama’s small businesses

Founded in 2021, Innovate Alabama is a statewide public-private partnership focused on making Alabama a hub for entrepreneurship, tech and innovation.

Now, the organization is the recipient of nearly $98M in funding made possible by Alabama State Legislature and Governor Ivey.

“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.

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

Alabama Governor Kay Ivey

The funding is the largest small business funding program the state has ever seen, and is made available through the U.S. Department of the Treasury State Small Business Credit Initiative (SSBCI), a nearly $10B program designed to support small businesses and entrepreneurship in communities across the United States.

“The SSBCI program will support small businesses across the entire State of Alabama.

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.”

State Senator Greg Reed, Alabama Senate President Pro Tempore and Vice Chair of the Innovate Alabama Board of Directors

How will Innovate Alabama use these funds?

Innovate Alabama will connect state entrepreneurs and small businesses with the investors and resources they need to thrive through two programs funded by the SSBCI:

• LendAL partners with private lends to extend credit to small businesses and entrepreneurs, stimulating growth, innovation and job creation.
• InvestAL offers high-match investments in high-growth startups, investors and early-stage capital funds to infuse capital in Alabama’s economy.

“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. 

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.”

Cynthia Crutchfield, CEO, Innovate Alabama

SSBCI will be introduced at Sloss Tech, hosted June 27-28 in Birmingham

The SSBCI, as well as LendAL and InvestAL, will be introduced to the tech community during Sloss Tech, a two-day tech conference hosted in downtown Birmingham.

Innovate Alabama will be a presenting parter for this year’s Sloss Tech conference.

Excited to see support for Alabama’s small businesses? Tag us @thebamabuzz to let us know!