Montgomery, AL – Governor Kay Ivey announced yesterday that Innovate Alabama is set to receive nearly $98 million to bolster support for small businesses in the state, fueling Alabama’s entrepreneurial ecosystem. This funding, the largest small business funding initiative in the state’s history, will be channeled through the dual-component program LendAL and InvestAL, which aims to finance loan and venture capital initiatives to enhance lender and investor confidence in Alabama.
The funding is enabled by Act 2024-74, recently passed by the Alabama State Legislature and signed into law by Governor Ivey. The funds come from the U.S. Department of the Treasury’s State Small Business Credit Initiative (SSBCI), part of the American Rescue Plan Act of 2021, which aims to broaden access to capital for small businesses, promote economic resilience, create jobs, and expand opportunities.
Governor Ivey emphasized the critical role small businesses play in Alabama’s economy and the importance of continuing to support their growth. She highlighted that the SSBCI program would demonstrate to investors and business owners that Alabama is a prime investment destination.
Innovate Alabama CEO Cynthia Crutchfield noted that the SSBCI program would be a significant catalyst for the state’s entrepreneurial ecosystem, creating an evergreen fund to improve access to capital for small businesses and entrepreneurs. She expressed eagerness to see the lasting benefits of this investment, including the development of a self-sustaining, durable investment landscape in Alabama.
State Sen. Greg Reed, Alabama Senate President Pro Tempore and Vice Chair of the Innovate Alabama Board of Directors, also highlighted the initiative’s potential to support existing small businesses and attract new ones to Alabama. He emphasized the program’s role in providing the necessary tools for small business success and promoting Alabama as an attractive location for business ventures.
Through the SSBCI program, Innovate Alabama aims to connect entrepreneurs with investors and resources essential for their success, covering costs related to skilled talent, business plan development, product testing, intellectual property protection, and technical work.
For more information about the program and to sign up for updates, visit Innovate Alabama’s SSBCI program page and subscribe to the Innovate Alabama Download monthly e-newsletter.
About Innovate Alabama
Innovate Alabama is the state’s first statewide public-private partnership focused on entrepreneurship, technology, and innovation. It was established to implement initiatives and recommendations from the Alabama Innovation Commission’s report, aiming to create a resilient, inclusive, and robust economy for the 21st century. Led by founding CEO Cynthia Crutchfield, Innovate Alabama’s board includes 11 innovation leaders appointed by Governor Ivey, collaborating across sectors to advance industries, drive technology, and foster an environment where innovation and entrepreneurship thrive.
