Innovate Alabama plays a vital role in stimulating the growth of small businesses across the state, and the organization will receive approximately $98 million in additional funding to continue this valuable work.

The two-component program, LendAL and InvestAL, will fund lending and venture capital initiatives designed to increase lender and investor confidence in Alabama and inject capital directly into the businesses of the state's startup founders and small business owners.

The investment marks the largest small business funding program in Alabama history offered by the U.S. Treasury Department’s State Small Business Credit Initiative (SSBCI).

“The SSBCI program will be a catalyst for Alabama's entrepreneurial ecosystem and establish a permanent endowment to improve access to capital for Alabama's small businesses and entrepreneurs,” said Cynthia Crutchfield, CEO of Innovate Alabama. “The arrival of this program marks a new era for Alabama entrepreneurs.”

“I am eager to see lasting benefits from investment in the state, including stimulating a self-sustaining and durable investment environment.”

RELATED: Innovate Alabama provides nearly $4 million in funding to Alabama small businesses

Alabama's eligibility to receive the funds was made possible in part by the “Work for Alabama” bill passed by the state Legislature earlier this year and signed into law by Gov. Kay Ivey.

“Alabama continues to demonstrate that it is open for business and it is vital that we continue to contribute to the state's economic growth through small business, a sector that has played a pivotal role in defining Alabama's history,” Ivey said. “The SSBCI program allows us to demonstrate to investors and business owners alike that Alabama offers solid investment opportunities.”

Alabama Senate President Pro Tempore and Innovate Alabama Executive Vice Chairman Greg Reed (R-Jasper) said the new funding will be put to good use across the state.

“The SSBCI program supports small businesses across Alabama,” Reed said. “This initiative provides another tool for Innovate Alabama to support existing small businesses in the state and attract people who want to move to Alabama, start a business and enjoy the quality of life that is unique to our state.”

visit Click here for details To learn more about the program.

Austin Shipley is a staff writer for Yellow Hammer News. You can follow him on X. @ShipleyAusten