DSB Closing In – Approaching $10 Million in SSBCI ‘Race to $14M’
DOVER, Del. (Sept. 13, 2025) – The Delaware Division of Small Business (DSB) is closing in on its goal in the ‘Race to $14M’ initiative. DSB has allocated another $5.93M in federal funding since late August as part of its State Small Business Credit Initiative (SSBCI). That brings the total of funds obligated or distributed to $9.92M since April 24 and leaves just over $4M that needs to be awarded so DSB can access the next round of these federal dollars.
“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.”
There were nine allocations through the SSBCI Delaware Accelerator and Seed Capital Program (DASCP). Four of them were $1M investments, including one to Aternium, who received a ceremonial check presentation from Lt. Governor Kyle Evans Gay, Director Bell, Deputy Director Jaimie Watts on Sept. 25 at the company’s 2-year anniversary celebration. The funding will accelerate Aternium’s efforts to sustainably scale clean hydrogen production.
The remaining DASCP investments were to:
- 4th Phase Technology ($200K) - 4th Phase Technology is utilizing its funds to support ongoing research and development efforts, as well as to cover essential operational costs including rent and legal fees.
- Bio Curie ($1M) - BioCurie is leveraging the funding to accelerate product development and expand a patent, marking critical steps in their innovation pipeline. The funds are also being used to mitigate both execution and financial risks.
- Cosmos Pharmaceuticals ($500K) - Cosmos is allocating the funds toward essential business infrastructure, including furniture, fixtures, and inventory. Additionally, the investment is helping to support key personnel.
- Dunya Analytics ($500K) - Dunya Analytics is using the awarded funds to support key personnel and advance research efforts to develop cutting-edge data analytics solutions.
- Livestock Laboratories ($130K) - Livestock Labs is applying the funding to support its core team, advance research initiatives, and cover professional fees.
- Nanothem Therapeutics, Inc. ($1M) - Nanotherm is utilizing the funding to invest in essential infrastructure such as furniture, fixtures and inventory. The support also enables the company to grow its team.
- Sindri Materials ($500K) - Sindri is using the funds to enhance its facilities, strengthen day-to-day operations, and support its technical team.
- Versogen ($1M) - Versogen is allocating the funds to support key personnel, cover rent expenses and address legal and technical fees.
There was also a $100,000.00 loan to Rooted Power Yoga through the SSBCI Delaware Loan Participation Program (DELPP), who will use the funding to build out their location, and for marketing and working capital.
In 2023, Delaware was awarded $60.9M in federal funding from the U.S. Treasury Department to be provided to the State, in three allocations. It received its first $20M and must spend 80% of that to access its next round. As of early April, just over $2.0M had been distributed, leaving another $14M to hand out by the end of December.
Information on all of the SSBCI programs is available at de.gov/ssbci.
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The Delaware Division of Small Business is a service-focused state agency, within the Delaware Department of State, that is committed to helping businesses start and grow in Delaware. Our Regional Business Managers can help you navigate government processes, connect with partner organizations that offer resources to small businesses and identify opportunities to access capital. DSB also oversees the Delaware Tourism Office and the Office of Supplier Diversity
