SSBCI Update: DSB Distributes Nearly $4M in its Race to $14M

DOVER, Del. (Aug. 20, 2025) – The Delaware Division of Small Business (DSB) is edging closer to its goal of getting millions of dollars into the hands of small business owners through its ‘Race to $14M’ initiative! The Division has distributed another $1.59M in federal funding as part of its Small State Business Credit Initiative (SSBCI). That brings the total of funds distributed to $3.99M since April 24 and leaves just over $10M that needs to be awarded so DSB does not lose access to the next round of these federal dollars.

“Our team is working tirelessly to get these dollars where they’re needed most,” said DSB Director CJ Bell. “We’ve tightened our processes to ensure every taxpayer dollar is invested wisely, and in doing so, we’re setting a higher standard for how these resources strengthen Delaware’s economy while driving toward the $14M.” 

The largest chunk of the funding was a direct investment in CorriXR Therapuetics in Newark for $1M. It is the first SSBCI investment of $1M and the first investment of that size under the SSBCI Delaware Accelerator and Seed Capital Program (DASCP). Director Bell was joined by Governor Matt Meyer on Monday to present a ceremonial check to the company and tour the facility. CorriXR Founder & CEO, Eric Kmiec, Ph.D., said the funding will be used to advance their oncology biotherapeutic toward clinical trials, complete preclinical studies, scale-up manufacturing, and prepare for an investigational new drug (IND) submission.

A second DASCP investment of $300,000 was provided to Nourish Markets of Newark for inventory, and office outfitting and supplies.

Additionally, three other small businesses were recipients of $287,500.00 in funding through the SSBCI Delaware Loan Participation Program (DELPP). Director Bell and Division staff have been making site visits and check presentations to several other companies awarded funding over the last few weeks including to New Wave Spas in Rehoboth Beach, who received the largest loan in this round of $150,000.00. The funding is part of a larger loan being used to purchase the business from its longtime previous owner. Long-term, they plan to use the funding to renovate the space and offer equipment for red light therapy, infrared saunas, and other therapies.

“This funding has enabled us to start our own family business,” said New Wave Spas owner Amy Sweeney. “I’m so thankful for this program. It was very simple, very easy and everyone from DSB to our lender Del-One Federal Credit Union has been absolutely wonderful.”

Other DELPP recipients include Emmanuel Religious Book and Gift Store in Dover for updates ($50,000) and C4D Companies in Smyrna ($87,500) for equipment.

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