The North Dakota Department of Commerce is pleased to announce the launch of the SSBCI technical assistance grant program designed to empower Socially and Economically Disadvantaged Individual (SEDI)-owned businesses and Very Small Businesses (VSBs) to thrive in today's economic landscape.
In response to the recent approval for the State Small Business Credit Initiative (SSBCI) Technical Assistance (TA) funding in the amount of $572,143, Commerce is proud to partner with ILT Academy to offer comprehensive support to businesses seeking to leverage state and federal small business programs.
The SSBCI Technical Assistance grant funding enables North Dakota to partner with ILT Academy to facilitate the growth of SEDI-owned businesses and VSBs by providing essential legal, accounting, and financial advisory services as part of a broader more comprehensive entrepreneurial training through a cohort based model. Through this initiative, businesses will be equipped with the knowledge and resources they need to apply for support from various state and federal small business programs, and to connect with SSBCI-supported capital programs.
Commerce, in collaboration with ILT Academy, is committed to delivering an array of services tailored to the specific needs of beneficiary businesses. This support includes intensive training, education, and one-on-one coaching to enhance their business acumen.
The program's key objectives encompass:
- Clarifying business concepts: Assisting businesses in developing a clear understanding of their goals and strategies.
- Creating feasible and viable financial business models: Helping businesses create financial plans that align with their vision for growth.
- Providing financial advisory support: Offering guidance and advice to maximize the chances of successful funding and sustainable growth.
This initiative aligns with the U.S. Department of the Treasury's SSBCI program, which seeks to stimulate economic growth by providing access to capital for small businesses across the nation.
For further information about the SSBCI Technical Assistance grant program and the State Small Business Credit Initiative (SSBCI), please visit the following link: SSBCI Information.