Capital One-Discover has launched the Delaware Funding Access Initiative. To begin this effort, $2.3 million in grants were provided in 2025 to expand low-barrier, affordable capital for small businesses and entrepreneurs across Delaware.
Conceived as both an investment and a call to action, the Delaware Funding Access Initiative will seek to bring together nonprofits, universities, and community development financial institutions (CDFIs) to give entrepreneurs in every county the tools and resources needed to innovate, activate and scale.
“Capital One is committed to increasing direct access to capital, a critical component of a thriving small business ecosystem. The Delaware Funding Access Initiative will build on our Community Benefits Plan and advance a hyperlocal investment strategy that strengthens Delaware communities through the success of entrepreneurs,” said Kerone Vatel, SVP of Community Finance & Impact at Capital One. Capital One, which has a strong Delaware presence, employs more than 1,200 associates in the state and has been named one of Delaware’s top employers.
Targeted Investments Across Delaware
The Delaware Funding Access Initiative’s initial investment touched every corner of the state, with targeted funding designed to address gaps in capital, technology and mentorship. The initial funds provided will work to support small businesses statewide through trusted community partners via Capital One’s grants:
- $100,000 – Delaware Small Business Development Center: This funding will support the provision of technical assistance to small business owners, fund a course for starting a business, and facilitate small business access to government contracting opportunities for EDGE grants.
- $150,000 – Pete du Pont Freedom Foundation: The grant aims to foster marketplace access for entrepreneurs and their ideas, specifically supporting technical assistance, mentorship, and direct access to capital for small businesses.
- $200,000 – West End Neighborhood House: This funding will support a prerequisite technical assistance program designed to prepare small business owners to secure capital from local lenders.
- $225,000 – Delaware State University – Innovation Venture: Established to guide students from ideation to business creation, the grant is intended to fuel the next generation of student ag-tech entrepreneurs and startups.
- $275,000 – True Access Capital: As one of Delaware’s leading community development financial institutions, True Access Capital’s grant will expand lending capacity and technical assistance within New Castle, Kent, and Sussex counties.
- $350,000 – Bronze Valley: This venture capital firm will focus on supporting high-growth, pre-seed startups through accelerator and venture Community Development Financial Institution (CDFI) models.
- $500,000 – Delaware Technology Park: Funding will support the Growth Stage Incubator and provide business support services and collaborative learning opportunities.
- $500,000 – Stepping Stones Credit Union: Funding will provide access to credit union services and small business lending.
“By lowering barriers to capital and partnering with organizations trusted in local communities, the Delaware Funding Access Initiative will help entrepreneurs not only access financing but also build resilience,” said Joe Westcott, VP and Delaware Market President at Capital One. “The funding is flexible — supporting businesses as they adopt new technologies, adjust to changing policy environments, or weather unexpected challenges.”
Supporting Delaware’s Small Business Resiliency
Small businesses are the backbone of Delaware’s economy. The investments will provide essential capacity, enabling small businesses to further boost the state’s economy in key areas:
- Job Creation & Employment Growth: Nearly 100,000 small businesses employ over 205,000 people, representing 98% of all businesses in the state.
- Local & Community Impact: Between March 2021 and March 2022, over 4,500 new establishments opened, creating nearly 9,600 jobs. However, 3,200 businesses closed during the same period, highlighting the fragility of entrepreneurship without adequate support.
National research echoes these challenges. According to McKinsey & Company, small and medium enterprises generate about half of all economic value but lag behind large firms in productivity due to gaps in capital, technology and training. “In Delaware, where nearly half of small businesses are female-owned and more than half are minority-owned, closing the gap in access to capital is critical,” added Westcott.
Building a Framework for Long-Term Growth
While the initial $2.3 million investment is significant, in its framework we hope to bring these organizations together for collaboration. By aligning lenders, universities, nonprofits, and private capital, the initiative prioritizes accessibility and sustainable growth for small business in the state.
“Small business owners are the problem-solvers, job-creators, and innovators who keep Delaware growing. Our role is to ensure they have access to the capital and support needed to thrive. When we invest in small businesses, we are investing in the economic mobility of entire communities,” said Christopher S. Gunter, Delaware Valley & Midwest Market Manager, Community Impact & Investment at Capital One. His remarks underscore the core purpose of the Initiative — to build a more inclusive ecosystem where entrepreneurs have the resources to launch, sustain and scale their businesses.
By strengthening access to affordable financing, the funding will ensure that small businesses — the lifeblood of Delaware’s economy — have the foundation to thrive, innovate and drive long-term success.
Since the inception of its community impact program, Capital One has provided over $21 million in grant funding to Delaware-based nonprofits. Additionally, Capital One has pledged a $35 million commitment to philanthropy in Delaware, as a part of the five-year, $265 billion Community Benefits Plan under Capital One’s newly approved acquisition of Discover.
