Alabama small businesses will receive nearly $98 million through Innovate Alabama, Gov. Kay Ivey announced Tuesday.

According to a press release, the dual-component program, LendAL and InvestAL, will finance loan and venture capital initiatives to enhance lender and investor confidence in the state. The program will also infuse capital into startups and small businesses, according to the release.

A public-private economic development organization, Innovate Alabama is responsible for allocating funds from the State Small Business Credit Initiative, a federal program reauthorized under the American Rescue Plan Act that provides $10 billion in grants and loans to support small businesses across the country.